The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a flat note on Monday, following mixed cues from global markets.
Asian markets traded mixed, while the US stock futures traded higher, as crude oil prices slipped.
On Friday, the Indian stock market ended higher, with the benchmark indices extending gains for the third consecutive session.
The Sensex gained 261.79 points, or 0.34%, to close at 77,763.91, while the Nifty 50 settled 95.15 points, or 0.39%, higher at 24,270.85.
“The market continues to benefit from a favourable domestic macroeconomic backdrop, improving earnings visibility, and expectations of a more supportive global liquidity environment. Going forward, the earnings season is likely to take centre stage, alongside geopolitical developments, in shaping near-term market direction,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed amid gains in technology stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%. Japan’s Nikkei 225 was flat, while the Topix gained 0.6%. South Korea’s Kospi rallied 1.94%, while the Kosdaq declined 2.31%. Hong Kong’s Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,346 level, a discount of nearly 6 points from the Nifty futures’ previous close, indicating a flat start for the Indian stock market indices.
Wall Street
US stock futures started the week with gains on hopes for an upbeat earnings season and easing oil prices. S&P 500 futures rose 0.5%, while Nasdaq futures rallied 1.4%. The US stock market was closed on Friday in observance of the US Independence Day holiday.
OPEC
OPEC has agreed a further increase in output targets from August, the group said in a statement. The oil-producing group agreed during an online meeting to increase quotas by 188,000 barrels per day from August, on top of similar increases for June and July.
Banks’ Q1 Updates
Several banks reported their Q1FY27 business updates over the weekend. HDFC Bank’s gross advances grew 15.4% and deposits increased 14.7% YoY. Axis Bank’s gross advances rose 18.8% and total deposits in Q1FY27 grew 18.2%. Kotak Mahindra Bank reported 15.1% growth in net advances and 11.7% growth in total deposits. IndusInd Bank’s Q1 net advances declined 2.3%, while deposits rose 4.5% YoY.
Gold Rate Today
Gold prices held near a two-week high after a cooler-than-expected US jobs report slightly tempered expectations of US Fed rate hikes. Spot gold price was steady at $4,175.02 per ounce, while US gold futures for August delivery rallied 1.5% to $4,186.80 per ounce. Spot silver prices gained 0.1% to $62.47 per ounce.
Crude Oil Prices
Crude oil prices fell after OPEC agreed to further increase its output targets from August. Brent crude futures declined 0.33% to $71.88 a barrel, while US West Texas Intermediate crude was at $68.58 a barrel, down 0.16%.
Dollar
The US dollar steadied near a two-week low on easing bets of a Federal Reserve rate hike this year. The dollar index, which measures the US currency against six other units, was at 100.9. The euro was at $1.1435, while sterling last bought $1.3351. The yen was at 161.57 per US dollar. The South Korean won firmed to 1,534 per dollar.
(With inputs from Agencies)
