Indian benchmark indices Sensex and Nifty are likely to open on a cautiously positive note on Monday, with GIFT Nifty signalling a flat-to-positive start after two consecutive sessions of gains. Weakness across Asian markets, a sharp selloff in US technology stocks and concerns over artificial intelligence investment could weigh on sentiment. However, a decline in crude oil prices and a rebound in US equity futures may provide some support.
GIFT Nifty was trading at 23,130 around 7:45 am, up 35 points, or 0.15 percent. Indian equities ended higher on Friday, with the Sensex gaining 413.66 points, or 0.56 percent, to 74,729.27 and the Nifty advancing 148.80 points, or 0.65 percent, to 23,146.15. Foreign institutional investors turned net buyers after 15 consecutive sessions of selling, purchasing equities worth around Rs 1,166 crore. Domestic institutions snapped their 45-session buying streak, selling shares worth Rs 3,661 crore.
Asian equities traded lower on Monday, although they recovered some of their early losses, as concerns over the enormous funding requirements for artificial intelligence investments weighed on technology stocks ahead of a busy earnings week.
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MSCI's broadest gauge of Asian equities declined 0.5 percent, while South Korea's Kospi recovered from an opening fall to gain 0.2 percent. Japan's Nikkei 225 futures slipped 1.3 percent, Hong Kong's Hang Seng futures declined 0.2 percent, and the Shanghai Composite fell 0.2 percent.