Indian stock market: The domestic market benchmark indices are anticipated to have a positive opening on Monday’s trade with GIFT Nifty up more than 433.3 points from Friday’s close on Nifty Futures amid positive global cues.
Asian stocks rose on Monday, joining the upward trend of US equity futures. Meanwhile, the dollar weakened against other currencies as bond yields fell. This shift followed the announcement that fund manager Scott Bessent would be the next US Treasury Secretary, with investors anticipating that he will advocate for market interests in Washington.
The last trading session in the market concluded with decent gains, providing relief after several weeks of decline.
Despite a negative trend for most of the week due to ongoing selling by foreign institutional investors (FIIs), Friday’s sharp recovery, driven by bargain hunting in major index stocks, enabled the indices to close near their highs.
The Nifty 50 and Sensex each gained nearly 2 percent, finishing at 23,907.20 and 79,117.10, respectively.
“The market witnessed a significant broad based rally, from the oversold territory, predominantly led by large-cap stocks, as their valuations appeared appealing with expectations of improvement in corporate earnings in the second half of the fiscal year,” said Vinod Nair, Head of Research, Geojit Financial Services.
Here are key global market cues for Nifty 50 and Sensex today:
Gifty Nifty
The domestic market benchmark indices are expected to open positively during Monday’s trading, with the GIFT Nifty rising over 433.3 points from Friday’s close on Nifty Futures, supported by encouraging global signals.
Asian Markets
Asian stocks experienced a notable rally alongside U.S. equity futures on Monday, marking a positive turn for the markets. The dollar retreated against other currencies as bond yields declined. This shift followed the announcement of Scott Bessent, a respected fund manager, as the next U.S. Treasury Secretary. Investors are optimistic that his appointment will enable a stronger voice for market considerations in Washington, according to a Reuters report.
MSCI’s broadest index of Asia-Pacific shares increased by 1.6%. U.S. S&P 500 futures rose by 0.5%, approaching a record high after a 0.3% gain in the cash index at the end of last week. Japan’s Nikkei index saw an impressive rise of 1.6%, and South Korea’s Kospi climbed by 1.5%. Australia’s share market also performed well, gaining 0.7% and reaching a new record high. This overall positive sentiment in the markets reflects an encouraging outlook for investors.
