Indian Share Markets Poised for Positive Start as Gift Nifty Gains

Indian stock markets are set for a higher opening after GIFT Nifty signaled a positive start by trading around the 23,291 level, up nearly 205 points from the previous close.

Market Recovery and Weekly Gains

Indian equity indices extended their winning streak for a second straight session, closing higher despite concerns over crude oil prices. On a weekly basis, the BSE Sensex advanced 1,335.7 points to close at 74,459.53, while the NSE Nifty gained 453.1 points to settle at 23,053.10. Friday's momentum was driven by strong buying in IT stocks and earnings-led gains in Trent, the Tata Group's retail arm. During the Friday session, the Sensex rose 308.49 points, while the Nifty climbed 116.35 points.

Analyst Views and Key Levels

Ponmudi R, CEO of Enrich Money, noted that markets are drawing encouragement from renewed diplomatic efforts involving Iranian officials and Qatari mediators to ease the U.S.–Iran conflict and energy supply concerns. Ajit Mishra of Religare Broking highlighted that sentiment improved sharply after Thursday's surge. For technical levels, Sachin Gupta of Choice Equity Broking places support at the 73,800–74,000 zone and resistance at 74,700–75,000 for the Sensex. Meanwhile, Hitesh Tailor of Choice Broking noted Nifty's immediate resistance at 23,200 and immediate support at 22,850.

Global Markets

Wall Street futures began the week positively after a Friday sell-off that erased over $1 trillion in market capitalization, with Dow Jones futures up over 165 points, Nasdaq futures gaining nearly 200 points, and S&P 500 futures advancing by 30 points. Due to daylight saving time taking effect, US markets now open at 8 PM IST. In Asia, South Korea's Kospi recovered to gain over 0.46% despite early losses in semiconductor firms like Samsung and SK Hynix. Japan's Nikkei 225 slipped 0.33% to 63,082.53 amid caution ahead of US midterm elections, while Taiwan's Taiex fell 0.50% to 44,962.45.

Context

Stock market indices fluctuate daily based on corporate earnings reports, technical support levels, and international geopolitical developments. Major global markets often influence trading sentiment in India due to interconnected global financial flows and energy supply concerns.