Stock market today: All you need to know before opening bell on December 31

Indian markets are expected to witness volatility with a negative bias in the last trading session of 2024. Markets across the globe indicate a weak opening for Indian markets on Tuesday morning, following negative global market sentiments and lower trading volumes.

The GIFT NIFTY traded nearly 40 points lower on Tuesday morning at 7:40 a.m., indicating a negative market opening.

US markets

The US markets closed in deep red across the board amid continued profit booking and rising treasury yields. The Dow Jones closed 400 points lower, paring some losses in the closing session. Meanwhile, the NASDAQ and S&P500 dropped more than 1%, led by heavy selling in tech stocks like Nvidia, Tesla, Meta, and more.

Asian markets

Asian markets followed the sentiment from the US, as Japanese and Chinese markets traded in red on Tuesday morning with little loss. Chinese NBS manufacturing PMI came in above 50.1 for December 2024, lower than 50.3 in November 2024, indicating weakness in the economy's manufacturing sector.

Oil prices

The WTI and Brent crude oil prices stabilised on Tuesday morning amid manufacturing data from the two largest economies, China and the USA, which is expected to decide the demand scenario for the oil. The WTI crude oil prices traded above the $71.3 per barrel mark, and Brent crude oil prices traded 0.35% higher at $74.3 per barrel.

Chart check NIFTY50 closed below 200EMA levels, indicating strong weakness for Indian markets in the coming weeks. Meanwhile, SENSEX closed just above the 200EMA mark, showing some signs of resilience. Tuesday’s closing will be keenly watched as any close below the 200EMA will double confirm market weakness.