Indian shares set for firmer open as global cues improve after overnight market moves

Indian benchmark indices were set for a positive start on June 18, with GIFT Nifty trading around 24,092.50 in early trade and pointing to gains for the Sensex and Nifty 50. The upbeat opening came after domestic equities extended their winning run for a fourth straight session on June 17, helped by broad-based buying across sectors and strength in the wider market.

At the previous close, the Sensex rose 347.14 points, or 0.45%, to 77,155.62, while the Nifty gained 96.55 points, or 0.40%, to 24,085.70. The Nifty finished above the 24,050 mark, reinforcing the recent positive trend in Indian stocks.

Overnight global markets were mixed. Asian shares advanced as oil prices extended declines after U.S. President Donald Trump signed an interim agreement linked to the conflict involving Iran and the reopening of the Strait of Hormuz. In the U.S., however, Wall Street fell sharply, with investors interpreting Federal Reserve signals and policy commentary as raising the prospect of a rate hike later this year.

The Dow Jones Industrial Average dropped 507.12 points, or 0.98%, to 51,492.55, while the S&P 500 fell 1.21% and the Nasdaq Composite lost 1.34%. The dollar strengthened after the Fed kept rates unchanged but removed its easing bias, while 10-year Treasury yields eased slightly. In Asian currency markets, most regional currencies weakened against the greenback, and crude oil prices slipped while gold gained.

Back home, foreign institutional investors turned net buyers on June 17, while domestic institutional investors continued to support the market with substantial purchases. The overall tone for the session remained constructive, though traders were likely to remain alert to global macroeconomic cues, currency moves and direction in commodity prices.