GIFT Nifty Signals Flat Opening for Indian Markets

Mumbai, October 28: The Indian stock market and all the included indices are expected to open on a flat-to-cautious note today. The flat opening is indicated by Gift Nifty, which is marginally down by 0.04%, or 11 points, and is trading at 26,051, as of 8:30 AM. Until now, the index has traded within a range of 26,073 and 26,045.

Sensex and Nifty Closed Higher

Yesterday, on October 27, both Sensex and Nifty closed higher. Sensex closed 566.96 points higher at 84,778.84, while the Nifty 50 closed 170.90 points or 0.66% higher to end at 25,966.05. The rally was triggered by gains in banking, IT, and auto stocks. The BSE Midcap index rose 0.7%, and the Smallcap index gained 0.5%.

FIIs Net Sellers While DIIs Net Buyers

On October 27, Foreign Institutional Investors (FIIs) turned net sellers and sold Indian equities worth ₹55 crore net. On the other hand, the selling by FIIs was offset by Domestic Institutional Investors (DIIs), who bought Indian equities worth ₹,492 crore net.

Rupee Weakens While Gold Price Steady

The rupee weakened by 36 paise, and closed at 88.19 per dollar. The weakness in rupee was driven by higher crude prices and importer dollar demand. Crude oil price slipped marginally in early Tuesday trade, while gold prices were steady after dipping below the $4,000 mark per ounce.

US Markets Rally While Asian Market Mixed

Overnight, US markets saw heavy investor demand, with the Dow Jones Industrial Average rising 0.71% to 47,544.59. The S&P 500 surged 1.23% to 6,875.16, and the Nasdaq Composite jumped 1.86% to 23,637.46, closing at record highs. However, Asian markets opened mixed today, and were mostly trading in the red in the early trade. The US Dollar Index also fell, while the 10-year Treasury Yield slipped to 3.97%.

Flat-to-Cautious Opening Expected Today

As indicated by a marginal fall in the Gift Nifty, along with Asian markets showing mixed performance, the Indian stock market is expected to open on a flat-to-cautious note. The weakness in the rupee and the fall in gold prices are also contributing factors. Investors will be closely watching Q2 earnings and any developments in the US-China and US-Russia trade wars, along with other intraday factors, for cues today.

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