The Sensex and Nifty 50 are likely to open largely flat but slightly positive on Wednesday, December 17, after two consecutive overnight losing sessions.

Asian markets opened lower as subdued overnight cues from Wall Street and weak US jobs data failed to strengthen expectations of further Federal Reserve rate cuts. Meanwhile, oil prices surged after US President Donald Trump ordered a complete blockade of sanctioned oil tankers linked to Venezuela, heightening geopolitical concerns.

However, the Indian equities extended their decline on Tuesday, December 16, as a sharp fall in the rupee and persistent global weakness pressured the benchmarks.

Domestic Market Recap

On Tuesday, Indian indices closed in the red:

• Sensex slumped by 534 points (0.63%) to close at 84,679.86
• Nifty 50 moved down by 167 points (0.64%) to settle at 25,860.10

Gift Nifty

Gift Nifty was trading near 25,937, around 21 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

US stocks ended mixed on Tuesday as investors weighed new labour market data and shifted between sectors, keeping trading cautious on Wall Street.

• The Dow Jones Industrial Average slumped by 302.30 points (0.62%) to close at 48,114.26.
• S&P 500 down by 16.25 points (0.24%), ending at 6,800.26.
• The Nasdaq Composite was higher by 54.05 points (0.23%), finishing at 23,111.46.

Gold Prices

• Spot gold was trading 0.74% higher at $4,333.00 per ounce.
• The US gold futures soared by 0.70% to $4,362.75.

Crude Oil Prices

• Brent crude soared by 1.44% to $59.78/barrel
• US West Texas Intermediate (WTI) crude was trading 1.51% higher at $55.96/barrel

Overnight Major Global Events Driving Sentiment

1. US Jobs Data: US job growth remained weak in November as the unemployment rate climbed to a four-year high, signalling a cooling labour market. The economy added 64,000 nonfarm jobs after October saw a sharp 105,000 decline, while unemployment rose to 4.6% from 4.4% in September. The October job loss—the steepest since 2020—largely reflected a 162,000 drop in federal employment following deferred resignations under the Trump administration.
2. Nasdaq 24-Hour Trading Proposal: Nasdaq has approached the US Securities and Exchange Commission seeking approval to extend trading to 23 hours a day, five days a week. Under the plan, Nasdaq would operate a day session from 4 AM to 8 PM ET, pause for one hour, and then run a night session from 9 PM to 4 AM ET. Trades executed before midnight during the night session would count toward the next trading day, significantly expanding access beyond the current 16-hour trading window.

Feeling overwhelmed by the markets? Let Unicorn Signals be your guide. Our user-friendly app simplifies complex data and provides actionable trading signals. Download the app today and trade with confidence!