India’s benchmark indices, the Sensex and Nifty 50, are likely to start Thursday’s session on a positive note, tracking a strong rally in overnight global markets.

Asian markets advanced, while US equities closed higher overnight as technology stocks continued to build on their recent gains.

Moreover, on Wednesday, the Indian stock market erased its early advances but still managed to close marginally higher.

Domestic Market Recap

On Wednesday, Indian indices closed in the green:

• Sensex gained by 50.15 points (0.06%) to close at 82,276.07
• Nifty 50 moved up by 57.58 points (0.23%) to settle at 25,482.50

Gift Nifty

Gift Nifty was trading near 25,669, around 41 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed higher on Tuesday, led by gains from the technology stocks. 

• The Dow Jones Industrial Average gained by 370.65 points (0.63%) to close at 49,482.15.
• S&P 500 up by 50.06 points (0.81%), ending at 6,946.13.
• The Nasdaq Composite was higher by 288.40 points (1.26%), finishing at 23,152.08.

Crude Oil Prices

• Brent crude gained by 0.27% to $71.07/barrel
• US West Texas Intermediate (WTI) crude was trading 0.24%higher at $65.58/barrel

Overnight Major Global Events Driving Sentiment

1. Trump Tariffs: The US will raise tariff rates to 15% or higher for certain countries, up from the newly imposed 10%, US Trade Representative Jamieson Greer said, according to Reuters. However, he did not name the specific trading partners or provide additional details.
2. US–Iran Talks: Iran and the US will hold their latest round of nuclear talks in Geneva on Thursday, aiming to resolve their long-running dispute and prevent potential new US strikes following a major military buildup in the region. US Special Envoy Steve Witkoff and Jared Kushner, son-in-law of President Donald Trump, will participate in the indirect discussions with Iran’s Foreign Minister Abbas Araqchi, said a US official.
3. US Crude Oil Inventories: US crude oil inventories increased sharply last week as refinery utilisation declined and imports rose. The US Energy Information Administration (EIA) reported that crude stockpiles climbed by 16 million barrels to 435.8 million barrels in the week ended February 20, significantly higher than analysts’ expectations of a 1.5-million-barrel increase, according to a Reuters poll.

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