GIFT Nifty futures up 70 points; markets likely to open in green

Indian share markets are likely to start the day on a positive note on March 27, as shown by GIFT Nifty, which was quoting 70 points higher at 23,758. This reflects sustained buying interest in domestic stocks in the wake of favourable global cues and firm FII inflows.

Technical outlook: Key levels to watch

The Nifty 50 index has initial support at 23,600, with a decisive fall possible that could take the index down to 23,300. To the upside, a break above 23,800 would be a sign of a continuation of the rally. India VIX, a volatility gauge, gained 0.7 per cent to close at 13.79, showing a risk-averse but stable sentiment.

Global market cues

Wall Street closed higher on Tuesday as the S&P 500 added 0.16 per cent, Nasdaq rose 0.46 per cent, and the Dow Jones closed almost level. Apple shares rose, while Nvidia experienced some profit taking as investors weighed US consumer sentiment data and looked forward to more trade policy developments from the Trump administration.

Asian markets were mildly optimistic, with Japan's Topix rising 0.4 per cent, Australia's S&P/ASX 200 rising 0.7 per cent, and Hang Seng futures increasing 0.6 per cent. European stock futures also signalled a bullish opening.

Commodity check: Gold and oil remain firm

Gold prices were flat ahead of possible shifts in trade policies that would have implications for economic growth and inflation. Oil prices rose slightly as supply concerns lifted prices on concern over US threats to impose tariffs on Venezuelan oil imports and also after a higher-than-anticipated drop in US crude inventories.

Stocks in F&O ban

The following stocks remain in the F&O ban list due to their market-wide position limits exceeding 95 per cent:

• Manappuram Finance

• Hindustan Copper

• Polycab India

• IndusInd Bank

• SAIL

FII/DII activity and currency movement

Foreign portfolio investors (FPIs) became net buyers, investing Rs 5,371 crore in equities, while domestic institutional investors (DIIs) sold shares of worth Rs 2,769 crore. The rupee, which had been in a seven-day rising streak, lost 13 paise to close at 85.74 against the US currency as importers picked up the currency on higher demand.

Outlook for the day
With strong FII participation, good global cues, and a stable rupee, Indian markets are likely to be in for a solid opening. But investors will remain watchful of geopolitical events and US trade policies, which might have an impact on overall sentiment. The market trend will also be governed by movement in IT stocks and midcaps, which have experienced excess volatility in recent trading sessions.

Outlook for the day

With strong FII participation, positive global cues, and a stable rupee, Indian markets are set for a firm opening. However, investors will keep an eye on geopolitical developments and US trade policies, which could influence broader sentiment. The market trend will also depend on movement in IT stocks and midcaps, which have seen heightened volatility in recent sessions.