Gift Nifty Suggests Muted Start For The Indian Market Today

Mumbai, October 3: The Indian stock market and the included indices are expected to open on a muted tone today, on October 3. This is indicated by Gift Nifty, which is marginally down by 0.01%, or 1.50 points, to trade at 24,942.50, as of 8:30 AM.

Sensex and Nifty Closed Higher

On October 1, the Indian market snapped its eight-day streak of closing in the red. Both the Sensex and Nifty closed higher. Sensex closed at 80,983.31, up by 715.69 points, or 0.89%. Sensex also closed higher at 24,836.30, up by 225.20 points, or 0.92%. The rally was led by banking stocks such as HDFC Bank, ICICI bank, and Kotak Mahindra Bank. The positive sentiment was fueled by RBI’s policy stance, which kept the repo rate unchanged for October.

FIIs Net Sellers While DIIs Net Buyers

On October 1, DIIs were net sellers and sold Indian equities worth ₹1,605 crore. On the other hand, DIIs were net buyers and bought Indian equities worth ₹2,916 crore.

Wall Street At Record High

On the international front, Wall Street hit record highs as Dow Jones was up by 0.17%, S&P 500 by 0.06%, and Nasdaq by 0.39%. Asian markets have started their day positively, while the US Bond yields are trading flat with 10-year at 4.08%, 2-year at 3.54%. The Dollar index is steady at 97.85, and crude oil prices have seen a slight rebound after four sessions of decline. Gold is also trading flat as investors are booking profits after it reached its record high price a few days ago.

Flat-to-Negative Opening Expected

GIFT Nifty is pointing to a flat-to-negative open for the Indian market today. This means that the indices may fall throughout the day after Wednesday’s sharp RBI-driven rebound. Banking and financials remain key to support the Indian market.

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