Indian stock market: 5 key things that changed for market over weekend – Gift Nifty, oil prices to FPI outflows

Indian stock market: The domestic equity indices are expected to open higher on Monday amid mixed global market cues.

While most Asian markets were closed for holiday, US stock market ended mostly higher on Friday led by tech stocks fueled by

Investors would watch out for several stock market triggers including the key inflation data this week, after the hawkish commentary from the US Federal Reserve and RBI, and their focus on bringing inflation under control.

The ongoing Q3 results, crude oil prices, foreign capital inflow, and other global cues will also be in focus.

On Friday, the Indian stock market indices ended higher amid volatility aided by a rebound in financial stocks amid mixed global market cues.

The Sensex gained 167.06 points, or 0.23%, to close at 71,595.49, while the Nifty 50 ended 64.55 points, or 0.3%, higher at 21,782.50.

Analysts expect cautiousness to prevail and the market to consolidate in the near term amid key macro data and the last leg of Q3 results.

Also Read: Week Ahead: Inflation data, Q3 results, global cues among key market triggers this week

“The equity market remained volatile during last week, responding to events like the US Fed Policy announcement, and the RBI policy in quick succession. That it may be a while before the central banks would go in for a rate cut has not pleased many, though the expectation is that the central banks would ultimately relent, and that peak rates are behind us,” said Joseph Thomas, Head of Research, Emkay Wealth Management.

According to Thomas, while fundamentally the markets remain good, some amount of profit booking could result in further decline in the coming weeks.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets were mixed Monday amid muted trading as most markets remain shut for the week for Lunar New Year holidays.

Japan’s Nikkei 225 gained 0.1% at open, while the Topix fell 0.2%.

Many major Asian markets are closed including China, Hong Kong, Malaysia, Singapore, South Korea and Taiwan.

Gift Nifty Today

Gift Nifty was trading around 21,94 level, as compared with Nifty futures’ previous close of 21,849, indicating a gap-up start for the Indian stock market indices.

Wall Street

The US stock market ended mixed on Friday with the S&P 500 closing above 5,000 for the first time boosted by a rally in megacaps and chip stocks, including Nvidia shares.

The Dow Jones Industrial Average declined 54.64 points, or 0.14%, to 38,671.69, while the S&P 500 rose 28.70 points, or 0.57%, to 5,026.61. The Nasdaq Composite ended 196.95 points, or 1.25%, higher at 15,990.66.

Among stocks, Cloudflare shares jumped 19.5%, while PepsiCo stock price dropped 3.6% and Pinterest shares dipped 9.5%.

Read here: Wall Street week ahead: Investors eye inflation, industrial production data, key earnings

Oil Prices

Crude oil prices traded lower following last week’s advance after Iran’s foreign minister flagged the Israel-Hamas conflict could be moving closer to a diplomatic solution.

Brent crude fell 0.37% to $81.89 a barrel, after gaining 6.3% last week, while West Texas Intermediate traded 0.43% lower at $76.51 a barrel.

Also Read: FPIs continue January’s selling streak, offload ₹3,075 crore in Indian equities; buy ₹15,094 crore in debt markets

FPI flows

Foreign Portfolio Investors (FPIs) net infused over ₹15,000 crore so far this month in India’s debt markets. This followed a net investment of ₹19,836 crore in January, making it the highest monthly inflow in more than six years.

On the other hand, foreign investors pulled out more than ₹3,000 crore from equities during the period under review. Before this, they withdrew a massive ₹25,743 crore in January, data with the depositories showed.

(With inputs from Agencies)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.