Indian stock market: 8 things that changed for market overnight- Gift Nifty, Salesforce results, South Korea martial law

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to see a tepid opening on Wednesday following mixed cues from global markets.

Asian markets traded lower, while the US stock market ended mixed overnight with the S&P 500 and Nasdaq hitting record close.

Investors will keep an eye on political developments in South Korea after President Yoon Suk Yeol declared martial law in the nation for the first time in more than 40 years, and withdrew it later. On the domestic front, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting commences today.

On Tuesday, the Indian stock market benchmark indices clocked healthy gains for the third consecutive session, led by gains in shares of select heavyweights.

The Sensex rallied 597.67 points, or 0.74%, to close at 80,845.75, while the Nifty 50 settled 181.10 points, or 0.75%, higher at 24,457.15.

“We expect markets to gain some momentum in the near term on the back of positive global cues, optimism around enhanced government spending and favourable monetary policy changes by the RBI,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mixed on Wednesday amid political disruptions in South Korea.

Japan’s Nikkei 225 fell 0.1% and the Topix declined 0.2%. South Korea’s Kospi index dropped 1.6% while the Kosdaq fell 1.9%. Hong Kong Hang Seng index futures indicated a higher opening.

Gift Nifty Today

Gift Nifty was trading around 24,525 level, a discount of nearly 20 points from the Nifty futures’ previous close, indicating a tepid start for the Indian stock market indices.

Wall Street

US stock market indices ended mixed on Tuesday, with the S&P 500 and Nasdaq attaining record closing highs led by tech-related shares.

The Dow Jones Industrial Average fell 76.47 points, or 0.17%, to 44,705.53, while the S&P 500 rose 2.73 points, or 0.05%, to 6,049.88. The Nasdaq Composite ended 76.96 points, or 0.40%, higher at 19,480.91.

Amazon share price gained 1.3%, while Tesla stock price declined 1.6% and Apple shares gained 1.28%. After the closing bell, Salesforce shares rose about 7%.

Salesforce Q3 Earnings

Salesforce beat Wall Street estimates for third-quarter revenue and raised the lower end of its annual revenue forecast. The company’s revenue for the third quarter rose 8% to $9.44 billion, beating the average analyst estimate of $9.35 billion, according to data compiled by LSEG. On an adjusted basis, the company earned $2.41 per share in the third quarter, missing estimates of $2.44, Reuters reported.

Salesforce now expects fiscal year 2025 revenue between $37.8 billion and $38 billion, compared with its prior forecast range of $37.7 billion to $38 billion. Salesforce shares ended 7% higher in extended trading.

US Job Openings

US job openings increased moderately in October while layoffs declined. Job openings had risen 372,000 to 7.744 million by the last day of October, the Job Openings and Labor Turnover Survey, or JOLTS report, showed. Economists polled by Reuters had forecast 7.475 million vacancies. Hires fell 269,000 to 5.313 million. Layoffs decreased 169,000 to 1.633 million.

South Korea’s Martial Law

South Korean President Yoon Suk Yeol has withdrawn his emergency martial law order, hours after declaring it. The decision comes after lawmakers defied security forces to vote against his declaration and thousands of protesters took to the streets.

Defence Acquisition Council

The Defence Acquisition Council (DAC) accorded Acceptance of Necessity (AoN) for five capital acquisition proposals worth over ₹21,772 crore on Tuesday. Under the chairmanship of Defence Minister Rajnath Singh, the council granted AoNs for the procurement of 31 New Water Jet Fast Attack Crafts (NWJFACs) for the Indian Navy.

Japan Service PMI

Japan’s service activity swung back to growth in November. The final au Jibun Bank Service purchasing managers’ index (PMI) rose to 50.5 in November from 49.7 in October. The composite PMI, which combines manufacturing and service activity, grew to 50.1 in November from 49.6 in October.

(With inputs from Reuters)

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