Asian Markets Surge as Kospi and Nasdaq Rally: Impact on Indian Stock Market and Key Price Movements

Indian Stock Market Expected to Open Higher on Monday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Monday, following strong global market cues, amid signs of easing US-Iran tensions in the Middle East. Volatility is expected to remain high as investors watch out for the assembly election results of four states and one Union Territory.

Asian markets traded higher, while the US stock market ended mixed, with the S&P 500 and the Nasdaq posting record closing highs. The key global market cues for Sensex today include:

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This week, investors will watch out for key stock market triggers, including the assembly election results, Q4 earnings, developments in the US-Iran war and peace talks, crude oil prices, FII flows, currency movement, and other key domestic and global macroeconomic cues. The Indian stock market was closed for trading on Friday on the account of Maharashtra Day.

On Thursday, the Indian stock market ended sharply lower amid a broad-based selloff, with the benchmark Nifty 50 slipping below 24,000 level. The Sensex tanked 582.86 points, or 0.75%, to close at 76,913.50, while the Nifty 50 settled 180.10 points, or 0.74%, lower at 23,997.55.

Key Global Market Cues

The US stock market ended mixed on Friday, with the S&P 500 and the Nasdaq advancing to record closing highs, boosted by robust earnings and a dip in crude oil prices. The Dow Jones Industrial Average declined 152.87 points, or 0.31%, to 49,499.27, while the S&P 500 gained 21.11 points, or 0.29%, to 7,230.12.

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The Nasdaq Composite closed 222.13 points, or 0.89%, higher at 25,114.44. Key stock movements included:

The exit polls of four assembly elections show most pollsters are of the opinion that the BJP will retain power in Assam and Puducherry. In Tamil Nadu, except one, all posters have projected the ruling DMK to emerge victorious once again. In Kerala, there the Congress-led UDF is expected to return to power. In West Bengal, three pollsters have projected the BJP to win, while three others are giving a clear edge to TMC.

Counting of votes will be held today in West Bengal, Tamil Nadu, Assam, Kerala, and Puducherry. Gold prices were little changed amid signs of progress toward a US-Iran deal. Spot gold price fell 0.1% to $4,609.23 an ounce, while silver prices rose 0.3% to $75.57 an ounce.

The US dollar index, which measures the greenback's strength against a basket of six currencies, was flat at 98.144. The yen rose 0.1% to 156.885 against the dollar. The British pound was up 0.1% at $1.3586, while the euro rose 0.1% at $1.1730.

Crude oil prices declined after the US would begin an effort to free up ships stranded in the Strait of Hormuz. Brent crude oil futures fell 0.41% to $107.73 a barrel, while US West Texas Intermediate was at $101.24 a barrel, down 0.69%.