The Indian stock market is expected to open on a mildly positive note on Monday, following gains in global markets. However, rising crude oil prices may weigh on sentiment. The trends on Gift Nifty also signal a mildly positive start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,661 level, a premium of nearly 6 points from the Nifty futures' previous close.
On Friday, the Indian stock market ended lower amid selling in heavyweight stocks, as sentiment remained subdued due to the absence of a definitive geopolitical resolution in the US-Iran war.
The Sensex declined 455.59 points, or 0.58%, to close at 78,499.17, while the Nifty 50 closed 65.35 points, or 0.27%, lower at 24,570.65.
ALSO READ: Asian Stock Markets Today: Nikkei, Kospi Rise As Friday's Wall Street Rally Boosts Sentiment
Here are five key things investors should know below the opening of the Indian stock market today.
Asian Markets
Asian markets traded higher on Monday. Japan's Nikkei 225 rallied 1.38%, while the Topix rose 0.21%. South Korea's Kospi gained 1.06% and the Kosdaq jumped 5.75%. Hong Kong Hang Seng index futures indicated a higher opening.
Wall Street
US stock market ended higher on Friday, with the S&P closing at a record high, as the weak jobs data dampened expectations of the Federal Reserve rate hike at its September meeting.
The Dow Jones Industrial Average gained 151.83 points, or 0.28%, to 54,036.93, while the S&P 500 rallied 47.68 points, or 0.62%, to 7,757.64. The Nasdaq Composite closed 342.26 points, or 1.30%, higher at 26,690.62.
For the week, the S&P 500 surged 3.58%, the Nasdaq jumped 5.19%, and the Dow rallied 2.96%.
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US Nonfarm Payrolls
The US economy unexpectedly shed jobs in July, as the nonfarm payrolls decreased by 23,000 jobs last month, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising 80,000 after advancing by a previously reported 57,000 in June.
US-Iran War Updates
US President Donald Trump is willing to end the Iran war without securing a nuclear deal if Tehran fully reopens the Strait of Hormuz, a report by The Wall Street Journal said on Sunday. The report added that Iran has demanded billions of dollars in payments, an end to US military action and threats against Tehran and its regional allies, and the withdrawal of US naval and air forces involved in the blockade.
Crude Oil Prices
Crude oil prices traded higher on uncertainty over the reopening of the Strait of Hormuz. Brent crude futures rallied 1.03% to $84.41 a barrel, while US West Texas Intermediate crude futures rose 0.75% to $78.77 a barrel.
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