- Sensex and Nifty 50 are expected to open lower amid high crude prices and geopolitical tensions
- Gift Nifty signals a negative start, trading 64 points below Nifty futures previous close
- Asian markets showed mixed trends with Japan up and Hong Kong futures down
Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday, amid cautiousness over the elevated crude oil prices and escalating geopolitical tensions.
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 23,803 level, a discount of nearly 64 points from the Nifty futures' previous close.
On Monday, the frontline equity indices ended half a percent lower, weighed down by selling in IT, metals, media and banking stocks.
“Given the current setup, we recommend continuing with a ‘sell on rise' approach in the Nifty, while staying selective on the stock-specific front and focusing on strict risk management until the market stabilizes,” said Ajit Mishra, SVP – research, Religare Broking.
Here are five key factors to watch out ahead of the opening of the Indian stock market today:
Asian Markets
Asian markets traded mixed. Japan's Nikkei 225 rose 0.38%, and the Topix was fell 0.48%. South Korea's Kospi gained 0.94%, while the Kosdaq Index added 0.14%. Hong Kong's Hang Seng index futures indicated a lower opening.
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Wall Street
US stock futures traded mixed on Monday, kicking off the holiday shortened week amid cautiousness over escalating Middle East tensions. The Dow Jones Industrial Average futures declined 0.6% and the S&P 500 futures fell 0.2%. Nasdaq-100 futures rose 0.1%. US stock market was closed on Monday for the Labor Day holiday.
Sebi Eases FPI Norms
Sebi has eased regulatory compliance requirements for foreign portfolio investors (FPIs) investing exclusively in government securities. FPI that invest only in Indian government securities will no longer have to submit details of their investor group to regulators.
Gold Rate Today
Gold prices were steady near amid uncertainty over the end of the US-Iran war and a fall in dollar against the yen. Spot gold price rose 0.1% to $4,409.68 an ounce, while silver prices gained 0.1% to $66.22 an ounce.
Crude Oil Prices
Crude oil prices traded higher as worries over supply disruption heightened after Iran threatened to retaliate against any new US attacks on its assets. Brent crude futures rose 0.14% to $97.14 a barrel, while the US West Texas Intermediate crude was at $92.50 a barrel, up 1.11%.
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