The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, following mixed cues from global markets, and a drop in crude oil prices.
Asian markets traded mostly higher, while the US stock market ended mixed overnight, and futures rallied after Micron Technology’s earnings beat.
On Wednesday, the witnessed solid buying interest and ended with strong gains.
The Sensex jumped 790.54 points, or 1.04%, to close at 76,991.22, while the Nifty 50 settled 197.55 points, or 0.83%, higher at 24,021.65.
“Indian equities are expected to regain their positive momentum, supported by renewed buying interest and lower energy prices. Any further progress on geopolitical and trade-related fronts, coupled with stable energy prices and sustained foreign inflows, could provide additional support to domestic equities,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian stock markets traded broadly higher on Thursday, following strong earnings of US chipmaker Micron. Japan’s gained 1.28%, while the Topix rose 0.76%. South Korea’s Kospi jumped more than 5%, while the Kosdaq rallied 1.32%. Hong Kong’s Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,114 level, a premium of nearly 62 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended mixed on Wednesday, with Nasdaq and S&P 500 closing lower, dragged by selling in megacap tech stocks.
The Dow Jones Industrial Average rose 182.06 points, or 0.35%, to 51,848.90, while the S&P 500 fell 7.24 points, or 0.10%, to 7,358.22. The Nasdaq Composite closed 110.40 points, or 0.43%, lower at 25,476.64.
Nvidia stock price fell 0.54%, Microsoft shares declined 2.27%, Micron Technology share price dropped 0.37%, Apple stock price shed 0.38%, Tesla stock price slipped 1.61%, and SpaceX share price declined 1.13%.
US-Iran Peace Talks
While the Strait of Hormuz traffic edges towards normal, US President Donald Trump has berated Republican congressmen in a closed-door meeting for allowing the vote to block his Iran war. US Secretary of State Marco Rubio says in Switzerland are scheduled for next week.
Micron Technology Q3 Earnings
Micron Technology Q3 earnings and forecast for Q4 beat Wall Street estimates, sending its shares surging 15% in after-hours trading. Micron reported Q3 revenue of $41.46 billion, surpassing estimates of $35.85 billion. The company reported adjusted profit of $25.11 per share, compared with estimates of $20.78 per share.
It expects Q4 adjusted earnings per share of $31, plus or minus $1, compared with the estimates of $25.84 per share. The company expects fourth-quarter capital expenditure of around $10 billion, while analysts expected $8.89 billion.
Bitcoin Prices
Bitcoin prices slide back below $60,000. The token fell as much as 5.4% to $59,023, the least since October 2024. Almost $800 million in crypto long positions have been liquidated in the past 24 hours, according to data compiled by CoinGlass, Bloomberg reported. The drawdown comes before Friday’s quarterly expiration of around $10 billion in Bitcoin options, Deribit data show.
Gold Rate Today
Gold prices extended losses, hovering near the more-than-seven-month low hit a day earlier, amid a resurgent US dollar and the prospect of US Federal Reserve interest rate hike. Spot gold price fell 0.4% to $3,985.89 per ounce, while US gold futures for August delivery declined 0.2% to $4,001.60. Spot silver prices fell 0.2% to $57.33 per ounce.
Crude Oil Prices
Crude oil prices extended their decline as stranded tankers exited the Strait of Hormuz following an initial US-Iran peace deal, easing supply concerns. Brent crude futures for August delivery fell 0.54% to $73.34 a barrel, while US West Texas Intermediate fell 0.38% to $70.07 a barrel.
Dollar
The US dollar strengthened and is heading toward its sharpest monthly gain in almost a year. The dollar index, which measures the currency against a basket of six major peers, steady around 101.6, after hitting a 13-month peak of 101.8 overnight, Reuters reported. The euro was around $1.1353, and sterling hit a seven-month low of $1.314. At 161.73 yen, the dollar was within a whisker of its highest in just over four decades.
US Treasury Yields
US Treasury yields fell as oil prices slid to a four-month low. The 2-year note yield fell to 4.137%, the lowest since June 17. The yield on benchmark US 10-year notes reached 4.398%, the lowest since May 11. Thirty-year Treasury yields fell to 4.849%, the lowest since April 8.
(With inputs from Agencies)