Indian equity markets are set for a positive opening on Monday, as led by the GIFT Nifty (formerly SGX Nifty). After enduring a challenging week, traders and investors are looking for areas of recovery while closely monitoring global and macroeconomic indicators.
Market conditions
GIFT Nifty: GIFT Nifty traded higher by 147.5 points, or 0.62 per cent, at 23,783.50, reflecting optimism in the opening session on Dalal Street.
India VIX: The volatility index rose 3.88 percent to close at 15.07 on Friday, reflecting rising fears in the markets.
Landmarks
US Markets: Wall Street ended last week on a strong note, buoyed by a cooler-than-expected inflation report and dovish comments from the Federal Reserve.
Asian stocks: Markets across Asia showed gains:
Hang Seng futures rose 1 percent
Japan’s Topix rose 0.4 percent
Australia’s S&P/ASX 200 advanced 0.7 percent
Goods
Gold: Local gold held firm on Monday after gains on Friday, supported by a softer US dollar and lower Treasury yields.
Checking the currency
The rupee also rose by 9 paise to close at 85.04 against the US dollar on Friday, supported by RBI intervention and a weaker dollar index.
FII/DII action
Foreign investors were sellers, withdrawing Rs 3,598 crore on Friday, while domestic investors bought shares worth Rs 1,374 crore.
Outlook
With the GIFT Nifty showing a rebound and easing global inflation concerns, Indian markets are likely to recover. However, traders must remain vigilant amid high volatility.
