The Indian stock market benchmark indices, BSE Sensex and Nifty 50, are likely to open flat on Wednesday as investors track mixed overnight global cues.

Asian markets declined, while the US stock market closed lower, with the Nasdaq Composite recording its biggest single-day percentage loss in a month.

However, on Tuesday, the Indian stock market ended lower due to profit booking in banking heavyweights.

Domestic Market Recap

On Tuesday, Indian indices closed red:

• Sensex slipped by 416.72 points (0.54%) to close at 76,886.91
• Nifty 50 moved down by 97.00 points (0.40%) to settle at 23,995.70

Gift Nifty

Gift Nifty was trading near 24,089, around 20 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 Tuesday as renewed concerns about the Artificial Intelligence boom weighed on technology stocks.  

• The Dow Jones Industrial Average slipped by 25.86 points (0.05%) to close at 49,141.93.
• S&P 500 down by 35.11 points (0.49%), ending at 7,138.80.
• The Nasdaq Composite was lower by 223.30 points (0.90%), finishing at 24,663.80.

Crude Oil Prices

• Brent crude gained by 0.31% to $111.60/barrel
• US West Texas Intermediate (WTI) crude was trading 0.19% higher at $100.12/barrel

Overnight Major Global Events Driving Sentiment

1. US–Iran War: US President Donald Trump directed his aides to prepare for an extended blockade of Iran, according to a Wall Street Journal report citing US officials.
2. OPEC: The United Arab Emirates announced its decision to exit the Organisation of the Petroleum Exporting Countries effective May 1. Energy Minister Suhail Mohamed al-Mazrouei said the UAE timed its withdrawal to minimise disruption to other oil-producing members.

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