Indian stock market indices are expected to open cautiously today, following mixed cues from global markets. Asian markets traded mostly higher, while US stocks ended on a mixed note. The Sensex and Nifty ended higher on Monday, with the Sensex gaining 111.66 points and the Nifty settling 48.85 points higher.
Investors are keeping an eye on key inflation readings and earnings reports this week. In India, retail inflation eased marginally in April, while Japan’s wholesale inflation rose slightly. Meanwhile, meme stocks like GameStop saw a sharp rally, with GameStop shares hitting an 18-month high.
Oil prices also rose on Tuesday due to a tighter supply outlook and stronger demand. US West Texas Intermediate crude futures rose to $79.34 a barrel, while Brent crude futures gained to $83.60 a barrel.
Overall, investors are trading cautiously amid concerns over FII selling and the upcoming inflation announcement. Technical analysis suggests that Nifty’s immediate hurdles are at 22,500 and 22,795, with support at 21,710.
It will be interesting to see how the Indian stock market performs today amidst these global and domestic cues. Stay tuned for more updates on the market trends.
