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Indian markets opened flat on Tuesday with BSE Sensex up 30.41 points and Nifty 50 remaining flat. Global markets showed mixed performance, with U.S. indices driven by tech stock rallies.
Sensex Today (Representative/PTI File)
Indian Markets Open Flat on Tuesday: Indian equity indices, BSE Sensex and Nifty 50, opened subdued on Tuesday, following firm global cues in a holiday-shortened trading week ahead of the Christmas break.
At the opening bell, the BSE Sensex gained 30.41 points, or 0.04%, to reach 78,570.58, while the Nifty50 remained flat at 23,754.25.
With the so-called “Santa Claus rally” pushing Wall Street indices higher, coupled with a positive close for domestic markets after reduced foreign institutional investor (FII) selling that broke a five-day losing streak, investors are hoping to maintain momentum before the market closes for the Christmas holiday on December 25.
Global Markets
Markets in the Asia-Pacific region were mixed on Christmas Eve, following overnight gains on Wall Street. Japan’s Nikkei 225 slipped 0.33% as minutes from the Bank of Japan’s October meeting revealed members agreed to continue raising rates if economic and inflation targets are met. The broader Topix index was marginally up by 0.01%.
South Korea’s Kospi declined 0.29%, while the Kosdaq rose 0.16%. Hong Kong’s Hang Seng index increased by 0.31%, and mainland China’s CSI 300 rose by 0.47%, with the Shanghai Composite up 0.26%. Australia’s S&P/ASX 200 climbed 0.35% in a shortened trading day.
On Monday, global equity markets gained, supported by Wall Street’s performance. U.S. Treasury yields climbed to a nearly seven-month high, while data indicated weakening U.S. consumer confidence, as investors prepared for fewer rate cuts by the Federal Reserve in 2025.
In U.S. equities, the Nasdaq and S&P 500 were primarily driven by rallies in major tech stocks like Nvidia and Broadcom.
The Conference Board’s U.S. consumer confidence index for December dropped to 104.7, falling short of expectations for an increase, signaling concerns about future business conditions.
New orders for key U.S. manufactured capital goods rose in November, but overall durable goods orders, including items from toasters to aircraft, fell by 1.1%, largely due to weak commercial aircraft orders.
US Market Performance
- The Dow Jones Industrial Average gained 66.69 points, or 0.16%, to close at 42,906.95.
- The S&P 500 rose 43.22 points, or 0.73%, to 5,974.07.
- The Nasdaq Composite increased by 192.29 points, or 0.98%, to 19,764.89.
MSCI’s global equity index rose by 5.51 points, or 0.65%, to 849.74, while Europe’s STOXX 600 index finished up 0.14%.
US markets will have a shorter trading day on Tuesday and will remain closed on Wednesday for Christmas.
US Treasuries and Oil:
U.S. 10-year Treasury yields rose to their highest level since late May, reaching 4.591%, with the 30-year bond yield up to 4.7791%.
Oil prices eased slightly in light pre-holiday trading, as concerns over a supply surplus next year and a stronger dollar weighed on the market. U.S. crude settled down 0.32%, or 22 cents, at $69.24 per barrel, while Brent crude fell 0.43%, or 31 cents, to $72.63 per barrel.