The Indian stock market is expected to open higher on Wednesday, tracking gains in global markets, as crude oil prices extended declines on hopes of reopening of the Strait of Hormuz. The trends on Gift Nifty also signal a tepid start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,553 level, a premium of nearly 81 points from the Nifty futures' previous close.
Going forward, market participants will closely monitor trends in the crude oil prices, further updates on US-Iran war, institutional fund flows and key US macroeconomic releases.
Here are five key factors to watch out for ahead of the opening of the Indian stock market today:
Asian Markets
Asian markets traded mostly higher on Wednesday, following overnight gains on Wall Street. Japan's Nikkei 225 fell 0.40%, while the Topix rose 0.20%. South Korea's Kospi gained 0.26%, and the Kosdaq declined 1.08%. Hong Kong's Hang Seng index futures indicated a higher opening.
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Wall Street
US stock market ended higher on Tuesday, led by gains in technology stocks ahead of Nvidia's results. A fall in oil prices and a drop in bond yields also lifted sentiment.
The Dow Jones Industrial Average gained 160.24 points, or 0.30%, to 53,577.40, while the S&P 500 rose 24.38 points, or 0.32%, to 7,677.24. The Nasdaq Composite closed 171.11 points, or 0.66%, higher at 26,151.30.
US Treasury Yields
US longer-dated Treasury yields fell as oil prices dropped to a one-week low. The benchmark 10-year Treasury yield fell to around 4.65%, while the 30-year yield declined toward 5.18%.
Gold Rate Today
Gold prices were little changed ahead of the key US inflation data for clues on the Federal Reserve's interest-rate path. Spot gold price was almost flat at $4,654.17 per ounce, after touching a more than three-month high in the previous session. US gold futures rose 0.4% to $4,711.40. Spot silver price gained 0.2% to $68.80 an ounce.
Crude Oil Prices
Crude oil prices declined over 2%, adding to the previous session's losses, on hopes the Strait of Hormuz could reopen after Iran resumed talks with Oman on managing the strategic waterway. Brent crude futures fell 2.63% to $86.25 a barrel, while the US West Texas Intermediate crude futures fell 2.33% to $80.44.
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