The Indian stock market’s benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Wednesday, even as overnight global markets advanced.

Asian markets traded higher, and the US stock market rallied overnight, driven by gains in tech stocks and renewed expectations of a US Federal Reserve rate cut.

However, on Tuesday, the Indian stock market extended its losing streak for the third straight session as a weaker rupee and continued foreign institutional outflows weighed on sentiment.

Domestic Market Recap

On Tuesday, Indian indices closed in the red:

• Sensex crashed by 503.63 points (0.59%) to close at 85,138.27
• Nifty 50 moved down by 143.55 points (0.55%) to settle at 26,032.20

Gift Nifty

Gift Nifty was trading near 26,209, around 4 points lower than the previous Nifty futures close, hinting at a lacklustre start for Indian markets.

Overnight Wall Street Performance

The US stock market closed higher on Tuesday, marking its sixth gain in seven sessions, as technology stocks continued to drive the modestly traded session.

• The Dow Jones Industrial Average gained by 185.13 points (0.39%) to close at 47,474.46.
• S&P 500 up by 16.74 points (0.25%), ending at 6,829.37.
• The Nasdaq Composite was higher by 137.75 points (0.59%), finishing at 23,413.67

Gold Prices 

Gold prices held steady after sliding 1% in the previous session. Spot gold remained firm at $4,207.43 per ounce, while US gold futures for December delivery inched up 0.5% to $4,239.50 per ounce.

Crude Oil Prices

• Brent crude gained by 0.02% to $62.47/barrel
• US West Texas Intermediate (WTI) crude was trading 0.02% higher at $58.65/barrel

Overnight Major Global Events Driving Sentiment

1. Russia-Ukraine Peace Talks: A senior adviser to President Vladimir Putin, Yuri Ushakov, said that Russia and the US held constructive discussions on ending the war in Ukraine, but he noted that significant work still lies ahead. Putin met with US President Donald Trump’s envoy, Steve Witkoff, and his son-in-law, Jared Kushner, at the Kremlin to advance the peace negotiations.
2. Japan Services PMI: Japan’s services sector maintained steady growth in November, as the S&P Global final Services PMI inched up to 53.2, slightly higher than 53.1 in October.

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