Marketbuzz Podcast with Vivek Iyer: GIFT Nifty indicates a slightly muted start for Indian markets today

The New Year started off on a slightly softer note after heavy gains witnessed throughout 2023.

Yesterday, the US markets entered the negative territory, NASDAQ down over 1%, and in the red for four straight sessions.

Oil prices last evening rose on increasing worries. As far as the Red Sea is concerned, a lot of tankers continue to remain off the Red Sea route given the fact that there continues to be increased militant attacks.

Brent futures were higher by 3%, WTI futures too were high by 3.5% in the trading session.

The Indian markets yesterday ended in cuts for the second straight day. Nifty 50 however managed to hold on to the 21,500 level in trade. The broader market indices showed relative out performance in the trading session.

IT stocks and metal stocks continued to witness selling pressure through the day.

GIFT Nifty is indicating a slightly muted start. However, it is not showing the kind of weakness that would have been anticipated, given the weak equity handover that we got from global markets.