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Markets May Open Cautiously as Oil Prices Stay High

Indian markets are likely to open on a cautious note, with GIFT Nifty pointing to a flat to slightly positive start. Sentiment remains a little weak after the Nifty slipped to a five-month low in the previous session.

Global cues are mixed. Asian markets are trading slightly higher, while US stock futures are also showing modest gains after Wall Street ended lower overnight. Attention is now firmly on the US Federal Reserve’s policy decision, with markets expecting a 25-basis-point rate hike.

For India, crude oil remains an important concern. Brent is still trading above $107 a barrel as supply worries and tensions in West Asia continue to keep prices high. Persistently expensive crude could add pressure on inflation and India’s import bill.

Foreign investors remained net sellers in the previous session, while domestic institutions continued to buy and offer some support.

Overall, trading may remain cautious, with crude oil prices and the Fed decision likely to set the tone for the market today.

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