The Indian stock market is expected to open on a positive note today, with the Gift Nifty indicating a strong sentiment for the day ahead. Despite muted performance in Asian markets, investors in India are optimistic about the robust Q4 earnings season.
The Gift Nifty futures were trading at 22,823, nearly 200 points above the previous close of Nifty 50 at 22,642.75. This positive trend is driven by expectations of strong corporate results and solid macroeconomic data.
Asian stocks were mostly flat, with investors keeping an eye on potential intervention by Japanese authorities to stabilize the yen’s decline. Market participants are also awaiting key U.S. inflation data later in the day for insights into future interest rate movements.
In the U.S., the Dow Jones index closed slightly lower, while the S&P 500 and Nasdaq Composite posted modest gains. The upcoming U.S. consumer price data is expected to show a rise in headline inflation to 3.4% year-on-year, which could impact the Federal Reserve’s monetary policy decisions.
Oil prices were steady, with U.S. crude trading at $85.31 a barrel and Brent crude at $89.42 per barrel. Gold prices also saw a slight increase, with spot gold trading at $2,352.93 per ounce.
Overall, the Indian stock market is poised for a positive start, driven by strong domestic factors and global cues. Investors will closely monitor corporate earnings and economic data for further market direction throughout the day.
