India Market Recap

Indian equity benchmarks ended lower on Tuesday, with the Sensex and Nifty 50 dragged by weakness across IT, Healthcare and Banking stocks amid the F&O expiry. The BSE Sensex declined 329.91 points, or 0.44%, to 74,529.08, while the Nifty 50 fell 85.30 points, or 0.36%, to 23,329. On the technical front, Nifty support is placed at 23,200–23,100, while resistance is seen at 23,400–23,500.

US Market Recap

US technology stocks remained firm as semiconductor shares pushed the Nasdaq 100 to its first record high since June. Optimism was also supported by the prospect of lower crude oil prices as diplomatic efforts to resolve the US-Iran conflict showed signs of progress. US equity futures were largely steady, with Dow futures down 0.03%, S&P 500 futures up 0.02% and Nasdaq 100 futures gaining 0.1%. In the previous session, the Dow declined 0.4%, while the Nasdaq Composite advanced 0.5% for its fourth consecutive gain. The S&P 500 edged lower and remained around 0.7% below its record closing level.

Asian Market Update

Asian equities traded mostly higher on Wednesday, extending recent gains as investors tracked the Nasdaq 100’s fresh record and continued weakness in crude oil prices. Japan’s Nikkei 225 gained 1.38%, while South Korea’s KOSPI advanced 1.15%. Australia’s S&P/ASX 200 rose 0.24%, while the Shanghai Composite remained broadly unchanged. Technology stocks continued to benefit from the positive momentum in US semiconductor shares.

Commodity Check

Crude oil prices extended their decline, with Brent heading towards its longest losing streak in a year. Brent crude fell towards $98 a barrel, extending its decline to a sixth consecutive session and taking its cumulative loss above 9%. WTI for November delivery slipped below $90. The decline in crude prices has been supported by efforts to restore disrupted supplies, with Saudi Arabia moving to restart a key oil pipeline. Markets are also monitoring progress in US-Iran diplomatic discussions aimed at ending the conflict that has disrupted regional energy flows. Lower oil prices are providing some relief to markets concerned about the inflationary impact of elevated energy costs.

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