Gift Nifty Hints at Positive Opening for Sensex and Nifty 50 on Oct 28

India’s benchmark indices, Sensex and Nifty 50 are likely to open higher on Tuesday, supported by optimism over a potential US-China trade deal and expectations of an interest rate cut by the US Federal Reserve this week. This comes despite mixed signals from global markets. 

Gift Nifty Today

The Gift Nifty was trading around the 26,066 level, reflecting a premium of nearly 53 points over the Nifty futures’ previous close. This indicates a positive opening for Indian benchmark indices on Tuesday.

Asian Market Overview

Asian markets traded mostly lower on Tuesday as investors monitored the meeting between US President Donald Trump and Japan’s new Prime Minister, Sanae Takaichi. Japan’s Nikkei 225 slipped 0.27%, and the Topix index fell 0.61%. South Korea’s Kospi dropped 1.2%, and the Kosdaq declined 0.6%. However, Hong Kong’s Hang Seng index futures pointed to a positive opening.

Wall Street Insights

On Wall Street, US indices continued their upward momentum, with all major benchmarks hitting record highs for the second consecutive session. The Dow Jones Industrial Average gained 337.47 points, or 0.71%, to 47,544.59. The S&P 500 advanced 83.47 points, or 1.23%, to 6,875.16, while the Nasdaq Composite climbed 432.59 points, or 1.86%, to 23,637.46.

Domestic Market Recap

On Monday, Indian equities closed on a strong note, with both benchmark indices gaining more than half a percent. The Sensex surged 566.96 points, or 0.67%, to end at 84,778.84, while the Nifty 50 rose 170.90 points, or 0.66%, to close at 25,966.05.

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Gold Prices

Gold prices remained subdued near a two-week low. Spot gold was steady at $3,981.67 per ounce, after a 3% drop in the previous session, the sharpest decline since October 10. Meanwhile, US gold futures for December delivery slipped 0.6% to $3,996.50 per ounce.

Conclusion

Gift Nifty’s premium suggests a firm start for Indian markets, supported by optimism over global economic developments. However, investors may remain cautious ahead of the US Federal Reserve’s rate decision later this week.

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