Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday following a rally in global markets.
Asian markets traded higher while the US stock market rallied overnight, after comments from President Donald Trump on Fed Chair Jerome Powell and optimism over de-escalation of the US-China trade war.
On Tuesday, the Indian stock market ended higher, extending the rally for the sixth consecutive session, with the Nifty 50 closing above 24,100 level.
The Sensex gained 187.09 points, or 0.24%, to close at 79,595.59, while the Nifty 50 settled 41.70 points, or 0.17%, higher at 24,167.25.
“While strong domestic fundamentals continue to provide support, underperformance in the US markets is capping the upside momentum. With the Nifty having reached its immediate target of 24,250, some consolidation in the index is likely. However, the overall tone remains positive. Traders are advised to maintain a ‘buy on dips’ approach in the index and focus on stocks showing momentum, particularly those driven by earnings announcements,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian markets rallied on Wednesday, following overnight gains on Wall Street amid optimism over easing US-China trade tensions.
Japan’s Nikkei 225 jumped 1.85%, while the Topix index surged 2.09%. South Korea’s Kospi index rallied 1.02% while the Kosdaq gained 0.81%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
Gift Nifty was trading around 24,371 level, a premium of nearly 202 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US stock market rallied on Tuesday amid hints of de-escalation of US-China trade tensions, and President Donald Trump’s comments that he had no plans to fire Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average jumped 1,016.57 points, or 2.66%, to 39,186.98, while the S&P 500 rallied 129.56 points, or 2.51%, to 5,287.76. The Nasdaq Composite closed 429.52 points, or 2.71%, higher at 16,300.42.
Tesla share price spiked 4.6%, Nvidia shares gained 2.04%, Amazon stock price rallied 3.5%, while Apple stock price surged 3.41%. 3M Co shares jumped 8.1%, while Northrop Grumman shares slumped 12.7% and RTX tumbled 9.8%.
US Treasury Secretary Scott Bessent told a closed-door investor summit that the tariff standoff with China is unsustainable and that he expects the situation to de-escalate. Bessent added that negotiations haven’t started but that a deal is possible, reports said.
US President Donald Trump backed off from threats to fire Federal Reserve Chair Jerome Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates, Reuters reported. “I have no intention of firing him,” Trump told reporters in the Oval Office. “I would like to see him be a little more active in terms of his idea to lower interest rates,” he added.
The International Monetary Fund slashed its global growth forecasts citing the impact of US tariffs now at 100-year highs and warning that rising trade tensions would further slow growth. The IMF cut its forecast for global growth by 0.5 percentage point to 2.8% for 2025, and by 0.3 percentage point to 3% from its January forecast that growth would reach 3.3% in both years.
The IMF also revised India’s FY26 economic growth forecast downwards to 6.2% from 6.5% earlier. It cut FY27 gross domestic product (GDP) growth projection to 6.3% from 6.5%.
Tesla reported a 71% YoY decline in its net profit to $409 million for the January–March period, falling short of analyst expectations. The Elon Musk-led electric vehicle maker’s revenue for the quarter declined 9% YoY to $19.34 billion, compared to consensus estimates of $21.11 billion, according to LSEG data. Operating income stood at $399 million for the period.
India’s economy is relatively less vulnerable to global headwinds, and calibrated policy support could help the country turn current volatility into an opportunity, the Reserve Bank of India (RBI) said in its April bulletin. Strong domestic growth impulses and sound macro-fundamentals have helped the economy stay resilient despite global trade tensions, it said, adding that prospects for the farm sector have been boosted by above-normal monsoon forecasts.
HCL Technologies reported a 6.18% QoQ fall in its Q4FY25 net profit to ₹4,307 crore, while its revenue rose 1.19% QoQ to ₹30,246 crore. Revenue in dollar terms declined 1% QoQ to $3,498 million, while revenue in constant currency (CC) terms fell 0.8% QoQ. EBIT during the quarter dropped 6.5% sequentially to ₹5,442 crore, while EBIT margin compressed by 150 bps to 18%. HCL Tech’s board declared an interim dividend of ₹18 per share for FY25.
The US dollar jumped broadly against major currencies after Trump walked back on threats to dismiss Fed Chair Jerome Powell. The dollar rose 0.75% against the yen to 142.68 and 0.7% against the Swiss franc to 0.8249. The euro was 0.49% lower at $1.1363.
Gold prices declined after Trump backed off threats to fire the Federal Reserve chair and US Treasury Secretary Scott Bessent hinted at easing trade tensions. Spot gold prices fell 1.2% to $3,340.92 an ounce, while US gold futures declined 2% to $3,349.20.
Crude oil prices rose, extending the prior day’s gains as investors weighed a fresh round of sanctions on Iran, a drop in US crude stocks and a softer tone from Donald Trump on the Federal Reserve.
Brent crude futures gained 0.79%, to $67.97 a barrel, while US West Texas Intermediate crude was at $64.31 a barrel, up 1.95%.
(With inputs from Reuters)
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