Indian benchmark indices are likely to open with moderate losses on Wednesday, with GIFT Nifty pointing to a weak start after the Nifty snapped a four-session winning streak in the previous session. Strong Asian markets and Brent crude slipping below $100 a barrel provide a supportive backdrop, although persistent foreign institutional selling could keep domestic sentiment cautious.
GIFT Nifty was trading at 23,345 around 8 am, down 55 points, or 0.24 percent. Indian equities ended lower in a volatile session on Tuesday, snapping a four-day winning run. The Sensex fell 329.91 points, or 0.44 percent, to 74,529.08, while the Nifty declined 85.30 points, or 0.36 percent, to 23,329. IT, PSU bank and oil & gas stocks were among the key laggards.Global cues are more constructive ahead of Wednesday's opening, with technology stocks driving a sixth straight day of gains in Asian equities, the Nasdaq closing at another record high and crude oil prices extending their decline amid signs of improving Middle East supply.
Asian markets extend rally as AI stocks gain; Brent slips below $100 as Saudi supply returns
Asian equities advanced on Wednesday as continued optimism around artificial intelligence supported technology stocks. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7 percent, extending its winning streak to six sessions. South Korean equities climbed 1.2 percent, while Taiwan gained 0.9 percent and traded near record highs. Chinese blue-chip stocks were little changed. Japanese cash markets remained closed for a holiday, although Nikkei futures traded sharply above the index's Friday closing level.Crude oil prices edged lower on Wednesday, with Brent falling below $100 a barrel as Saudi Arabia began restoring supplies through a key pipeline and investors watched for progress towards a diplomatic resolution of the US-Iran conflict. Brent crude futures fell 0.07 percent to $99.18 a barrel, while West Texas Intermediate declined 0.39 percent to $90.17.Saudi Arabia has restarted operations at its East-West Pipeline and may have resumed exports through the Red Sea port of Yanbu. Expectations of potential diplomatic progress through talks at the United Nations in New York also helped ease some concerns over Middle East supply.Nasdaq hits second straight record high
US equities ended mixed on Tuesday, but technology stocks continued to outperform as enthusiasm around artificial intelligence supported Micron Technology and other AI-related names. Continued strength in US technology shares has spilled over into Asian markets, helping offset some of the concerns surrounding global interest rates and geopolitical risks.The Nasdaq Composite gained 0.45 percent to 27,244.28, marking its second consecutive record closing high. The S&P 500 finished almost unchanged at 7,764.64, remaining just below record territory, while the Dow Jones Industrial Average fell 0.36 percent to 51,863.69.FIIs sell Rs 3,800 crore; DIIs step up buying
Foreign institutional investors remained net sellers in Indian equities for a second consecutive session on Tuesday, offloading shares worth Rs 3,800 crore. Domestic institutional investors continued to absorb the selling, purchasing equities worth Rs 4,120 crore during the session. The sharp FII outflow could remain a near-term headwind even as domestic institutional demand provides support.Source: Network18
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Disclaimer: The views and investment tips expressed by experts here are their own and not those of us. We advises traders to check with certified experts before taking any investment decisions.
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