- Indian equity futures indicated a firm recovery despite markets closed for Ambedkar Jayanti
- GIFT Nifty rose over 1% amid easing crude prices and improved global sentiment
- Global cues turned positive with oil prices falling below $100 per barrel
Indian equity futures pointed to a firm recovery on Tuesday even as domestic markets remained shut for Ambedkar Jayanti, with GIFT Nifty surging more than 1% on easing crude prices and improving global sentiment, although the index has pared gains since.
GIFT Nifty was trading at 24,106, up 105 points or 0.44%, indicating that the Nifty 50 could open firmly higher in the next session, potentially reclaiming the 24,000 mark after Monday's decline.
Domestic markets are closed on April 14 on account of Baba Saheb Ambedkar Jayanti, with trading across equities and derivatives segments suspended. Trading will resume on Wednesday.
The positive signal comes after Indian benchmarks ended lower on Monday, with the Sensex falling over 700 points and the Nifty slipping more than 200 points amid concerns over the breakdown of US-Iran talks and a spike in crude oil prices.
Global cues have since turned supportive. Oil prices retreated below the $100 mark, with Brent crude falling about 1.8% to around $97 a barrel, easing concerns around inflation and input costs, particularly for oil-importing economies like India.
Asian markets advanced sharply, with Japan's Nikkei and South Korea's Kospi rising more than 2%each, while a broader Asia-Pacific index gained about 1%. US markets ended higher overnight, with the S&P 500 and Nasdaq climbing over 1% each, supported by hopes of a potential resolution in the Middle East conflict and the start of the earnings season.
Investor sentiment improved after indications that the US and Iran may continue negotiations despite the recent breakdown in talks, with comments from President Donald Trump about a possible deal helping calm fears of prolonged supply disruptions.
Back home, institutional flows remained mixed in the previous session, with foreign investors offloading equities worth Rs 1,983 crore, while domestic institutional investors provided support with net purchases of Rs 2,432 crore. Geopolitical developments and oil price movements are likely to remain key triggers.
ALSO READ: Beyond FCNR-B: A Structural Strategy To Stabilise The Rupee
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
