Overnight Stock Market Movements: Key Developments 

The Indian stock market benchmark indices, BSE Sensex and Nifty 50, are likely to open cautiously on Wednesday as investors track mixed overnight global market cues.

Asian markets traded lower, while the US stock market closed on a mixed note overnight, with the S&P 500 and Nasdaq Composite retreating from record highs.

Moreover, on Tuesday, the Indian stock market declined sharply, extending its sell-off for the fourth straight trading session.

Domestic Market Recap

On Tuesday, Indian indices closed red:

• Sensex crashed by 1,456.04 points (1.92%) to close at 74,559.24
• Nifty 50 moved down by 436.30 points (1.83%) to settle at 23,379.55

Gift Nifty

Gift Nifty was trading near 23,491, around 66 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed on a mixed note on Tuesday, with the S&P 500 and Nasdaq Composite pulling back from record highs as investors booked profits following hotter-than-expected inflation data.

• The Dow Jones Industrial Average gained 56.09 points (0.11%) to close at 49,760.56.
• S&P 500 down by 11.88 points (0.16%), ending at 7,400.96.
• The Nasdaq Composite was lower by 185.92 points (0.71%), finishing at 26,088.20.

Crude Oil Prices

• Brent crude slumped by 0.96% to $106.74/barrel
• US West Texas Intermediate (WTI) crude was trading 0.70% lower at $101.46/barrel

Overnight Major Global Events Driving Sentiment

1. Import Tariffs on Gold, Silver: India raised import tariffs on Gold and Silver to 15%. The government increased the basic customs duty on several categories of gold and silver imports to 10% from 5%, while retaining the 5% Agriculture Infrastructure and Development Cess (AIDC).
2. India Inflation: India’s retail inflation edged up to 3.48% in April from 3.40% in March, driven mainly by higher food prices. The year-on-year inflation rate, based on the All India Consumer Price Index with base year 2024, stood at 3.48% for April.
3. India’s GDP Forecast: Moody’s Ratings lowered India’s GDP growth forecast for 2026 by 0.8 percentage points to 6% and reduced its 2027 projection by 0.5 percentage points to 6%. The agency cited the prolonged US–Iran conflict and an unstable ceasefire as factors that could weigh on economic growth.
4. US Inflation: US consumer prices rose sharply for the second straight month in April as the conflict with Iran pushed energy costs higher and food prices surged. The Consumer Price Index increased 0.6% in April after climbing 0.9% in March, matching economists’ expectations. On a year-on-year basis, inflation accelerated to 3.8%, the highest level since May 2023, compared with 3.3% in March.
5. MSCI Rejig: Adani Energy Solutions, Federal Bank, Indian Bank, Multi Commodity Exchange of India and National Aluminium Company were added to the MSCI Global Standard Index. Meanwhile, Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers and Rail Vikas Nigam Limited were removed from the index.

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