Indian Stock Market Poised for Weak Start Amid Mixed Global Cues and Elevated US Inflation

The Indian stock market is expected to start the day on a weak note, following mixed global cues and trends pointing to a discount in the Gift Nifty index. The benchmark indices Sensex and Nifty drifted lower on Wednesday, dragged by Reliance Industries and IT stocks.

The Nifty 50 fell 0.52 per cent to close at 24,207.75, while the Sensex lost 183.15 points or 0.24 per cent to close at 77,472.94. The Nifty Bank index closed 269.55 points or 0.47 per cent up at 57,783.75.

In Asia, markets traded mostly higher on Thursday as investors awaited China's industrial profits data due later in the day. Japan's Nikkei 225 slipped 0.31 per cent, while the broader Topix gained 0.24 per cent. South Korea's Kospi advanced 1.76 per cent, whereas the Kosdaq remained largely unchanged.

In the US, markets ended marginally lower on Wednesday after hotter-than-expected inflation data heightened concerns over interest rates. The Dow Jones Industrial Average fell 113.52 points or 0.21 per cent to 53,463.88, while the S&P 500 slipped 1.58 points or 0.02 per cent to 7,675.70.

Nvidia reported stronger-than-expected Q2 results with revenue more than doubling year-on-year to $96.2 billion and adjusted EPS at $2.22. It forecast Q3 revenue of $108 billion, above estimates. Crude oil prices extended their decline, with Brent crude futures falling 0.57 per cent to $87.34 a barrel.