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.

The Indian market is off to a poor start as the Gift Nifty fell down ahead of the US Pre-Polls results, trading at a value decline of almost 63 points from the Nifty Futures Tuesday close out, notably as Asian markets are also climbing in early trading today.

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.

In overnight trade, Dow Jones Industrial Average climbed 427.28 points, or 1.02 per cent, at 42,221.88. The S&P 500 index also jumped 70.07 points, or 1.23 per cent, to 5,782.76.

Tata Steel, JSW Steel, Hindalco, Bajaj Auto, and Axis Bank were among the top gainers on the Nifty index. Trent, Adani Ports, Asian Paints, ITC and Infosys were among the top losers., Markets News - T

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.

The Nifty index declined 445 points or 1.83 per cent to break the 24,000 level and drags to 23,859.10 points while the BSE Sensex declined by 1350 points or 1.69 per cent to slide below 79,000.

Indian benchmark equity indices were trading in a tight range following a lower open on Tuesday, amid mixed global cues

The NSE Nifty 50 climbed 0.91% to 24,213.3, and BSE Sensex increased 0.88% to 79,476.63. Both indices initially declined 0.6% during trading but recovered in the final two hours of the session.

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.