Indian stock market: 8 key things that changed for market overnight – Gift Nifty, CPI inflation to Reliance Q2 results

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open flat on Tuesday amid largely positive global cues.

Asian markets traded mixed, while the US stock market ended higher overnight, with the Dow Jones ending above the 43,000 mark for the first time and S&P 500 also posting record close.

On Monday, the Indian stock market benchmark indices ended higher led by gains in key index heavyweights.

The Sensex rallied 591.69 points, or 0.73%, to close at 81,973.05, while the Nifty 50 settled 163.70 points, or 0.66%, higher at 25,127.95.

“A sharp fall in crude oil prices provided a major impetus to the markets, as markets ended in positive territory led by gains in banking, IT and realty stocks. The recovery may not fuel strong bullish sentiment, as FIIs deserting Indian markets this month coupled with lingering West Asia conflict has created a lot of uncertainty among the investors,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher following overnight rally on Wall Street.

Japan’s Nikkei 225 rose 1%, while the Topix gained 0.8%. South Korea’s Kospi and Kosdaq fell 0.11%. Hong Kong’s Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 25,245 level, a premium of nearly 10 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market indices.

Wall Street

US stock market ended higher on Monday, with both the S&P 500 and the Dow posting fresh record finishes.

The Dow Jones Industrial Average gained 201.36 points, or 0.47%, to 43,065.22, while the S&P 500 rose 44.82 points, or 0.77%, to 5,859.85. The Nasdaq Composite ended 159.75 points, or 0.87%, higher at 18,502.69.

Alphabet, Apple, Microsoft and Tesla shares rallied between 0.6% and 1.6%. Caterpillar shares dropped 2%, and Boeing stock price fell 1.3%. Nvidia stock price gained 2.43% to notch a record close.

US Federal Reserve

Minneapolis Fed President Neel Kashkari said he sees modest interest-rate cuts ahead as inflation hovers near the central bank’s 2% target, Reuters reported. Fed Governor Christopher Waller called for “more caution” on interest-rate cuts going forward.

CPI Inflation

India’s retail inflation rose to a nine-month high in September due to higher food prices. Annual retail inflation, based on the Consumer Price Index (CPI), rose to 5.49% in September, higher than 3.65% in August.

Reliance Q2 Results

Reliance Industries reported a consolidated net profit of ₹16,563 crore in Q2FY25, registering a 4.7% decline compared to the same quarter last year. Reliance Industries’ consolidated revenue from operations in Q2 remained stable at ₹2,35,481 crore. The company’s consolidated EBITDA increased 2% YoY to ₹43,934 crore, while EBITDA margin narrowed by 50 bps to 17% from 17.5%, YoY.

HCL Tech Q2 Results

HCL Technologies reported a net profit of ₹4,235 crore in Q2FY25, a marginal drop of 0.5% from ₹4,257 crore in the previous quarter. The company’s revenue rose 2.9% to ₹28,862 crore from ₹28,057 crore, QoQ. EBIT increased 11.8% to ₹5,362 crore from ₹4,795 crore, while EBITDA margin expanded by 150 bps to 18.6% from 17.1%, QoQ.

Oil Prices

Crude oil prices extended losses after a report that Israel may avoid targeting Iran’s crude infrastructure.

Brent crude oil fell 2.94% to $75.18 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 3.07% to $71.56.

(With inputs from Reuters)

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