The Indian stock market is expected to open on a steady note on Wednesday, following mixed global market cues. The trends on Gift Nifty also signal a weak start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 22,752 level, a discount of nearly 83 points from the Nifty futures' previous close.
On Tuesday, the Indian stock market rallied following Finance Minister Nirmala Sitharaman's remarks that the government was open to hearing views on the removal of long-term capital gains (LTCG) tax and changes to the securities transaction tax (STT).
The Sensex jumped 1,109.10 points, or 1.54%, to close at 73,033.78, while the Nifty 50 settled 358.60 points, or 1.60%, higher at 22,721.95.
Analysts believe any potential change could further improve investor sentiment and support equity market participation, although no formal proposal has been announced so far.
“Despite the sharp rebound, persistent macroeconomic uncertainties warrant a cautious approach, with a preference for selective stock-specific opportunities and disciplined risk management,” said Ajit Mishra, SVP – research, Religare Broking.
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Here are five key factors that are likely to drive the Indian stock market today:
Asian Markets
Asian markets traded mixed on Wednesday, following overnight losses on Wall Street. Japan's Nikkei 225 gained 0.37%, while the Topix declined 0.15%. South Korea's Kospi rallied 1.46% while the Kosdaq declined 1.08%. Hong Kong's Hang Seng index futures indicated a marginally lower opening.
Wall Street
US stock market ended lower on Tuesday, as tech stocks extended recent losses.
The Dow Jones Industrial Average declined 0.35% to 51,670.10, while the S&P 500 eased 0.02% to end the session at 7,805.45. The Nasdaq closed 0.15% lower at 27,204.38.
US Fed
New York Federal Reserve President John Williams said that he does not see additional interest rate hikes in 2027 by the central bank after one more increase this year.
“I haven't changed my view that it may be appropriate to have one more rate hike” in 2026, Williams told Bloomberg News in an interview. “I don't think at this time I have any reason to believe that we would need to do more.”
Gold Rate Today
Gold prices were steady after a Federal Reserve official signaled the need of one more interest-rate hike this year, but further tightening won't be necessary in 2027. Spot gold price fell 0.1% to $4,157.37 an ounce, while silver price eased 0.2% to $59.04 an ounce.
Crude Oil Prices
Crude oil prices rose on concerns over supply disruptions after renewed fighting between Saudi Arabia and Yemen's Houthis. Brent crude futures rallied 1.32% to $107.09 a barrel, while US West Texas Intermediate crude was at $95.34 a barrel, up 1.27%.
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