Sensex and Nifty 50 are set to open higher on Monday as positive domestic and global overnight developments boosted market sentiment. Prime Minister Narendra Modi’s Independence Day speech proposing GST reforms and the meeting between US President Donald Trump and Russian President Vladimir Putin, which raised hopes of ending the Ukraine war, supported the outlook.

Asian markets traded mixed on Monday, while Wall Street ended last week higher as investors awaited details of US-Ukraine talks.

This week, investors will track key triggers such as GST reforms, progress in US-Russia peace talks, the US Federal Reserve’s meeting minutes, updates on Donald Trump’s tariffs on India, foreign fund inflows, IPO activity, and other crucial domestic and global macroeconomic indicators.

Furthermore, on Friday, August 15, the Indian stock and commodities markets remained closed for the 79th Independence Day holiday. In the previous session on Thursday, the Indian market ended with modest gains amid caution in the holiday-shortened week.

Domestic Market Recap

On Thursday, Indian indices closed in the green:

• Sensex gained by 57.75 points (0.07%) to close at 80,59.66
• Nifty 50 moved up by 11.95 points (0.05%) to settle at 24,631.30

Gift Nifty

Gift Nifty was trading near 24,894, around 210 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market ended mixed on Friday, with the blue-chip Dow Jones ending higher after hitting an intraday record high.

• The Dow Jones Industrial Average gained by 34.86 points (0.08%) to close at 44,946.12.
• S&P 500 down by 18.74 points (0.29%), ending at 6,449.80.
• The Nasdaq Composite was trading lower by 87.69 points (0.40%), finishing at 21,622.98.

Crude Oil Prices

• Brent crude slumped by 0.21% to $65.71/barrel
• US West Texas Intermediate (WTI) crude was trading 0.06% lower at $62.72/barrel

Gold Prices1

• Spot gold was trading up by 0.1% at $3,340.71/oz 
• US gold futures were trading 0.1% higher at $3,385.70

Overnight Major Global Events Driving Sentiment

1. GST Reforms: Prime Minister Narendra Modi announced a major revamp of the Goods and Services Tax (GST) structure in his Independence Day speech. The government proposed scrapping the 12% and 28% slabs, shifting most products and services in these categories to the 5% and 18% slabs, respectively.
2. S&P Upgrades India: S&P Global upgraded India’s sovereign rating to BBB from BBB- while maintaining a “stable” outlook. The agency also raised India’s short-term rating to A-2 from A-3 and improved the transfer and convertibility assessment to A- from BBB+.
3. US-India Trade Talks: The proposed trade agreement between India and the United States faces delays after Washington called off a visit by US trade negotiators to New Delhi this month amid rising tensions.
4. Trump-Putin Meeting: On August 15, US President Donald Trump held a high-stakes summit with Russian President Vladimir Putin in Alaska to push for an end to the Ukraine war. Two days later, on August 17, Trump hailed “big progress” on Russia, just hours before meeting Ukrainian President Volodymyr Zelensky and other European leaders.

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