GIFT Nifty pointed to a weaker opening for Indian equities on Wednesday, with the index at 23,340 and indicating a fall of 54.60 points. The signal came even as most Asian markets advanced, with investors taking cues from a record close for the Nasdaq 100 and another decline in oil prices.
Asian stocks extended their gains on Wednesday. Japan's Nikkei 225 rose 1.38%, while South Korea's KOSPI advanced 1.15%. Australia's S&P/ASX 200 added 0.24%, while Shanghai was broadly unchanged.
The gains came after another positive session for US technology stocks. The Nasdaq 100 reached a record high for the first time since June, supported by gains in semiconductor shares. Lower oil prices also supported market sentiment as diplomatic efforts to end the US-Iran conflict showed signs of progress.
US equity futures were largely flat in late Tuesday trading. Dow Jones Industrial Average futures declined 14 points, or 0.03%. S&P 500 futures rose 0.02%, while Nasdaq-100 futures gained 0.1%.
On Tuesday, the Dow Jones Industrial Average fell 0.4%, while the Nasdaq Composite gained 0.5% for its fourth consecutive session of gains. The technology-heavy index finished at a record after reaching a new intraday high. The S&P 500 edged lower and was about 0.7% below its record closing level.
Oil prices continued to move lower. Brent crude approached $98 a barrel, extending its decline to a sixth consecutive session. The benchmark had lost more than 9% over that period. West Texas Intermediate for November delivery fell below $90.
Supply-restoration efforts have contributed to the decline in crude prices. Saudi Arabia is preparing to restart a key oil pipeline, while the US has said talks with Iran have made progress towards ending the conflict that has disrupted energy markets.
The decline in oil prices has reduced some concerns around the impact of higher energy costs on inflation. Investors remained focused on developments in discussions between the US and Iran.
