The Indian stock market is expected to open lower on Wednesday after a sharp four-session rally amid mixed global market cues, as investors await the US midterm election results. 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 23,734 level, a discount of nearly 46 points from the Nifty futures' previous close.
In the previous session, the benchmark indices extended their rally for the fourth straight session, with the Nifty 50 closing above 23,800 level.
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“The ongoing recovery is encouraging, although the Nifty may encounter resistance in the 23,800–23,900 zone. We reiterate our preference for stocks demonstrating relative strength, while maintaining prudent overnight risk management amid global event-related uncertainties,” said Ajit Mishra, SVP – Research, Religare Broking.
Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian markets traded mixed, following a rebound in US technology stocks. Japan's Nikkei 225 declined 1.38%, while the Topix fell 0.49%. South Korea's Kospi rallied 1.40%, while the Kosdaq dropped 1.46%. Hong Kong's Hang Seng index futures indicated a lower opening.
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Wall Street
US stock market ended mixed on Tuesday amid a rebound in AI heavyweights ahead of midterm election results.
The Dow Jones Industrial Average fell 0.38% to 51,787.04, while the S&P 500 rose 0.36% to end the session at 7,568.92. The Nasdaq closed 0.83% higher at 25,372.01.
US Midterm Election
Investors will react to the US midterm election results as they start coming in. Voters have decided which party will control Congress, a result that could shape President Donald Trump's final years in office. JPMorgan sees a 66% chance of a ‘blue wave'. However, its market projections suggest that S&P 500 may see only a limited reaction or even a slight decline.
Crude Oil Prices
Crude oil prices rose after a two-day decline amid uncertainty over the US-Iran peace talks. Brent crude futures rose 0.91% to $104.54 a barrel, while US West Texas Intermediate crude was at $96.84 a barrel, rose 0.78%.
Gold Rate Today
Gold prices traded higher as easing oil prices eased inflation concerns, while investors awaited the outcome of the US midterm elections. Spot gold price rose 0.2% to $3,934.75 per ounce, while US gold futures for December delivery gained 0.1% to $3,943.20. Spot silver price fell 0.2% to $49.67 per ounce.
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