- The Indian equity benchmarks are set to open higher on Monday, June 22, as indicated by GIFT NIFTY futures.
- GIFT Nifty was trading around 24,125 at 8 am, up 35 points or 0.15 percent from Nifty futures' previous close, indicating a mildly positive start for domestic equities.
- Asian markets traded firmly higher on Monday after reports suggested progress in talks between the United States and Iran.
- Foreign institutional investors (FII) bought shares worth ₹4,859.07 crore on Friday while domestic institutional investors sold stocks worth ₹1,159.64 crore, as per NSE data.
- The SENSEX ended 607 points lower at 76,803 and NIFTY50 index dropped 155 points to settle at 24,013.
- The Nifty 50 snapped its five-session winning streak on Friday, declining 154.90 points (0.64%) to close at 24,013.10, as broad-based selling in information technology stocks weighed on sentiment.
- Global cues remain supportive at the start of the week.
- Brent crude has stabilised near the $80 per barrel mark after last week's sharp correction, offering relief for India's inflation and fiscal outlook.
- A decisive breakout above this zone could trigger fresh buying interest and short covering, paving the way towards 24,300-24,400.
Indian equity benchmarks are set to open higher on Monday, June 22, following positive cues from Asian markets and robust foreign institutional investor (FII) activity.1
FIIs purchased shares worth ₹4,859.07 crore on June 19, while domestic institutional investors sold stocks worth ₹1,159.64 crore, according to NSE data.
Despite the recent decline in the SENSEX, which fell 607 points to close at 76,803, and the Nifty 50 dropping 154.90 points to settle at 24,013.10, GIFT Nifty futures indicate a positive start, trading around 24,125 at 8 am, up 35 points or 0.15 percent.26
Global cues remain supportive, with Asian markets trading higher amid reports of progress in US-Iran negotiations, which have calmed fears regarding the peace process.37
According to Ponmudi R, CEO of Enrich Money, while optimism exists, markets are likely to remain sensitive to developments surrounding these negotiations.
Brent crude has stabilized near the $80 per barrel mark, providing relief for India's inflation and fiscal outlook, which could further influence market sentiment.8
A decisive breakout above the 24,300-24,400 zone could trigger fresh buying interest and short covering, paving the way for a more robust market recovery.9
“Foreign institutional investors bought shares worth ₹4,859 crore while domestic investors sold ₹1,159 crore. Asian markets traded firmly higher, supporting a positive start for Indian equities.”
