The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following overnight gains on Wall Street. According to reports from Mint, Gift Nifty was trading around 24,314 level, a premium of nearly 77 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices. The latest developments show crude oil prices plunged on Tuesday following reports about potential peace negotiations between the U.S. and Iran, with increased hopes for diplomatic de-escalation as a ceasefire framework still loosely in place and the U.S. attempting to control the Strait of Hormuz. As per Bloomberg, the MSCI Asia Pacific Index rose 0.7% at the open, with four shares rising for every decliner as optimism around a potential US-Iran ceasefire and robust US corporate earnings buoyed sentiment.
On Wednesday, the Indian stock market saw a fresh spell of buying, with both the benchmark indices jumping over a percent each. As reported by Mint, the Sensex rallied 1,263.67 points, or 1.64%, to close at 78,111.24, while the Nifty 50 closed 388.65 points, or 1.63%, higher at 24,231.30. The positive momentum is expected to continue based on overnight global developments and the latest easing of US-Iran tensions. According to Bloomberg, the S&P 500 and Nasdaq 100 indexes both closed at record highs as traders bet a de-escalation of the Middle East conflict will ease oil prices and lift economic growth.
Asian markets traded higher on Thursday, following overnight gains on Wall Street, on rising hopes of a US-Iran peace deal. According to Mint, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, with Japan's Nikkei 225 rising 0.81% and South Korea's Kospi rallying 1.03%. As per Bloomberg, the MSCI Asia Pacific Index rose 0.7% at the open as traders cling tightly to hopes that new US-Iran peace talks will materialize in the coming days. The positive sentiment was driven by hopes of de-escalation in the US-Iran war and upbeat corporate earnings, with the MSCI Emerging Markets Index climbing 0.3% on Thursday.
US stock market ended mostly higher on Wednesday, with the S&P 500 and Nasdaq Composite posting record closing highs. As reported by Mint, the S&P 500 gained 55.57 points, or 0.80%, to 7,022.95, while the Nasdaq Composite closed 376.93 points, or 1.60%, higher at 24,016.02. According to Bloomberg, the S&P 500 Index has climbed in 10 of the past 11 sessions, while the Nasdaq 100 Index climbed for an 11th consecutive day on Wednesday — the longest winning streak since December 2019. The rally was supported by upbeat corporate earnings and hopes of progress in the US-Iran peace talks, with technology stocks leading gains as Oracle Corp. soared 4.2% and Microsoft Corp. rose 4.6%. As per Bloomberg, Microsoft share price rallied 4.63%, Apple stock price advanced 2.95%, and Tesla stock price surged 7.63% in the latest session.
Commodity markets showed mixed signals with crude oil prices plunging on Tuesday following reports about potential peace negotiations, with global crude benchmark Brent falling 0.2% to $94.70 a barrel, well below last month's peak of nearly $120. According to Bloomberg, West Texas Intermediate crude fell 0.3% to $90.98 a barrel. Spot gold rose 0.9% to $4,833.23 an ounce, while the Bloomberg Dollar Spot Index was little changed as the dollar — which had emerged as the haven of choice during the conflict — was a touch weaker on Thursday. As per Bloomberg, the dollar was set for its longest losing streak since December 2006 as investors returned to equities despite lingering uncertainty over the war's trajectory.
