The Indian equity benchmarks, Sensex and Nifty 50, are likely to start on Thursday on a flat note amid weak cues from overnight global markets.

Asian markets traded mixed, while the US stock market closed mostly lower overnight as technology stocks remained under selling pressure.

However, on Wednesday, Indian equities managed to eke out modest gains despite sharp selling in IT stocks.

Domestic Market Recap

On Wednesday, Indian indices closed in the green:

• Sensex gained by 78.56 points (0.09%) to close at 83,817.69
• Nifty 50 moved up by 48.45 points (0.19%) to settle at 25,776.00

Gift Nifty

Gift Nifty was trading near 25,861, around 12 points higher than the previous Nifty futures close, hinting at a lacklustre start for Indian markets.

Overnight Wall Street Performance

The US stock market closed lower on Wednesday as investors sold technology stocks amid concerns over stretched valuations and the sustainability of the AI-driven rally.

• The Dow Jones Industrial Average gained by 260.31 points (0.53%) to close at 49,501.30.
• S&P 500 down by 35.09 points (0.51%), ending at 6,882.72.
• The Nasdaq Composite was lower by 350.61 points (1.51%), finishing at 22,904.58.

Gold Prices

• Spot gold was trading 1.52% lower at $4,849.81 per ounce.
• The US gold futures were lower by 1.63% at $4,869.99.

Crude Oil Prices

• Brent crude dropped by 1.22% to $68.61/barrel
• US West Texas Intermediate (WTI) crude was trading 1.15% lower at $64.39/barrel

Overnight Major Global Events Driving Sentiment

1. Trump–Xi Talks: US President Donald Trump and Chinese President Xi Jinping held a phone call on Wednesday to discuss trade issues and geopolitical matters, including Taiwan, ahead of their planned in-person meeting in April. Trump described the conversation as excellent, lengthy, and comprehensive.
2. US Private Payrolls & Services PMI: US private-sector hiring slowed in January, with employers adding 22,000 jobs after a downwardly revised gain of 37,000 in December. Economists had expected payrolls to rise by 48,000. Meanwhile, the US services sector remained stable, as the ISM non-manufacturing PMI stayed unchanged at 53.8, slightly above market expectations.
3. Russia–Ukraine Peace Talks: Ukrainian negotiator Rustem Umerov said talks in Abu Dhabi involving Ukrainian, Russian, and US delegations began on a positive note. He described the discussions as productive and focused on concrete steps and practical solutions.

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