Stock market today: Key things to know before the opening bell on May 9

Indian benchmark indices are expected to open negatively on weak domestic cues owing to escalated tensions between India and Pakistan. However, global cues remain positive with overnight gains in the US markets and a buoyant opening in the Asian markets.

Asian markets

The Asian markets continue to trade in green for the third consecutive session as the trade war situation softens across the globe. The US trade representatives will meet their Chinese counterparts in Switzerland over the weekend to discuss trade talks. Chinese, Japanese and Hong Kong indices traded in green with Nikkei gaining the most by 1.5%.

US markets

The US markets closed in green with strong gains in the tech stocks. The NASDAQ closed over 1% higher, followed by the Dow Jones and the S&P 500 at 0.6%. The gains were largely driven by optimism around trade deals by the US with major trading partners. The President announced a trade deal with the UK, the first one after the trade war started on April 2. Further weekend discussions between the US and China are also expected to keep the markets on edge in the coming week.

Crude oil

The crude oil prices are headed for weekly gains after falling to nearly 3-year low levels. The positive developments on trade deals between the US and other countries have improved the sentiment for oil demand. However, the increased supply from OPEC+ and other oil-producing countries is expected to keep the oil prices under control. The Brent crude oil prices gained 3.6% to trade above $62 per barrel on Thursday.

FII and DII data

The foreign institutional investors continued to be net buyers in the Indian markets for the 16th consecutive session as they bought equities worth ₹2,007 crore, while DII sold equities worth ₹596 crore on Thursday. FIIs also turn buyers in the derivatives market as their long position stands at 7.5k contracts.