Indian stock market: 7 key things that changed for market overnight - Gift Nifty, rising US dollar to gold prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open on a muted note Wednesday amid mixed global market cues.

Asian markets inched higher, while the US stock market ended lower overnight amid selling in tech stocks.

Investors await the US inflation data later today which could influence the US Federal Reserve interest-rate decision at its policy meeting from December 17 to 18.

On Tuesday, the Indian stock market benchmark indices ended choppy session on a flat note.

The Sensex gained 1.59 points to close at 81,510.05, while the Nifty 50 eased 8.95 points, or 0.04%, to settle at 24,610.05.

“With investors cautious ahead of key macroeconomic data, market participants are closely watching potential shifts in sentiment, as inflation reports from both domestic and international sources are expected to influence market trends in the coming days,” said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded higher on Wednesday. Japan’s Nikkei 225 and Topix were flat. South Korea’s Kospi gained 0.11% and Kosdaq jumped over 2%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,687 level, a premium of nearly 5 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.

Wall Street

US stock market indices ended lower on Tuesday dragged by technology stocks and ahead of key inflation report.

The Dow Jones Industrial Average declined 154.10 points, or 0.35%, to 44,247.83, while the S&P 500 fell 17.94 points, or 0.30%, to 6,034.91. The Nasdaq Composite closed 49.45 points, or 0.25%, lower at 19,687.24.

Google-parent Alphabet share price rallied 5.6%, Nvidia stock price fell 2.7%, while Walgreens Boots Alliance share price jumped 17.7%. Moderna stock price dropped 9.1%, while Alaska Airlines shares gained 13% and Boeing share price rose 5.5%.

Japan Wholesale Inflation

Japan’s wholesale inflation accelerated for three straight months in November. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 3.7% last month from a year earlier, faster than a median market forecast for a 3.4% increase. The increase followed a 3.6% gain in October.

Gold Prices

Gold prices hit a two-week high on Wednesday amid escalating geopolitical tensions and expectations of another rate cut by the Federal Reserve next week.

Spot gold rose 0.1% to $2,696.82 per ounce, while US gold futures gained 0.3% to $2,726.00.

US Dollar

The dollar traded close to a two-week high versus the yen on Wednesday ahead of the inflation report. The dollar index, which measures the currency against the yen and five other major peers, was steady at 106.36, after rising to a one-week high of 106.63 in the previous session.

Against the yen, the dollar eased 0.12% to 151.80, but remained close to the overnight peak of 152.18 yen, its strongest level since November 27, Reuters reported. The euro was steady at $1.052975, while Sterling was little changed at $1.2777.

Oil Prices

Crude oil prices rose amid expectations of demand rising in China next year after Beijing announced a looser monetary policy to stimulate economic growth.

Brent crude futures rose 0.12% to $72.28 a barrel, while US West Texas Intermediate crude futures gained 0.12% to $68.67.

(With inputs from Reuters)

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