Both Sensex and Nifty are expected to open lower on Wednesday, even as overnight global markets rallied after US President Donald Trump extended the 50% tariff deadline on EU imports to July 9. In addition, Asian markets surged on Wednesday, tracking Wall Street’s continued gains driven by renewed investor optimism.
However, on Tuesday, Indian markets closed in the red as investors booked profits in large-cap stocks while selectively buying in the mid-and small-cap segments.
Overnight Domestic Market Recap
On Tuesday, Indian indices closed in the red:
- Sensex slumped by 625 points (-0.76%) to close at 81,551.63
- Nifty 50 moved down by 175 points (-0.70%) to settle at 24,826.20
Gift Nifty
Gift Nifty was trading near 24,854, around 7 points lower than the previous Nifty futures close, hinting at a lacklustre start for Indian markets.
Wall Street Performance
While Wall Street surged on Tuesday as investors embraced risk, encouraged by the US President Donald Trump’s move to ease tariffs and an unexpected boost in consumer confidence:
- Dow Jones Industrial Average climbed by 740.58 (1.78%) points to close at 42,343.65.
- S&P 500 advanced by 118.72 points (2.05%), ending at 5,921.54.
- Nasdaq Composite rose 461.96 points (2.47%), finishing at 19,199.16.
Gold Prices
Gold prices rose on Wednesday, supported by a dip in the US dollar and a decline in bond yields, however, as investors looked ahead to the upcoming US core Personal Consumption Expenditures (PCE) price index report for potential insights into future interest rate moves.
- Spot gold gained by 0.5% to $3,314.19.36/oz
- US gold futures gained by 0.4% to $3,313.20
Crude Oil Prices
Overnight, oil prices dropped by 1.5% on Tuesday amid growing fears of a potential supply glut. The decline followed signs of progress in talks between Iran and the US, along with speculation that OPEC may decide to boost output at its meeting later this week.
- Brent crude slipped by 1.5% to $63.73/barrel
- US West Texas Intermediate (WTI) crude: -1.7% to $60.48/barrel
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