The Indian stock market is expected to extend rally on Thursday, as a sharp fall in crude oil prices after Democratic victory in the US midterm elections boosted sentiment. The trends on Gift Nifty also signal a gap-up start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,309 level, a premium of nearly 339 points from the Nifty futures' previous close.
In the previous session, the domestic equity indices ended higher for the fifth consecutive session, with the Nifty 50 closing at the highest level in 40 sessions.
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“The Nifty 50 may witness some consolidation after five consecutive sessions of gains, particularly as the index approaches a crucial long-term moving-average hurdle, the 200-DEMA. Participants should remain selective, prioritise stocks displaying relative strength across sectors and avoid averaging down in loss-making counters that continue to lag the broader recovery,” said Ajit Mishra, SVP – research, Religare Broking.
Here are five key factors that are likely to drive the Indian stock market today:
Asian Markets
Asian markets traded mixed, following an overnight rally on Wall Street, amid a drop in oil prices. Japan's Nikkei 225 rallied 0.51% and the Topix jumped 2.11%. South Korea's Kospi plunged 3.11%, and the Kosdaq tanked 3.29%. Hong Kong's Hang Seng index indicated a higher opening.
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Wall Street
US stock market ended with strong gains on Wednesday after Democrats won the midterm election, boosting risk appetite.
The Dow Jones Industrial Average jumped 1,569.40 points, or 3%, to 53,356.12, while the S&P 500 rallied 119.7 points, or 1.6%, to end at 7,688.62. The Nasdaq Composite closed 364.50 points, or 1.4%, higher at 25,736.51.
US Midterm Election Results
Democrats won the US midterm elections, seizing control of both the Senate and House of Representatives, in a major blow to President Donald Trump. Democrats scored wins in Republican strongholds for the first time in generations.
Crude Oil Prices
Crude oil prices steadied after crashing more than 8% in the previous session after Democrats won the US midterm elections. Brent crude futures eased 0.02% to $94.60 a barrel, while US West Texas Intermediate crude was at $87.93 a barrel, down 0.22%.
Gold Rate Today
Gold prices held gains after witnessing the biggest jump since August as the dollar and Treasury yields slipped. Spot gold price rose 0.2% to $4,070.10 an ounce after jumping 3.3% in the previous session. Silver price gained 0.3% to $52.36 an ounce after rallying almost 5% on Wednesday.
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