Indian stock market: Gift Nifty began early morning trade at 22,659, down 35 points or 0.15%, mirroring the negative global signals in US and Asian markets following US Fed meeting minutes that highlighted hawkish remarks. The local equities market is projected to open with slight losses. The advances in heavyweights drove up the Indian stock market indexes on Wednesday.

The Nifty 50 closed 68.75 points, or 0.31%, higher at 22,597.80, while the Sensex gained 267.75 points, or 0.36%, to settle at 74,221.06.

Markets traded in a range and were positive for the majority of the trading session despite weak global signals, helped by selective buying in IT, FMCG, and real estate sectors. According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., "the current mood is of utmost caution as investors don't want to risk taking major exposure to equity assets with a couple of weeks left for the poll outcome."

These are today's major worldwide market cues for the Sensex:

Gift Nifty Today

From Wednesday's closing, the Gift Nifty is trading down more than 10 points this morning.It is anticipated that the Indian stock market will open slightly lower.

Nvidia's earnings

Nvidia, a semiconductor manufacturer, released its first-quarter financial results on May 22 after US market hours. In the first quarter that concluded on April 28, Nvidia's net income increased to $14.88 billion, more than seven times what it was a year earlier ($2.04 billion). From $7.19 billion in the same quarter last year to $26.04 billion this quarter, revenue quadrupled.

Additionally, a 10-for-1 stock split has been announced, which splits a single share into ten. In addition, NVIDIA will grow its dividend by fifteen0% per quarter to ten cents.

US Federal Reserve meeting minutes 

According to the US Federal Reserve's most recent meeting minutes, some policymakers are open to raising interest rates. The markets were not fond of this hawkish approach.

The FOMC's May 1 meeting minutes stated, "Participants noted disappointing readings on inflation over the first quarter." "They would not become more confident that inflation was heading sustainably toward 2% until later than expected."

Wall Street

The aggressive remarks from the US Fed meeting minutes from April 30-May 1 were not well received by the US stock market. The benchmark indexes had a slightly negative closing with the Nasdaq closing 0.18% lower at 16,801 and the S&P 500 down 0.27% at 5,307.

According to Bloomberg, the Dow Jones Industrial Average ended the day at 39,671.04, down 0.5 percent. The US Treasury 10-year yield reached a high of 104, up 1 basis points on the day.