The Indian stock market is expected to open higher on Monday, after eight straight weeks of losses, following gains in global markets.
The trends on Gift Nifty also signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,644 level, a premium of nearly 114 points from the Nifty futures' previous close.
Softer-than-expected US employment data eased some immediate concerns over further Federal Reserve interest rate hike in October, supporting global risk appetite. However, elevated Treasury yields, persistent foreign capital outflow and renewed geopolitical risks could keep sentiment cautious.
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On Thursday, the domestic equity indices slipped over half a percent each, extending its decline for the eighth consecutive week, its longest weekly losing streak since 2001.
The Sensex slumped 570.59 points, or 0.79%, to close at 71,909.70, while the Nifty 50 settled 198.50 points, or 0.88%, lower at 22,421.95.
Here are five key factors that may drive the Indian stock market today:
Asian Markets
Asian markets rallied on Monday in a thin trade. MSCI's Asia Pacific equities index gained 0.5%. Japan's Nikkei 225 gained 1.7%, while the Topix rose 0.79%. Markets in mainland China and South Korea are closed for holidays. Hong Kong Hang Seng index futures indicated a lower opening.
Wall Street
US stock market ended higher on Friday after weaker-than-expected jobs data reduced bets of interest rate hike from the Federal Reserve.
The Dow Jones Industrial Average gained 250.40 points, or 0.49%, to 51,176.96, while the S&P 500 rallied 56.27 points, or 0.73%, to 7,722.72. The Nasdaq Composite closed 319.27 points, or 1.19%, higher at 27,190.86.
US Nonfarm Payrolls
US jobs growth slowed more than expected in September, while the unemployment rate increased to 4.2% from 4.1% in August. Nonfarm payrolls increased by 29,000 jobs last month after a downwardly revised rise of 133,000 in August.
Crude Oil Prices
Crude oil prices fell after exports from the Middle East rose and the Group of Seven nations released stocks. Brent crude futures fell 0.62% to $101.62 a barrel, while US West Texas Intermediate crude declined 1.04% to $90.16 a barrel.
Gold Rate Today
Gold prices rose after losing 3.4% last week, its biggest weekly drop since June. Spot gold price gained 0.3% to $4,153.66 an ounce, while silver prices rallied 1.3% to $61.15 an ounce after falling more than 6% last week.
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