GIFT Nifty Signals Steady Start for Indian Markets; Global Cues Mixed

Mumbai, October 9: The Indian stock market and all the included indices are expected to open on a steady but positive note today, on October 9. The steady start is indicated by Gift Nifty, which is marginally up by 0.10%, or 24.50 points and is trading at 25,147.50.

Sensex and Nifty Snap Winning Streak

Yesterday, on October 8, both Sensex and Nifty snapped their four-day winning streak, and closed in the red. The Sensex closed at 81,773.66, down 153.09 points (0.19%), while the Nifty 50 slipped 62.15 points (0.25%) to end at 25,046.15. Broader markets mirrored the trend, with the BSE Midcap index down 0.7% and Smallcap index slipping 0.4%.

Asian Markets Up With Wall Street Advancing

Asian equities jumped after a strong demand in AI-linked stocks, mirroring Wall Street’s performance. The Nasdaq Composite gained 1.12%, while the S&P 500 rose 0.58%, both reaching record highs. The Dow Jones Industrial Average remained flat.

Meanwhile, US Treasury yields traded marginally lower, with the 10-year yield at 4.1% and 2-year yield at 3.57%. This was a result of cautious optimism ahead of the Federal Reserve’s policy minutes. The dollar index remained steady at around 98.78.

In Asia, currencies traded mostly higher in early trade, led by the Taiwan Dollar, followed by the Singapore Dollar and South Korean Won.

At the commodities front, Gold prices declined after touching an all-time high above $4,000/oz, while Crude oil prices declined marginally due to hopes of a peace deal between Israel and Hamas.

FIIs Net Buyers For The Second Consecutive Day

Foreign Institutional Investors (FIIs) continued their buying and bought Indian equities worth ₹81.28 crore net yesterday. They were supported by Domestic Institutional Investors (DIIs), who bought Indian equities worth ₹329.96 net.

Steady To Positive Start Expected

As indicated by the Gift Nifty, and the early morning announcement that Israel and Hamas have agreed to the 1st phase of peace talks, the stock market outlook is looking steady and positive for today. Investor focus will shift to Q2 earnings and other intraday factors.

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