The benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday as investors remain cautious amid mixed overnight global cues and subdued domestic sentiment.

Asian markets traded in positive territory, while US stocks ended mixed overnight, with the Nasdaq and S&P 500 hitting record closing highs.

However, on Monday, Indian equities rallied sharply, driven by robust buying in IT and banking stocks, pushing the Nifty 50 to close above the 25,000 mark.

Domestic Market Recap

On Monday, Indian indices closed in the green:

• Sensex surged by 582.95 points (0.72%) to close at 81,790.12
• Nifty 50 moved up by 183.40 points (0.74%) to settle at 25,077.65

Gift Nifty

Gift Nifty was trading near 25,156, around 29 points lower than the previous Nifty futures close, hinting at a weak start for Indian markets.

Overnight Wall Street Performance

The US stock market ended mixed on Monday as the Nasdaq and S&P 500 hit record closing highs.

• The Dow Jones Industrial Average slumped by 63.31 points (0.14%) to close at 46,694.97.
• S&P 500 up by 24.49 points (0.36%), ending at 6,740.28.
• The Nasdaq Composite was trading higher by 161.16 points (0.71%), finishing at 22,941.67.

Gold Prices 

Gold prices surged to a record high, marking their third consecutive session of gains, driven by US economic and political uncertainties and growing expectations of additional interest rate cuts by the Federal Reserve.

• Spot gold was trading flat at $3,961.64 per ounce.
• The US gold futures increased by 0.2% to $3,985.50.

Crude Oil Prices

• Brent crude gained by 0.02% to $65.48/barrel
• US West Texas Intermediate (WTI) crude was trading 0.02% lower at $61.68/barrel

Overnight Major Global Events Driving Sentiment

1. Trump Tariffs: US President Donald Trump announced a 25% tariff on all medium- and heavy-duty trucks imported into the United States, effective November 1. The tariffs will apply to a broad range of large vehicles, including delivery trucks, garbage trucks, public utility vehicles, transit and shuttle buses, school buses, semi-trucks, and other heavy-duty vocational vehicles.
2. US Shutdown: President Donald Trump expressed willingness to collaborate with Democrats on healthcare reform—one of the major issues delaying the reopening of the government—but emphasised that the shutdown must be resolved first.
3. OpenAI–AMD Deal: OpenAI and Advanced Micro Devices (AMD) unveiled a multibillion-dollar partnership to develop AI data centres powered by AMD processors. As part of the agreement, OpenAI will purchase 6 gigawatts of AMD chips, beginning with the MI450 model next year, through direct procurement or via its cloud computing partners.

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