The Indian stock market is set to open on a muted to positive note today, with global cues weighing on market sentiment. Despite the mixed signals globally, the Gift Nifty futures are trading slightly higher, indicating a gap-up open for the Indian indices.
In Asian markets, stocks traded in a narrow range as investors assessed the political uncertainty in European markets following right-wing gains in elections. The MSCI’s index of Asia-Pacific shares outside Japan dipped 0.4%, with Chinese blue chips down 0.7%. However, Japan’s Nikkei and South Korea stocks saw modest gains.
European futures were steady after a retreat on Monday, with the euro, French stocks, and government debt experiencing some volatility. The market reaction to Apple’s AI strategy was muted, with the tech giant’s shares down slightly in after-hours trading.
In the US, S&P 500 and Nasdaq futures eased slightly in Asian trading after edging higher on Monday. The market has shown resilience to the recent jump in US yields and the pullback in expectations for Federal Reserve rate cuts.
Investors are awaiting the Fed’s policy meeting on Wednesday, with the focus on the central bank’s projections for rate cuts. The consumer price index (CPI) data for May is also expected to be released, providing further insights into the inflation outlook.
In currency markets, the euro steadied around $1.0766, while the dollar remained strong against the yen. Gold prices were just above one-month lows, and oil prices consolidated after a 3% rally on Monday.
Overall, the global markets are navigating through various uncertainties, including political developments and economic data releases, which are likely to impact trading sentiment in the near term.
