Stock Market Update: Sensex and Nifty Slip in Pre-Open; Rupee Hits Record Low, Gold Rises

Market Update: Sensex, Nifty Expected to Open Higher; Rupee Hits Record Low, Global Cues Weak

After a session of heavy selling on Tuesday, Indian equity markets are likely to open marginally higher on Wednesday, though sentiment remains cautious amid weak global cues and rising geopolitical tensions.

The GIFT Nifty, an early market indicator, was trading 0.05% higher around 8:00 AM. Trading on Dalal Street is expected to remain stock-specific as the Q3 earnings season continues, with companies like Eternal, Dr Reddy’s Laboratories, Hindustan Petroleum, and PNB Housing Finance set to announce results today.

Rupee at Record Low
The Indian rupee opened at a record low of 91.07 against the US dollar on Wednesday.

Global Market Cues
Asian markets extended losses, pressured by geopolitical developments after US President Trump issued new warnings to European nations regarding Greenland. Japan’s Nikkei slipped 0.35% as government bond yields rebounded following Tuesday’s sharp selloff.

Trump has imposed a 10% tariff on eight European countries effective February 1, rising to 25% in June, following opposition to his Greenland acquisition plans.

Overnight, Wall Street recorded its worst session since April last year, with the S&P 500 and Nasdaq falling over 2% amid heightened volatility.

Investors are also watching the World Economic Forum in Davos, where leaders highlighted concerns over the dominance of global “superpowers.” Canadian Prime Minister Mark Carney warned that the “rules-based international order” is effectively under threat.