The Indian stock market is expected to open lower on Wednesday amid cautiousness ahead of the US Federal Reserve's policy decision, with investors also tracking elevated crude oil prices and geopolitical tensions in the Middle East.
The trends on Gift Nifty also signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,637 level, a discount of nearly 206 points from the Nifty futures' previous close.
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In the previous session, the benchmark indices ended flat, with the Nifty 50 holding near 22,750 level.
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Here are five key factors that may drive the Indian stock market today.
Asian Markets
Asian stock market traded higher on Wednesday, following overnight rally on Wall Street, amid optimism around AI stocks. Japan's Nikkei 225 rallied 1.36% while the Topix rose 0.30%. South Korea's Kospi jumped 5.07% and Kosdaq surged 3.29%. Hong Kong Hang Seng index futures indicated a positive opening.
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Wall Street
US stock market ended higher on Tuesday, led by a rally in AI-related tech stocks, while investors watched out for third-quarter earnings and US Federal Reserve policy meeting.
The Dow Jones Industrial Average rose 15.99 points, or 0.03%, to 52,377.57, while the S&P 500 gained 45.83 points, or 0.60%, to 7,722.60. The Nasdaq Composite closed 308.43 points, or 1.18%, higher at 26,477.81.
Jio Platforms IPO Listing
Jio Platforms shares are set to make their stock market debut today. Shares of Mukesh Ambani-led Reliance Industries' digital and telecom subsidiary, Jio Platforms Ltd, will be listed on the NSE and BSE, following its Rs 30,213-crore initial public offering (IPO) received stellar demand.
Crude Oil Prices
Crude oil prices traded higher on reports of US planning for a fresh military campaign against Iran after the midterm elections. Brent crude futures rallied 1.26% to $115.32 a barrel, while US West Texas Intermediate crude was at $101.08 a barrel, up 1.18%.
Gold Rate Today
Gold prices steadied above $4,000 an ounce after a 1% rally in the previous session, amid dip buying ahead of the Federal Reserve's interest-rate decision. Spot gold price rose 0.1% to $4,063.80 an ounce, while silver price was little changed at $54.41 an ounce.
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