Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Japan Services PMI to oil prices

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Sensex gained 17.39 points, or 0.02%, to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70. “The surge in India VIX by over 70% in the last eight trading sessions from around 10 to its 52-week high near 17 level, indicating increasing nervousness among investors due to the ongoing global uncertainties and Lok Sabha election outcome next month. Hence, markets are likely to remain in a broader range with stock-specific action in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7 Here are key global market cues for Sensex today: Asian markets traded higher on Tuesday tracking overnight gains on Wall Street. Japan’s Nikkei 225 rose 0.96%, while the Topix gained 0.61%. South Korea’s Kospi rallied 1.6% and the Kosdaq surged 1.08%.

Hong Kong’s Hang Seng index futures indicated a slightly weaker open. Read here: Asian Stocks Climb After US Gain on Rates Optimism: Markets Wrap Gift Nifty was trading around 22,592 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices. The US stock market ended higher on Monday, extending gains for the third straight session.

The Dow Jones Industrial Average gained 176.59 points, or 0.46%, to 38,852.27, while the S&P 500 rose 52.95 points, or 1.03%, to 5,180.74. The Nasdaq Composite ended 192.92 points, or 1.19%, higher at 16,349.25. Among stocks, Arm Holdings rallied 5.2%, Micron Technology shares gained 4.7%, Advanced Micro Devices share price rose 3.4% and Super Micro Computer stock price surged 6.1%.