The Indian stock market is expected to open on a subdued note today, with global cues weighing on sentiment. Asian markets are mostly down, and the US market closed mixed with tech stocks gaining amidst weak economic data. The dollar is hovering near a one-month high, and the yen is shaky ahead of the Bank of Japan’s policy meeting.
In India, Gift Nifty futures were trading marginally ahead of Thursday’s close, indicating a muted but positive start for the Indian indices. The focus will be on the timeline for interest rate cuts by the Federal Reserve this year.
On Thursday, both Sensex and Nifty 50 closed higher, reaching new record highs during the session. The Sensex rose by 204.33 points to close at 76,810.90, and the Nifty 50 increased by 75.95 points to end at 23,398.90.
Investors are anticipating consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. The market has been moving sideways in the past four sessions, forming a small negative candle on the daily chart. While the short-term trend of Nifty remains range-bound with a positive bias, similar sideways movements at higher tops have previously led to a downward correction from the highs.
Overall, the market is expected to start slow today, with investors closely watching global developments and economic indicators for further cues.
