Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday ahead of the US election results 2024.The trends on Gift Nifty indicate a weak start for the Indian benchmark index.

Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the green. Nifty 50 closed at 24,213.30, while Sensex ended at 79,476.63. Overnight, Wall Street indices ended higher ahead of the US election 2024 outcome.

The next key event is the US election scheduled on. Owing to deep correction, the key support level for Sensex and Nifty 50 is around 78500 and 23800 respectively.

The Indian stock market faced a broad selloff, with the Sensex and Nifty 50 dropping over 1% each. Mid and small-cap indices fell up to 2%, leading to a market cap decline of about ₹6 lakh crore.

Indian stock markets continued their downward trend after opening lower on Monday, weighed down by mixed signals from global markets. Both the BSE Sensex and Nifty 50 showed weakness as investors adopted a cautious stance.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,315 level, a discount of nearly 70 points from the Nifty futures’ previous close.