The Indian stock market is set to open on a positive note today, following firm global peers and encouraging signals from the Gift Nifty futures. Asian stocks rose on Monday, driven by renewed bets that the Federal Reserve may ease rates this year, especially after a weaker than expected US jobs report.
Gift Nifty futures were trading at 22,686, indicating a positive start for the Nifty 50 index. Asian markets, including China, also saw gains as they returned from an extended holiday break. The offshore yuan weakened slightly, while the dollar held steady against major currencies.
The recent rebound in Chinese markets was supported by policymakers’ commitment to support the economy with prudent monetary and proactive fiscal policies. The US nonfarm payrolls report, which came in cooler than expected, reinforced expectations of potential Fed rate cuts later this year.
In the commodity markets, Brent crude futures rose to $83.21 a barrel, while gold prices edged higher to $2,307.15 an ounce. Overall, the global market sentiment remains positive, setting the stage for a positive opening for the Indian stock market today.
