Indian equity markets are positioned for a strong opening on Monday, with GIFT Nifty trading at 24,236.50, up 138 points, signalling likely gains in the benchmark Nifty50. According to reports from ABP Live, this uptick in GIFT Nifty reflects improved risk sentiment, tracking strength across Asian markets and a temporary cooling in oil prices. Investor confidence has been aided by strong earnings from global technology companies and expectations of stabilising energy markets.
The Election Commission will announce final poll results today, May 4, for the West Bengal Assembly elections that concluded on April 23. The counting of votes cast in Phase 1 and Phase 2 of West Bengal Election 2026 will determine the outcome of 293 seats, with the TMC leading in West Bengal with 62 seats against BJP's 65 in the preliminary results. In Assam, BJP+ holds 27 seats against Congress+ with 13. The elections recorded West Bengal's highest voter turnout at 91.66% during Phase II, with the combined poll percentage over two phases reaching 92.47%, surpassing the previous record of 84.72% in 2011.
Equity markets across Asia-Pacific traded higher in early deals, with South Korea's Kospi surging over 3 per cent and touching fresh highs. According to ABP Live, the broader regional momentum reflects optimism driven by strong corporate earnings and easing concerns over energy prices. Japan's Nikkei 225 also posted gains, with the positive sentiment across Asian markets supporting the expected firm opening for Indian equities.
US markets ended higher on Friday, led by gains in technology stocks, with the S&P 500 rising 0.29 per cent and the Nasdaq Composite gaining 0.89 per cent. As reported by ABP Live, investors looked beyond elevated inflation readings and ongoing geopolitical tensions, focusing instead on corporate earnings from companies such as Apple and Caterpillar. The positive US market performance has contributed to the optimistic sentiment in Asian markets.
Crude oil prices remain a key variable for markets, with Brent crude initially dropping sharply by over 2 per cent after the US announced measures to secure shipping routes in the Strait of Hormuz under 'Operation Freedom'. According to ABP Live, prices later recovered and were trading marginally higher near $108 per barrel. The situation in the Strait of Hormuz continues to influence global energy supply expectations and remains a critical factor for market direction, with any disruption potentially impacting oil prices and global inflation.
