Nifty cruises above 24,200, Sensex up 300 points led by banks and steel; Gold October futures breach Rs 1 lakh mark

The Indian benchmark indices opened on a flat note today, following a smart rally in the previous session, with both the Sensex and Nifty starting in the green. The Nifty is holding above 24,100 led by metals, banks. Asian markets are muted while US Futures rise.

The US stock markets saw a massive selloff overnight, after US President Donald Trump’s tirade against Fed chair Jerome Powell for not cutting down on rates, raising questions on the central bank’s independence. The Dow Jones Industrial Average lost 971.82 points or 2.48% to end at 38,170.41, other indices followed suit. This will have a spillover effect on the domestic markets in Tuesday’s trade.

Here are key factors impacting Tuesday’s trade-

HCL Tech earnings: After Infosys, TCS and Wipro, all eyes are on the HCL Tech earnings. Most brokerages expect the IT major to post muted Q4 results as was seen by the other tech majors. All eyes will be on the management commentary about demand environment, order pipeline and the FY26 guidance.

Trump’s attack on Fed Chairperson: Donald Trump increased pressure on Federal Reserve Chairman Jerome Powell to cut down key lending rates, calling him a “major loser” and warning that the U.S. economy could slow down unless interest rates are lowered immediately. ″‘Preemptive Cuts’ in Interest Rates are being called for by many,” Trump said.

US markets meltdown: Following Trump’s attack on Powell, the US markets jolted again. The Dow Jones Industrial Average fell 971.82 points, or 2.48%, to finish at 38,170.41. The S&P 500 dropped 2.36%, ending at 5,158.20, and the tech-heavy Nasdaq Composite shed 2.55% to close at 15,870.90.