The Indian stock market is likely to extend rally on Tuesday as crude oil prices plunged on hopes of a de-escalation in the Middle East conflict. The trends on Gift Nifty also signal an upbeat start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 23,532 level, a premium of nearly 125 points from the Nifty futures' previous close.
Market sentiment improved after the US and Iran signaled a willingness to pursue peace talks, leading to a sharp plunge in oil prices.
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In the previous session, the domestic equity indices witnessed a strong rally, with the benchmark Nifty 50 closing above 23,400 level.
“Despite the strong rebound, one or two positive sessions are not enough to confirm a trend reversal. Sustaining the recovery will require continued institutional inflows, softer crude prices and broader earnings support. Participants should focus on selectively accumulating quality stocks, disciplined stock selection and prudent overnight risk management amid upcoming global events and persistent geopolitical 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 on Tuesday, tracking overnight losses in the tech stocks on Wall Street. South Korea's Kospi declined 2.61%, while the Kosdaq slipped 2.38%. Hong Kong Hang Seng index futures indicated a higher opening. Japan's markets are closed for a public holiday.
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Wall Street
US stock market ended mixed on Monday, weighed down by tech stocks, while Treasury yields dropped.
The Dow Jones Industrial Average gained 0.41% to 51,983.98, while the S&P 500 declined 0.51% to end the session at 7,541.40. The Nasdaq closed 1.07% lower at 25,164.32.
US-Iran Peace Talks
US President Donald Trump said that the US was in no hurry to restart military operations against Iran. Trump also warned that the US will give Iran “the hammer” soon if the latest round of peace talks were not fruitful.
Crude Oil Prices
Crude oil prices steadied after their biggest slump in more than three months. Brent crude futures fell 0.25% to $104.51 a barrel, after sinking 7.4% on Monday, while US West Texas Intermediate crude was flat at $96.46 a barrel.
Gold Rate Today
Gold prices were steady after jumping the most in two months in the previous session, after falling crude oil prices eased anxiety over rising inflation. Spot gold price rose 0.2% to $3,954.52 an ounce, after climbing 1.9% in the previous session. Silver price gained 0.3% to $50.77, after rising more than 3% on Monday.
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