Sensex, Nifty Today: Stock market to open higher? Here’s what Gift Nifty and global cues indicate

Sensex, Nifty Today: Indian equity benchmark indices, the Sensex and the Nifty 50, are likely to open in the green on Tuesday, December 23. The move may extend gains for a third straight session, tracking positive cues from global markets and firm trends on Wall Street.

Gift Nifty signals firm start

Early indications from Gift Nifty pointed to a higher opening for domestic benchmarks. Gift Nifty was trading near 26,258.5, up 47.5 points, or 0.18 per cent, from the previous close of Nifty futures.

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Market recap

In the previous session, Indian equities closed sharply higher, supported by a rebound in the rupee and positive global cues. The Sensex surged 638 points, or 0.75 per cent, to settle at 85,567.48. The Nifty 50 advanced 206 points, or 0.79 per cent, to end at 26,172.40.

Asian markets

Asian share markets were trading higher, tracking AI-led gains on Wall Street. Japan’s Nikkei 225 was almost flat (0.08 per cent). South Korea’s KOSPI rose 0.52 per cent.

Wall Street update

US stocks advanced on Monday, starting a holiday-shortened week on a positive note. Gains were broad-based, led by technology stocks and banks. The S&P 500 rose 43.99 points, or 0.6 per cent, to close at 6,878.49. The Dow Jones Industrial Average added 227.79 points, or 0.5 per cent, to 48,362.68. The Nasdaq Composite gained 121.21 points, or 0.5 per cent, to 23,428.83.

Overnight, the S&P 500 rose 0.64 per cent, the Nasdaq Composite climbed 0.52 per cent, and the Dow Jones Industrial Average was up 0.47 per cent, supported by strength in artificial intelligence stocks.

Key events today

Investors will track the US Q3 GDP growth rate estimates. Markets will also watch US industrial production and manufacturing production data for October and November.

IPO corner

In the mainboard segment, the IPO of Gujarat Kidney & Super Speciality will enter its second day of subscription. KSH International is scheduled to make its debut on the exchanges today.

Crude oil prices

Oil prices held on to a four-day gain amid supply concerns. West Texas Intermediate traded near $58 a barrel, after rising about 5 per cent over the past four sessions. Brent crude closed near $62 a barrel.