Gift NIFTY futures indicate positive opening for Indian markets; Asian markets rise

The Indian equity benchmarks are set to open higher on Tuesday, October 6, as indicated by NIFTY futures traded at Gift City in Gandhinagar. Gift NIFTY futures rose 27 points to 22,648 amid positive cues from global markets ahead of weekly expiry of NIFTY50 futures and option contracts.

The Indian equity benchmarks snapped their four-day losing streak on Monday on the back of value buying and short covering rally after markets went into an oversold zone, analysts said.

The SENSEX ended 472 points higher at 72,382 and NIFTY50 index advanced 134 points to close at 22,556.

Most of the Asian markets were trading higher taking cues from record closing of tech heavy Nasdaq index in the United States.

Japan's Nikkei rose 0.22%, Hong Kong's Hang Seng index rose 0.6% and South Korea's KOSPI fell 0.45%.

Markets in China were closed on account of holiday.

Nasdaq rose for a second straight session after weaker-than-expected jobs data on Friday dampened expectations for an interest rate hike from the Federal Reserve at its policy meeting later this month, the report added.

Dow Jones Industrial Average rose 0.2%, S&P 500 index gained 0.66% and tech heavy Nasdaq surged 1.05%.

Brent crude was hovering around $100 per barrel amid lack of cues from global markets.

Back home, foreign institutional investors (FIIs) sold shares worth ₹4,699.14 crore on Monday while domestic institutional investors bought shares worth ₹5,181.62 crore.

Zydus Lifesciences shares will be in focus after the company said its has launched the first generic version of Adempas (Riociguat tablets) in the US market in partnership with MSN Laboratories.

The product was developed and manufactured by MSN Laboratories and has received approval from the US Food and Drug Administration (USFDA) as a generic equivalent of Adempas tablets, according to the filing on Monday evening.

Juniper Hotels will be on investors' radar after it entered into a memorandum of understanding Imagicaaworld Entertainment in relation to the acquisition of the operating Hotel Novotel Imagicaa, located at Khopoli for a total consideration of ₹248 crore.

Trent shares will be in focus after the company said that its revenue rose 23% annually to ₹5,788 crore in September quarter as against ₹4,724 crore in the same period last year. Revenue from merchandise sales, excluding other operating income, also grew 23% during the quarter.