The Indian stock market is set to open on a positive note today, following strong Asian markets and positive cues from global peers. Gift Nifty futures were trading higher, indicating a gap-up opening for the benchmark indices.
Asian stocks rose, with MSCI’s broadest index of Asia-Pacific shares outside Japan hitting a 15-month high. Japan’s Nikkei also gained, contributing to the positive sentiment in the region.
Investors are closely watching the US consumer price report due later today, which is expected to influence the Federal Reserve’s policy decisions. US producer prices data showed an increase, indicating persistent inflation in the economy.
Federal Reserve Chair Jerome Powell’s remarks on the data were seen as cautious, suggesting that the central bank may not rush into rate hikes despite inflation concerns.
In China, stocks eased as President Joe Biden announced steep tariff increases on Chinese imports, including electric vehicles and computer chips.
In the currency market, the dollar was on the backfoot as traders awaited the CPI report. The euro remained strong, while the yen hovered near a two-week low.
Oil prices edged higher due to concerns over wildfires threatening Canada’s oil sands and expectations of a drawdown in US crude oil and gasoline inventories.
Overall, the market sentiment remains positive, with investors closely monitoring key economic data releases and geopolitical developments for further cues.
