Indian stock market set to open higher on Monday, tracking global cues
The Indian stock market is expected to open higher on Monday, following gains in global markets. Asian markets traded higher, and the US stock market ended the week with strong gains, particularly in tech stocks.
Investors will be keeping an eye on several key triggers this week, including Q4 results, auto sales data, domestic and global macroeconomic data, the US Federal Reserve’s interest rate decision, the Israel-Iran conflict, crude oil prices, and other global market cues.
On Friday, the Indian stock market indices ended lower after a five-day winning streak. The Sensex declined by 609.28 points, or 0.82%, while the Nifty 50 settled 150.40 points, or 0.67%, lower.
Market experts are optimistic about market momentum resuming, with a focus on stock-specific action due to ongoing result seasons and sector rotation. Asian markets traded higher on Monday, with South Korea’s Kospi and Kosdaq gaining, while Japan’s markets were closed for a public holiday.
Gift Nifty was trading around the 22,650 level, indicating a gap-up start for the Indian stock market indices. The US stock market ended higher on Friday, led by a rally in megacap growth stocks after strong quarterly results from companies like Alphabet and Microsoft.
Tech stocks saw a significant rally, with Alphabet’s share price jumping 10% to a record high. Microsoft also saw gains after exceeding Wall Street estimates. US monthly inflation rose moderately in March, in line with economists’ expectations.
Crude oil prices fell on Monday as US inflation data dimmed the prospects of interest rate cuts, boosting the dollar. Brent crude futures and West Texas Intermediate (WTI) futures both declined.
Overall, the Indian stock market is poised for a positive opening on Monday, with investors closely watching global cues and key triggers for the week ahead.
