GIFT Nifty futures up by 50 points; markets set to start on a positive note

The domestic stock market is set for a positive start on the last trading day of the year. GIFT Nifty, global cues, and sectoral trends are expected to influence market movement amidst light trading volumes.

GIFT Nifty signals positive opening

GIFT Nifty, formerly SGX Nifty, traded 54.50 points higher, or 0.23 per cent, indicating a promising opening for the Indian markets. The bullish sentiment comes despite a lack of significant global or domestic triggers due to holiday-related muted activity in peer markets.

India VIX rises

India VIX, a measure of market volatility, rose 6.51 per cent to 14.04 levels, reflecting cautious sentiment as investors brace for the final expiry session of the year.

Mixed performance on Wall Street

In the US, the Dow Jones Industrial Average extended its winning streak to five sessions, closing marginally higher. However, higher Treasury yields weighed on technology stocks, leading to a mixed performance for broader indices.

Asian markets upbeat

Japanese equities opened higher, supported by yen weakness and muted movements on Wall Street. Other Asian markets also traded in the green, reflecting optimism amidst the holiday lull.

Gold trends flat with weekly gains

Gold prices remained stable on Friday but were on track for weekly gains as investors awaited economic cues from the US. The precious metal continues to benefit from its safe-haven appeal amidst global uncertainties.

Rupee hits record low

The Indian rupee closed at an all-time low of 85.26 against the US dollar, weakening by 6 paise from its previous close. Persistent dollar strength, supported by inflationary pressures in the US and global economic uncertainty, continues to weigh on the currency.

Key takeaway

With GIFT Nifty signalling gains and Asian markets trading higher, the Indian market is likely to open on a positive note. However, volatility could persist due to thin volumes and a lack of major triggers. Investors should monitor global cues and sector-specific trends for directional movement.