The Indian stock market is set to open on a neutral note today, with global markets showing mixed trends. The Sensex and Nifty 50 are expected to start the day flat, reflecting the global market indicators. Asian markets are trading mixed, with most benchmark indices either rangebound or down.
The Gift Nifty futures are marginally up, indicating a muted start for the Indian markets. At 8:04 am, Gift Nifty was at 22,176, around 50 points ahead of Nifty 50’s close of 22,123.65.
Investors are awaiting the release of US core personal consumption expenditures (PCE) price index data, which is the Federal Reserve’s preferred measure of inflation. The data is scheduled to be released on Friday, a day when many markets will be closed due to the Easter weekend.
The yen, which has been weakening, is being closely watched by investors. Japanese authorities have suggested they are ready to intervene in the market to stop what they describe as disorderly and speculative moves in the currency. The yen was last trading at 151.30 per dollar.
In China, stocks are under pressure due to strong selling by foreign investors amid concerns over the outlook for the Chinese economy. The blue-chip CSI300 index fell to a one-month low, while the Shanghai Composite index struggled below the key 3000-point mark.
Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan is slightly lower. South Korean shares also declined for a second straight session, with market participants waiting for US inflation data later in the week.
Oil prices, on the other hand, edged up, with Brent gaining 36 cents to $86.45 a barrel, and US crude rising 44 cents to $81.80 per barrel.
The global market trends suggest a cautious approach among investors, with the focus on key economic data releases and geopolitical developments. The Indian stock market is likely to see a subdued opening, with investors monitoring both domestic and international cues for further direction.
