Pre-market (October 21, 2024): Sensex, Nifty likely to open mildly lower; GIFT Nifty futures down 11 points

Share Market Today, Global Markets; US Stocks, Asian Shares (October 21, 2024): Headline indices Sensex and Nifty are likely to kickstart Monday's session on a muted note. 

As of 8:10 am, GIFT Nifty futures, an early indicator of the 50-share index, were down 11.15 points or 0.04 per cent at 24,938 ahead of the opening bell on Dalal Street.

Global Stock Markets

Here's how the major global indices have been performing

Asian markets are trading mixed, with Japan's Nikkei, South Korea's KOSPI and China's Shanghai Composite indices in the green. The Chinese markets strengthened after the People's Bank cut rates slightly more than expected.

Other Asian indices including Hang Seng and Straits Times were trading in the red. Meanwhile, the MSCI Asia ex-Japan index was trading mildly higher by 0.07 per cent.

All the major US indices in the previous day's session ended higher. Nasdaq index logged the most gains of 0.63 per cent. The indices primarily closed near their record highs in the previous session. 

Previous session's summary

Led by gains in heavyweight stocks primarily banking majors including Axis Bank and ICICI Bank among others, Indian equities posted sharp recovery in Friday's session. At the close, Nifty ended .42 per cent or 104.2 points higher at 24,854.05, while the Sensex ended with gains of  218.14 points or 0.27 per cent at 81,224.75. Meanwhile, Bank Nifty outshined with gains of over 1 per cent.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Nifty had a volatile session on Friday, with bears dominating early on but bulls taking control to close in the green, while Bank Nifty surged 1.57%. Optimism today is likely due to Wall Street's record close and WTI crude prices dropping below $69.50 per barrel.

However, Nifty's upside may be limited by weak Q2 earnings and continued FII selling, with over Rs 80,200 crore outflows in October.

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