GIFT Nifty and Global Signals Indicates Cautious-to-Positive Opening for the Indian Stock Market Today

Mumbai, November 21: The Indian stock market and all the included indices are expected to open on a cautious-to-positive note today, on November 21. As of 8:45 AM, Gift Nifty was trading higher by 0.21%, or 56 points, at 26,209.50. Until then the index had traded within a range of 26,222 and 26,129.

Sensex and Nifty Touch 52-week High

Yesterday, on November 20, both Sensex and Nifty saw heavy demand and touched their new 52-week high intraday. However, both the indices closed slightly lower than their new highs. Sensex closed 446.21 points, or 0.52% higher at 85,632.68. On the other hand, Nifty closed 139.50 points, or 0.54% higher at 26,192.15.

FIIs Turned Net Buyers While DIIs Provided Support

Yesterday, on November 20, Foreign Institutional Investors extended their buying for the second straight session and bought Indian equities worth ₹283.65 crore net. On the other hand, Domestic Institutional Investors bought Indian equities worth ₹824.48 crore net.

Global Market Signals

Overnight, US markets fell and ended their trading day in the red. The Dow Jones fell by 0.84%, S&P 500 by 1.56%, and the Nasdaq Composite by 2.15%. Asian markets have followed the performance of US markets and have started their trading day in the red. The Nikkei Index fell by 2.35%, Hang Seng Index by 2.23%, TOPIX by 0.30%, and JPX Nikkei Index 400 by 0.45%.

Commodities and Currency Highlights

Oil prices fell by 1.14%. The Indian rupee also fell 0.05%, or 0.046 paise and was trading at 88.66 per US dollar. Gold prices fell from ₹1,27,310 per 10 grams to ₹1,26,035 per 10 grams.

Cautious-to-Positive Opening Expected Today

As indicated by Gift Nifty, the Indian stock market is expected to open on a positive note today. The positive opening is also supported by FIIs turning net buyers. Furthermore, the approval by the US for ₹823 crore defence deals with India, and exemption of some products from the import duty tariff will also contribute to the positive opening. However, the cautious note is due to unsupporting global factors and fall in the global markets. Investors will be tracking intraday factors such as corporate actions by companies, along with global signals for trading cues today.

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