The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, 27 August, despite positive overnight global cues.

Asian markets traded broadly higher, while US stock futures also gained following the latest earnings reports from Nvidia and other major technology companies.

On Wednesday, Indian benchmark indices, the Sensex and Nifty 50, closed lower as investors booked profits ahead of key US inflation data.

Domestic Market Recap

On Wednesday, Indian indices ended red:

• Sensex slumped by 183 points (0.24%) to close at 77,472.94.
• Nifty 50 moved down by 127 points (0.52%) to settle at 24,207.75.

Gift Nifty

Gift Nifty was trading near 24,333, around 95 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

• The Dow Jones Industrial Average slumped by 113.52 points (0.21%) to close at 53,463.88.
• S&P 500 was down by 1.58 points (0.02%), ending at 7.675.70.
• The Nasdaq Composite was lower by 21.10 points (0.08%), finishing at 26,130.20.

Crude Oil Prices

• Brent crude slumped by 0.70% to $87.24/barrel
• US West Texas Intermediate (WTI) crude was trading 0.70% lower at $81.67/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: Iran and Oman are close to finalising an agreement on control and management of the Strait of Hormuz, a senior Iranian source said on Wednesday. The development follows a statement from Iran’s Revolutionary Guards that the two countries had reached an understanding on managing the strategic waterway and sharing its revenues.

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