GIFT Nifty trades 130 pts higher; markets likely to open in green

Indian equities are poised for a firm start on Friday, April 25, as GIFT Nifty futures trade 130 points higher, mirroring strong overnight cues from the US and upbeat action across Asian markets. The sentiment is also buoyed by a significant reduction in FII net short positions and a sharp recovery in the rupee.

GIFT Nifty indicates gap-up start for Nifty 50

At 7:05 am, GIFT Nifty (earlier SGX Nifty) traded 126 points higher at 24,516.50, suggesting a strong opening for benchmark indices. The positive trend follows Thursday’s mild correction on the Nifty, which ended 82 points lower after a seven-day rally.

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Tech view: Fatigue visible; support at 22,300

Analysts remain cautiously optimistic. Nifty’s short-term sentiment is still bullish, but signs of exhaustion are visible. If the index falls below 22,300, a brief correction toward 21,900 cannot be ruled out. On the upside, resistance is expected at 24,300 and 24,500.

US markets extend gains; tech leads the charge

Wall Street closed firmly higher for the third straight session.

• Dow Jones rose 1.23%

• S&P 500 jumped 2.03%

• Nasdaq surged 2.74%

Strong earnings from tech giants and hopes of a sooner-than-expected Fed rate cut lifted investor sentiment.

Asian markets mirror US optimism

Asian equities opened higher on Friday:

• Japan’s Topix gained 1.2%

• S&P/ASX 200 futures rose 0.9%

• Euro Stoxx 50 futures up 0.5%

FII data: Short positions slashed sharply

Foreign Institutional Investors (FIIs) turned aggressive buyers with net inflows of Rs 8,250 crore. Notably, net shorts fell from Rs 70,771 crore to Rs 24,480 crore, indicating renewed confidence. Domestic Institutional Investors (DIIs), however, sold equities worth Rs 534 crore.

Other cues: Rupee gains, oil cools off

• Rupee strengthened by 12 paise to close at 85.33 per USD

• Gold headed for third weekly gain

• Crude oil remains subdued on OPEC+ output expectations and ceasefire hopes

No stocks under F&O ban

There are no securities in the F&O ban list today.

Markets may remain stock-specific ahead of Q4 earnings, with all eyes on heavyweight corporate results and geopolitical updates.