After Monday's rebound, markets anticipate slight gains today

The Indian stock market is set to open on a positive note today, following Monday's gains and a strong recovery in Western markets. However, a significant surge is not expected.

In the derivatives market, the Gift Nifty closed at 25,051 on Monday night but dipped to 25,030 this morning, suggesting a mild rise in the Indian market at the opening.

US, European, Asian markets

European markets rebounded on Monday, with key indices rising by nearly 1%. The US market also saw a strong recovery on Monday, hinting that last week's market reaction may have been overblown. Inflation data on Wednesday and Thursday will provide further insight, with these figures likely to influence next week's Federal Reserve meeting.

Nvidia, Tesla, Amazon, and Microsoft all saw gains, while the launch of Apple's iPhone 16 failed to generate significant market enthusiasm.

On Monday, the Dow Jones gained 484.18 points (1.20%) to close at 40,829.59, while the S&P 500 climbed 62.63 points (1.16%) to finish at 5471.05. The Nasdaq rose 193.77 points (1.16%), closing at 16,884.60.

US futures are mixed today, with the Dow down 0.03%, Nasdaq down 0.04%, and the S&P 500 down 0.05%. Yields on US 10-year Treasury bonds fell to 3.715%.

Asian markets are trading higher today, with Japan’s Nikkei rising by about 0.5%.

Indian markets recover from Friday’s dip

The Indian markets, which experienced a sharp drop on Friday, opened slightly lower on Monday but later rebounded. Gains were led by FMCG, banking, and financial sectors, while oil and gas, IT, metal, and public-sector companies remained weak. Defence and railway stocks have fallen by around 40% over the past few months. ONGC dropped nearly 5% after being downgraded by Citigroup. Although key indices rose, mid and small-cap stocks declined.

The Sensex, after dropping to 80,895, surged to 81,653.36 before closing. The Nifty fluctuated between 24,753 and 24,958.

On the NSE, 1,104 stocks advanced while 1,687 declined. On the BSE, 1,667 stocks rose and 2,371 fell.

The Sensex rose 375.61 points (0.46%) to close at 81,559.54 on Monday, while the Nifty gained 84.25 points (0.34%) to end at 24,936.40. Bank Nifty surged by 1.07% (540.95 points) to close at 51,117.80.

The midcap index fell by 0.26% to 58,347.40, while the smallcap index dropped by 0.93% to 19,097.40.

Foreign investors purchased ₹1,176.55 crore shares in the cash market on Monday. Domestic funds and institutions bought shares worth ₹1,757.02 crore.

After three days of declines, the market rebounded and is expected to see further gains today, supported by positive global cues.

Today, the Nifty has support at 24,890 and 24,805, with resistance expected at 24,990 and 25,090.

Gold prices climb

Gold surged past $2,500 again, closing at $2,507.90 per ounce on Monday and trading at $2,505 this morning. December holiday prices have risen to $2,536 per ounce.

In Kerala, gold remained unchanged at ₹53,440 per sovereign on Monday but may increase today.

Silver prices have climbed to $28.38 per ounce.

The dollar index rose to 101.55 on Monday, closing at 101.70 this morning. The stronger dollar has weakened the rupee, with the Indian currency closing at ₹83.96 per dollar, a 1 paisa increase.

Crude oil prices also edged up, with Brent crude closing at $71.84 on Monday and rising to $72.23 this morning. WTI is at $69.04, and UAE's Murban crude is trading at $72.34.

Cryptocurrencies saw a rebound, with Bitcoin rising by 6% to $57,300 and Ether trading at $2,365.

Base metals, except aluminium, dropped. Copper fell by 0.45% to $8,972.25 per tonne, while aluminium rose by 0.80% to $2,359.00 per tonne. Nickel, zinc, tin, and lead declined by 1.09%, 1.23%, 1.49%, and 1.93%, respectively.

Market indicators (September 9, Monday)

• Sensex 30: 81,559.54 (+0.46%)
• Nifty 50: 24,936.40 (+0.34%)
• Bank Nifty: 51,117.80 (+1.07%)
• Mid-cap 100: 58,347.40 (-0.26%)
• Small-cap 100: 19,097.40 (-0.93%)
• Dow Jones 30: 40,829.59 (+1.20%)
• S&P 500: 5,471.05 (+1.16%)
• Nasdaq: 16,884.60 (+1.16%)
• Dollar: ₹83.96 (+₹0.01)
• Dollar Index: 101.55 (+0.37)
• Gold (ounce): $2,507.90 (+$10.70)
• Gold (sovereign): ₹53,440
• Crude (Brent): $71.84 (+$0.98)