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The GIFT Nifty indicated a subdued start for Indian equities on Monday, trading at 23,338.50 and signalling a 40-point decline. The indication came despite gains across most major Asian markets and higher US equity futures, as investors assessed the outlook for US-China trade ahead of a planned summit later this week.
Japan’s Nikkei 225 rose 1.38%, while South Korea’s KOSPI advanced 0.97%. Australia’s S&P/ASX 200 was down 0.16%, while the Shanghai Composite remained largely unchanged.
The planned meeting between the US and China remained a key focus for investors, who were watching for signs of progress in trade discussions between the two countries.
US stock futures were also higher in early trading. S&P 500 futures gained 0.23%, Nasdaq-100 futures rose 0.27% and Dow futures added 0.25%. The moves followed a third straight weekly decline for the Dow Jones Industrial Average.
The market moves came after the Federal Reserve raised interest rates last week, marking its first rate hike in three years. Persistent inflation remained a concern for policymakers, while rising bond yields continued to weigh on financial markets.
The 10-year US Treasury yield was around 5%, while crude prices stayed close to the $100-a-barrel mark.
Oil prices were broadly stable as traders assessed the potential impact of Middle East supply risks against diplomatic efforts to end the US-Iran conflict. Brent crude was near $104 a barrel after falling for three consecutive sessions, while West Texas Intermediate remained below $100.