Nifty 50 Surges in Pre-Open: Indian Markets Set for Positive Start

India's benchmark Nifty 50 index is up 0.28% in pre-open trade, signaling a positive start for Indian markets on Friday. The GIFT Nifty futures were trading at 23,197 around 7:10 AM IST, indicating a higher opening. This uptick comes after a six-day losing streak, with investors responding to domestic inflation data that suggests potential rate cuts. Banking and financial stocks are leading the gains. However, the IT sector may face pressure due to higher-than-expected U.S. inflation data, dampening hopes for multiple Fed rate cuts. Analysts advise caution, with key support levels at 22,799 and resistance at 23,264.

 

Sources: Moneycontrol, 5paisa, NSE India