Gift Nifty Trades Positive: Signalling a Firm Opening for Indian Stock Markets

India’s benchmark equity indices, the Sensex and Nifty 50, are poised for a positive start on Monday, buoyed by strength across global markets. Asian equities opened higher, mirroring a strong rally on Wall Street as optimism grew around a potential interest rate cut by the US Federal Reserve.

On Friday, Indian markets closed lower, ending their two-day winning streak as profit-booking in major financial stocks dragged the indices down. The Sensex slipped 400.76 points (0.47%) to finish at 85,231.92, while the Nifty 50 fell 124 points (0.47%) to settle at 26,068.15.

Gift Nifty

Gift Nifty traded near 26,166, marking a premium of about 89 points over the previous Nifty futures close, indicating a firm opening for Indian benchmarks.

Asian Markets

Asian stocks rose on Monday, supported by the overnight rally in US markets amid growing expectations of a Fed rate cut. Japanese markets remained shut due to a public holiday. South Korea’s Kospi advanced 1.28%, and the Kosdaq gained 0.5%. Futures for Hong Kong’s Hang Seng index also pointed to a stronger opening.

Wall Street

US markets ended Friday’s session on a higher note, even as all three major indices recorded weekly declines owing to worries over stretched valuations in the tech sector. The Dow Jones surged 493.15 points (1.08%) to 46,245.41, the S&P 500 climbed 64.23 points (0.98%) to 6,602.99, and the Nasdaq Composite gained 195.04 points (0.88%) to end at 22,273.08.

Key Triggers to Watch This Week

Throughout the week, investors will keep an eye on several market-moving cues, including progress on the India–US trade negotiations, release of Q2 GDP numbers, rupee movement, foreign institutional investor (FII) flows, gold price trends, geopolitical triggers, and other crucial domestic and global macroeconomic data.

Also Read: US Sanctions on Russian Oil Disrupt India’s Crude Supply Chain 

Forex Reserves

India’s foreign exchange reserves rose sharply by $5.543 billion, reaching $692.576 billion for the week ending November 14, driven primarily by a significant uptick in gold reserves. This followed a $2.699 billion decline in the previous reporting week.

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