Sensex and Nifty 50 are set to open lower on Thursday, tracking mixed overnight global cues. The Indian stock market may remain volatile today due to the weekly F&O expiry and the upcoming market holiday tomorrow.

Asian markets traded mixed, while US stocks closed higher overnight, with the S&P 500 and Nasdaq hitting new closing highs as expectations of a US Federal Reserve interest rate cut grew.

According to LSEG data, traders see the September 17 Fed rate cut as almost certain and assign around a 7% probability to a larger half-point cut.

However, on Wednesday, the Indian stock market closed higher, driven by buying across all segments.

Domestic Market Recap

On Wednesday, Indian indices closed in the green:

• Sensex surged by 304.32 points (0.38%) to close at 80,539.91
• Nifty 50 moved up by 131.95 points (0.54%) to settle at 24,619.35

Gift Nifty

Gift Nifty was trading near 24,689, around 23 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Wall Street Performance

The US stock market closed higher on Wednesday, with the S&P 500 and Nasdaq marking new closing highs for the second consecutive day amid growing hopes of a Federal Reserve rate cut.

• The Dow Jones Industrial Average surged by 463.66 points (1.04%) to close at 44,922.27.
• S&P 500 up by 20.82 points (0.32%), ending at 6,466.58.
• The Nasdaq Composite was trading higher by 31.24 points (0.14%), finishing at 21,713.14.

Crude Oil Prices

Crude oil prices held steady near a two-month low after the International Energy Agency forecast that the market is set to face record oversupply next year.

• Brent crude gained by 0.34% to $65.85/barrel
• US West Texas Intermediate (WTI) crude was trading 0.30% higher at $62.84/barrel

Gold Prices1

• Spot gold was trading up by 0.5% at $3,372.03/oz 
• US gold futures were trading at $3,397.50

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