Indian Markets Set to Extend Gains on Positive Global Cues
Indian markets are poised to continue their upward trajectory on Tuesday, following gains in Asian markets despite a slight dip in Wall Street. The Gift Nifty is indicating a positive start, trading 59 points higher.
The Dow and S&P 500 closed lower on Monday due to concerns about the timing of interest rate cuts by the Federal Reserve. However, the Nasdaq Composite managed to gain. Asian stocks, on the other hand, rose on Tuesday, with the dollar firming up. Chinese stocks saw a significant gain after positive manufacturing data.
In India, the benchmark indices ended higher on Monday, with the Sensex and Nifty hitting new record highs. The positive sentiment is expected to continue as Gift Nifty is trading higher before the market opens.
Oil prices are on the rise due to improved demand and tensions in the Middle East, while gold prices remain steady backed by lower U.S. Treasury yields. Foreign institutional investors sold shares worth ₹522.30 crore, while domestic institutional investors bought stocks worth ₹1,208.42 crore.
The Indian rupee is likely to track major Asian currencies this week, with traders keeping an eye on the RBI’s monetary policy decision on Friday. In the US, manufacturing grew for the first time in 1-1/2 years in March, signaling a positive trend in the sector.
Overall, the global and domestic cues point towards a positive opening for the Indian markets, with investors keeping a close watch on developments throughout the day.
