The Indian stock market is expected to extend rally and open higher on Monday, supported by a sharp fall in crude oil prices. 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 23,298 level, a premium of nearly 200 points from the Nifty futures' previous close.
This week, market participants will watch out for the next batch of Q2 results, latest developments in the US-Iran war, trends in crude oil prices, US midterm elections, flow of foreign funds and other key domestic and global macroeconomic data.
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Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian stock markets traded mostly lower on Monday, following losses on Wall Street, weighed down by selloff in tech stocks. Japan's Nikkei 225 declined 0.44% while the Topix fell 0.60%. South Korea's Kospi rose 0.16% while the Kosdaq eased 0.02%. Hong Kong Hang Seng index futures indicated a higher opening.
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Wall Street
US stock market ended lower on Friday, with all three main equity indices closing lower on the week, amid rising worries over AI-related companies' massive spending.
The Dow Jones Industrial Average declined 572.25 points, or 1.09%, to 51,770.31, while the S&P 500 dropped 140.32 points, or 1.82%, to 7,580.07. The Nasdaq Composite closed 747.73 points, or 2.86%, lower at 25,437.00.
US Tech Stocks Selloff
US tech stocks crashed on Friday amid rising concerns over the hundreds of billions of dollars of investments in artificial intelligence (AI).
Intel share price plummeted 28.58%, Google owner Alphabet shares fell 1.45%, Nvidia stock price declined 4.22%, AMD stock tanked 10.88%, Broadcom shares plunged 5.48%, Microsoft shares fell 1.55% and Micron Technology share price slipped 5.30%.
US-Iran War
Iran and Qatari negotiators held talks for a third consecutive day for a deal to end the US-Israeli war on Iran. Meanwhile, US President Donald Trump said that the war on Iran will end “very soon, one way or the other.” He warned that Tehran will either make a deal or “we'll just end it”.
Crude Oil Prices
Crude oil prices traded lower after Iranian and Qatari officials held talks for a deal to end the US-Iran war. Brent crude futures declined 1.57% to $111.65 a barrel, while US West Texas Intermediate crude was at $102.28 a barrel, down 1.76%.
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