First Tick: Top global cues to watch in today’s trade

Asian stocks traded within tight ranges early Wednesday, mirroring similar moves on Wall Street, as investors awaited a fresh catalyst while a rebound in cryptocurrencies lost steam.

Indian benchmark indices, Sensex and Nifty, are likely to see a muted start on December 3, with cues coming from GIFT Nifty, which was trading higher at around 26,195.50.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

The Indian markets started the week on a strong note, hitting a fresh all-time high in the opening trade following positive global markets and above-estimate GDP at 8.2% (six-quarter high) in Q2FY26 added to the positive sentiments.

However, a 9-month low manufacturing growth rate of 56.6 in November and rupee depreciation erased all the intraday gains in the first half, and remained rangebound in the second half ahead of US and India central banks' interest rate decisions later this week.

At close, the Sensex was down 64.77 points or 0.08 percent at 85,641.90, and the Nifty was down 27.20 points or 0.10 percent at 26,175.75. BSE Midcap and smallcap indices ended flat.

The benchmark indices extended the gains on the third consecutive week and month, with BSE Sensex and Nifty rising 0.5 percent each in this week and adding 2% each in November.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Flat)

The GIFT Nifty is trading marginally lower at around 26,195.50, indicating a flat opening for the day.

Asian Equities (Rise)

Asian stocks traded within tight ranges early Wednesday, mirroring similar moves on Wall Street, as investors awaited a fresh catalyst while a rebound in cryptocurrencies lost steam.

US Equities (Up)

US stocks closed higher to record their sixth gain in seven sessions in muted trading on Tuesday, buoyed by gains in technology shares as expectations that the Federal Reserve will cut interest rates next week remain elevated.

The Dow Jones Industrial Average rose 185.13 points, or 0.39%, to 47,474.46, the S&P 500 gained 16.74 points, or 0.25%, to 6,829.37, and the Nasdaq Composite gained 137.75 points, or 0.59%, to 23,413.67.

US Bond Yield (Down)

The yield on 10-year Treasuries and 2-year Treasuries were trading lower at 4.07 percent and 3.49 percent, respectively.

Dollar Index (Down)

The dollar was becalmed on Wednesday, as other assets hogged the limelight, though investors looking ahead to 2026 were starting to position for U.S. rate cuts to weigh on the greenback.

Asian Currencies (Up)

Except for the Philippine Peso, all other Asian currencies were trading higher in the early trade on Wednesday, with the Indonesian Rupiah gaining the lost ground, followed bythe  Thai Baht, the South Korean Won, and the Japanese Yen.

Crude (Flat)

Oil steadied on Wednesday after declining in the previous session as traders assessed the state of the conflict between Russia and Ukraine.

Gold (Up)

Silver steadied near a record after rallying about 17% over the previous seven sessions as traders piled into bets for lower interest rates, while the market faced ongoing supply tightness. Gold was up.

Fund Flow Action

The Foreign Institutional Investors (FIIs) continued their selling on the fourth straight session on December 2 as they sold equities of Rs 3,642 crore, while Domestic Institutional Investors (DIIs) bought equities of Rs 4,645 crore on the same day.

Hope you're all set for today's trade. We wish you a profitable day ahead.

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