The Indian stock market is set to open on a positive note today, with the Gift Nifty futures trading higher, indicating a strong start for the benchmark indices. Global peers were also up, with Asian shares rising cautiously and U.S. stock futures jumping after tech giants Alphabet and Microsoft reported better-than-expected quarterly results.
The Gifty Nifty futures were trading at 22,698, more than 100 points ahead of Thursday’s Nifty 50 close of 22,570, signaling a positive open for the Indian markets. Asian markets were mixed, with Japan’s Nikkei edging slightly higher and Hong Kong’s Hang Seng Index gaining.
Investors were digesting the latest U.S. economic data, which showed the slowest pace of growth in nearly two years in the first quarter. This reinforced expectations that the Federal Reserve would not cut interest rates before September. U.S. Treasury yields surged to five-month highs, while the dollar slipped.
Focus is now on the March core PCE price index data, the Fed’s preferred measure of inflation, due later today for further insights into the U.S. rate outlook. In commodities, Brent crude and U.S. crude prices rose, while gold prices eased slightly.
Overall, the positive global cues and strong corporate earnings are likely to support the Indian markets in today’s trading session. Investors will be closely watching the market trends and key economic indicators throughout the day.
