Global Market Update: Key Economic Indicators to Watch in Today's Trading Session

Indian Equity Markets Poised for a Strong Opening

The Indian equity benchmarks, BSE Sensex and Nifty 50, are likely to see a gap-up start on May 6, as indicated by GIFT Nifty, which is trading higher at around 24,321.

The previous session's gains were largely erased, with the Nifty managing to close above the 24,000 mark amid a mixed trend across sectors. BSE Sensex ended down 251.61 points or 0.33 percent at 77,017.79, while the Nifty was down 86.50 points or 0.36 percent at 24,032.80.

GIFT Nifty was trading higher at around 24,321, indicating a strong opening for the Indian equity markets. This positive sentiment is also reflected in the Asian indices, where South Korea's Kospi index witnessed a sharp rally of 5.41%, surpassing the 7,000 mark for the first time.

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Asian Equities Performance

In the US, the S&P 500 and Nasdaq notched record high closes on Tuesday, lifted by Intel and other AI-related stocks. The S&P 500 climbed 0.81% to end the session at 7,259.22 points, while the Nasdaq gained 1.03% to 25,326.13 points.

The dollar retreated against most major currencies on Wednesday after the U.S. signalled it may be nearing a deal with Iran, while the yen continued to drift weaker toward levels that have previously drawn intervention from Tokyo.

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U.S. oil futures fell on Wednesday morning by over $2 after U.S. President Donald Trump said an operation to reopen the Strait of Hormuz will be paused for a short period to see whether an agreement can be finalised and signed. Gold extended gains after US President Donald Trump touted progress on a final agreement with Iran, reducing inflationary pressure and sending the dollar lower.

Foreign Institutional Investors (FIIs) turned net sellers on May 5, offloading equities worth ₹3,621 crore. Meanwhile, Domestic Institutional Investors (DIIs) extended their buying streak for the eighth consecutive session, investing ₹2,600 crore in the equity market, providing partial support to market sentiment.