GIFT Nifty Indicates Cautious Start For The Indian Stock Market Today

Mumbai, October 30: The Indian stock market and all the included indices are expected to open on a cautious note today. The stock market may see volatility right after the market opening. This is indicated by Gift Nifty, which is trading marginally higher by 0.17%, or 45.50 points, and is trading at 26,179.50, as of 8:30 AM. Until now, the index has traded within a range of 26,197 and 26,126. Furthermore, India VIX is trading higher by 0.21%, or 0.0250 points, and is trading at 11.97, indicating volatility for the stock market.

Sensex and Nifty Ended Higher Yesterday

Yesterday, on October 29, both Sensex and Nifty ended on a high note. Sensex ended higher by 368.97 points to 84,997.13, while Nifty ended 117.70 points higher at 26,053.90.

FIIs Net Sellers While DIIs Provide Some Support

Yesterday, Foreign Institutional investors (FIIs) turned net sellers and sold Indian equities worth ₹2,540.16 crore net across NSE, BSE, and MSEI. However, Domestic Institutional Investors (DIIs) provided some support as they bought Indian equities worth ₹5,692.81 crore net.

US Market Mixed While Asian Markets Muted

Overnight, the US markets ended on a mixed note, as investors were cautious due to uncertainty around the Federal Reserve’s rate cut. The Dow Jones Industrial Average closed lower, while the S&P 500 ended flat. However, the Nasdaq Composite extended its rally, as investors’ sentiment turned positive due to Nvidia crossing the $5 trillion valuation mark for the first time in history.

Asian markets also started the day on a mixed note. While Japan’s Topix rose 0.1%, there was no change in Hang Seng futures. Furthermore, the Euro Stoxx 50 futures increased by 2.2%.

Crude Oil Steady While US Dollar Firm

Crude oil prices were steady, supported by hopes that there may be a trade agreement between the US and China. The Dollar index was also firm, which pushed the Japanese yen near an eight-month low.

Meanwhile, gold prices increased after multiple sessions in the red on hopes of a quarter-point rate cut by the Federal Reserve.

Cautious and Volatile Start Expected Today

As indicated by Gift Nifty, the Indian stock market is expected to open on a cautious tone. The trading session may see volatility throughout the day and will be affected by intraday and global factors. Investors will be keenly watching any development in the US-China trade talks, along with institutional activity.

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