GIFT Nifty

The GIFT Nifty, an early indicator for the benchmark Nifty 50, was up 0.26% at 24,872 as of 6:54 a.m. Global cues remained mixed, with US S&P 500 futures rising 0.08%, while European Euro Stoxx 50 futures slipped 0.06%.

India Market Recap

Indian equity benchmarks witnessed profit booking on Tuesday after the recent rally, with weakness in IT and metal stocks weighing on sentiment. The NSE Nifty 50 declined 1.16% to close at 23,824.10, while the BSE Sensex fell 1.16% to settle at 76,200.68. Apart from sector-specific weakness, concerns over softer business activity data and an uneven monsoon also impacted investor sentiment, leading to broad-based selling across the market. On the technical front, Nifty support is placed in the 23,600–23,700 zone, while resistance is seen between 23,900 and 24,000.

US Market Recap

Wall Street opened sharply lower on Tuesday as the technology-led selloff that began earlier in the week intensified across global markets. The S&P 500 opened 1.54% lower at 7,358.50, while the technology-heavy Nasdaq Composite fell 2.21% to 25,598.41 amid continued weakness in large-cap technology stocks. The Dow Jones Industrial Average also declined nearly 300 points, opening 0.59% lower at 51,428.06. Investors remained cautious amid concerns over elevated valuations in technology stocks and uncertainty surrounding the global economic outlook.

Asian Market Update:

Asian markets traded on a mixed note on Wednesday as investors looked for signs of stabilization in technology stocks following the sharp selloff on Wall Street. South Korea's Kospi rebounded strongly, rising 4.02% after witnessing steep losses in the previous session. Japan's Nikkei 225 slipped marginally by 0.06%, while Australia's ASX 200 remained largely unchanged, gaining 0.01%. Market participants continued to assess global growth prospects and monitor developments in major technology stocks.

Commodity Check

Crude oil prices continued to decline on Wednesday amid signs of progress in US-Iran peace negotiations, raising hopes of improved global crude supplies. Brent crude traded 0.17% lower at $76.47 per barrel after falling 1.1% in the previous session. US West Texas Intermediate (WTI) also settled 0.9% lower at $73.21 per barrel. The continued decline in oil prices is likely to support global growth and ease inflationary pressures, particularly for oil-importing economies such as India.

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