Indian Markets Set to Open on Positive Note Following Gains in Asian Peers and Ahead of U.S. Inflation Data
Indian markets are poised to open on a positive note today, following gains in Asian peers and ahead of this week’s U.S. inflation data. The Gift Nifty was trading 59 points higher, indicating a strong start for the benchmark Nifty.
In the U.S., stocks closed flat on Monday, with all three major indexes holding steady amidst the highest benchmark U.S. Treasury yields since November. The S&P 500 lost 0.01%, the Nasdaq Composite gained 0.03%, and the Dow Jones Industrial Average rose 0.01%.
Industrial metals prices continued to rise on Tuesday, driven by expectations of a global manufacturing rebound. Asian shares also crept up cautiously ahead of the U.S. inflation data and a crucial European Central Bank meeting.
Futures traders have reduced bets on rate cuts by the Federal Reserve this year, reflecting continued strength in the U.S. economy. In India, the stock market closed at fresh highs on Monday, with the Sensex surging 0.67% and the Nifty 50 settling 0.68% higher.
Oil prices rose in early Asian trading as hopes for a ceasefire in Gaza diminished, while gold prices edged up as investors awaited key inflation data. The rupee settled flat against the dollar on Monday.
Foreign institutional investors net sold shares worth ₹684.68 crore, while domestic institutional investors bought ₹3,470.54 crore worth of stocks on April 8. Overall, the market outlook remains positive as investors await key economic data and earnings reports.
