Domestic stock market key indices Sensex and Nifty 50 are expected to open higher on Monday following gains in global markets. Asian markets were mostly closed for a holiday, while US stock markets closed higher ahead of the US Federal Reserve’s monetary policy this week, in which the FOMC led by Fed Chair Jerome Powell is widely expected to cut interest rates.
What are the signals for Sensex-Nifty
Asian Market: According to Live Mint, markets in Japan, China, South Korea and Indonesia are closed for a holiday. Japan’s Nikkei futures traded lower. MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat after jumping 0.8 per cent last week.
GIFT NIFTY: GIFT Nifty was trading around 25,432 levels, a premium of about 60 points over the previous close of Nifty futures. This was indicating a positive opening for the Indian stock market.
The state of Wall Street: Wall Street US stock markets closed higher on Friday amid expectations of a major interest rate cut by the Federal Reserve this week. The Dow Jones Industrial Average rose 297.01 points, or 0.72 per cent, to 41,393.78, while the S&P 500 rose 30.26 points, or 0.54 per cent, to close at 5,626.02. The Nasdaq Composite managed to close 114.30 points, or 0.65 per cent, higher at 17,683.98.
On the other hand, if we talk about the domestic stock market, on Friday the Sensex closed at 82,890.94, down 71.77 points or 0.09 percent, while the Nifty 50 closed at 25,356.50, down 32.40 points or 0.13 percent.