GIFT Nifty futures up 40 points; markets likely to start on a positive note
GIFT Nifty futures rise 40 points, signaling a positive start for Indian markets. Key earnings, oil price surge, and FII selling to influence market sentiment amidst cautious global trends.
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Indian markets are poised for a positive start on Monday, with GIFT Nifty futures trading 42.50 points higher at 23,280, indicating optimism on Dalal Street. Asian shares also advanced, buoyed by strong cues from US markets.
GIFT Nifty performance
GIFT Nifty futures on the NSE IX rose 0.19 per cent, signalling a firm opening for Indian equities. However, analysts remain cautious about the broader market trend due to ongoing challenges.
Technical outlook
The Nifty's short-term trend remains weak amid a range-bound movement. A decisive breakout above 23,400 is necessary to attract fresh buying interest, while immediate support is seen at 23,100, according to HDFC Securities' Nagaraj Shetti.
India VIX
India VIX, the volatility index that measures market fear, increased by 1.83 per cent to 15.75, indicating heightened caution among traders.
FII/DII activity
Foreign Institutional Investors (FIIs) were net sellers, offloading Rs 3,318 crore worth of equities on Friday. Domestic Institutional Investors (DIIs) attempted to counterbalance this with purchases worth Rs 2,573 crore.
Corporate earnings in focus
Market participants are closely watching Q3 earnings reports from heavyweights such as Hindustan Unilever, HDFC Bank, ICICI Bank, BPCL, and Hindustan Petroleum, which could steer market direction.
Oil prices surge
Crude oil prices rebounded as US sanctions on Russia's energy sector fueled supply concerns, adding to inflationary pressures.
US markets end strong
The S&P 500 and Dow Jones closed higher last week, supported by robust earnings and optimism despite lingering inflation concerns.
Asian markets rise
Asian equities tracked US gains, with Japan’s Topix rising 1 per cent, the Hang Seng climbing 1.2 per cent, and Australia’s S&P/ASX 200 gaining 0.3 per cent.
Rupee movement
The rupee closed 1 paisa higher at 86.60 against the US dollar on Friday, constrained by foreign fund outflows and weak domestic equities.
As markets open, traders will watch for cues from global developments, corporate results, and macroeconomic trends.
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