The Indian stock market is expected to see a muted opening on Monday, following weakness in global markets, as geopolitical tensions continue to remain high. The trends on Gift Nifty also signal a tepid start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 23,111 level, a discount of nearly 8 points from the Nifty futures' previous close.
On Friday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 23,100 level.
The Sensex rallied 413.66 points, or 0.56%, to close at 74,729.27 while the Nifty 50 settled 148.80 points, or 0.65%, higher at 23,146.15.
Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian markets traded lower on Monday, weighed down by technology stocks. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%. Japan's Nikkei 225 declined 1.71%, while the Topix fell 0.87%. South Korea's Kospi dropped 1.26%, while the Kosdaq Index fell 1.40%. Hong Kong market is closed for a holiday.
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Wall Street
US stock market ended lower on Friday, with the benchmark S&P 500 and the Nasdaq notching weekly losses. The Dow Jones Industrial Average fell 0.34%, while the S&P 500 declined 1.09%, and the Nasdaq Composite closed 2.1% lower.
Russia Sanctions Waived
US President Donald Trump signed an executive order waiving major Russia sanctions and suspending penalties, just a week after cutting a deal with the Russian leader on diesel exports.
Banks Q2 Results
Three major private sector lenders, HDFC Bank, ICICI Bank and Axis Bank reported their Q2 results over the weekend, scoring high on at least one of the key metrics under investors' watch. While HDFC Bank posted the largest bottom line its growth trailed behind the two rivals. ICICI Bank logged the best margin among the three and increased its core income the most. Axis Bank recorded the fastest pace of profit growth, though it was a result of a low-base effect and a decline in provision.
Crude Oil Prices
Crude oil prices fell after US President Donald Trump waived sanctions and tariffs on Russia. The move is expected to increase supply of more Russian fuel in the global market. Brent crude futures declined 1.74% to $107.95 a barrel, while US West Texas Intermediate crude was at $100.73 a barrel, down 0.67%.
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