Here's a news article on the Indian stock market, covering overnight changes:
Indian Stock Market: Key Overnight Developments
The Indian stock market is expected to start flat today, following mixed cues from global markets and ahead of the Reserve Bank of India's (RBI) monetary policy announcement. Several factors have influenced market sentiment overnight, ranging from global market performance to fluctuations in commodity prices and key economic data releases.
Gift Nifty Signals Flat Start
Gift Nifty was trading around 26,037, a dip of 98 points, suggesting a flat opening for the Indian stock market indices.
Global Market Overview
Asian markets displayed a negative trend, mirroring a subdued trading session on Wall Street. Japan's Nikkei 225 index fell by 1.26%, and the Topix declined by 1.12%. South Korea's Kospi rose marginally by 0.12%, while the Kosdaq retreated by 0.25%. Hong Kong's Hang Seng Index futures also indicated a lower opening. Overnight, the U.S. stock market presented a mixed performance, with investors carefully analyzing labor market reports and economic data. Hopes for a Federal Reserve interest-rate cut provided some support to the market.
RBI Monetary Policy in Focus
Market participants are keenly awaiting the RBI's monetary policy announcement. The Monetary Policy Committee (MPC), led by RBI Governor Sanjay Malhotra, is expected to maintain the repo rate unchanged at 5.50%. Any indications of a potential rate cut in the near future could act as a positive catalyst for the market.
Review of Previous Day's Market Performance
On the previous day, the Indian stock market closed higher, breaking a four-session losing streak. The Nifty 50 closed above the 26,000 level. The Sensex rose by 158.51 points, or 0.19%, to close at 85,265.32, while the Nifty 50 settled 47.75 points, or 0.18%, higher at 26,033.75.
Crude Oil Prices
Crude oil prices have experienced a decline, reaching their lowest levels since May amid volatile trading.
Gold and Silver
Gold prices continue to perform strongly, while silver is trading above ₹2 lakh. There is speculation whether silver can continue its rally further.
FII/DII Activity
On Tuesday, foreign portfolio investors (FPIs) were net sellers, offloading shares worth Rs 3,760 crore. Domestic institutional investors (DIIs), on the other hand, were net buyers at Rs 6,225 crore.
Technical Outlook
Analysts suggest that the short-term market trend may remain weak, potentially declining towards 25,615/25,535. Resistance is expected in the 25,970–26,000 range.
