The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note on Monday, tracking mixed overnight global market cues.

Asian markets traded on a mixed note, while US stock futures moved higher as crude oil prices declined.

Investors pushed the Indian stock market higher on Friday, extending the benchmark indices’ winning streak to a third consecutive session.

Domestic Market Recap

On Thursday, Indian indices ended green:

• Sensex gained by 261.79 points (0.34%) to close at 77,763.91.
• Nifty 50 moved up by 95.15 points (0.39%) to settle at 24,270.85

Gift Nifty

Gift Nifty was trading near 24,346, around 6 points lower than the previous Nifty futures close, hinting at a muted start for Indian markets.

Overnight Wall Street Performance

US stock futures opened the week higher as optimism over a strong corporate earnings season and softer oil prices boosted investor sentiment. S&P 500 futures gained 0.5%, while Nasdaq futures advanced 1.4%. The US stock market remained closed on Friday in observance of the US Independence Day holiday.

Crude Oil Prices

• Brent crude slipped by 0.33% to $71.88/barrel
• US West Texas Intermediate (WTI) crude was trading 0.16% lower at $68.58/barrel

Overnight Major Global Events Driving Sentiment

1. OPEC: OPEC agreed to raise its oil production targets further from August, the group said in a statement. During an online meeting, members approved an increase of 188,000 barrels per day for August, following similar output hikes implemented in June and July.

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