The Indian stock market is expected to open higher on Wednesday, rebounding from previous session's losses, amid upbeat cues from global markets. The trends on Gift Nifty also signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 23,025 level, a premium of nearly 130 points from the Nifty futures' previous close.
The domestic equity market was closed on October 20 on account of Dussehra.
On Monday, the Indian stock market ended sharply lower, with the benchmark indices slipping over 1% each.
The Sensex tanked 876.37 points, or 1.17%, to close at 73,852.90, while the Nifty 50 settled 257.20 points, or 1.11%, lower at 22,888.95.
“Given elevated crude prices, mixed earnings cues and persistent geopolitical uncertainties, we recommend maintaining a cautious stance, with an emphasis on selective stock picking and prudent position sizing,” said Ajit Mishra, SVP – research, Religare Broking.
Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian markets traded higher on Wednesday, following overnight gains on Wall Street. Japan's Nikkei 225 gained 1.69%, while the Topix rallied 1.16%. South Korea's Kospi jumped 3.52% and Kosdaq added 1.46%. Hong Kong's Hang Seng index futures indicated a higher opening.
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Wall Street
US stock market ended mostly higher on Tuesday, led by gains in healthcare stocks, amid strong corporate earnings.
The Dow Jones Industrial Average rallied 529.85 points, or 1.02%, to 52,495.88, while the S&P 500 gained 21.84 points, or 0.28%, to 7,712.57. The Nasdaq Composite ended 6.07 points, or 0.02%, lower at 26,424.82.
Jio Platforms IPO
The initial public offering (IPO) of Jio Platforms Ltd will open for subscription today, October 21. The company aims to raise Rs 30,213.00 crore from the IPO, which is entirely a fresh issue of 27 crore equity shares. Jio Platforms IPO price band has been set at Rs 1,065 to Rs 1,119 per share. Jio Platforms IPO will be India's largest public issue so far.
Crude Oil Prices
Crude oil prices rose amid concerns over Middle East supplies and threats to oil infrastructure in Saudi Arabia. Brent crude futures rose 0.63% to $109.48 per barrel, while US West Texas Intermediate (WTI) crude gained 0.67% to $98.48 per barrel.
Gold Rate Today
Gold prices fell as inflation risks raised outlook for an interest rate hike by the US Federal Reserve. Spot gold price declined 0.2% to $4,117.83 an ounce, while silver price eased 0.1% to $57.88.
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