Indian Markets Set for Muted Open as Fuel Prices Hike After Four Years

Indian stock markets are poised for a muted opening, with the GIFT Nifty indicating cautious sentiment amid mixed global cues. A significant domestic development is the Indian government's decision to increase petrol and diesel prices by Rs 3 in four major metro cities, marking the first fuel price hike in four years. This move comes as global markets react to persistent inflation fears and geopolitical tensions. Internationally, silver prices have dropped below $81 per ounce due to concerns that high inflation will delay Federal Reserve rate cuts, although industrial demand provides some support. Meanwhile, Brent crude oil remains above $105 per barrel, influenced by instability in the Iran conflict region. In the US, benchmarks hit fresh records, with the S&P 500 and Dow Jones rising, driven by strong performances from Cisco and Nvidia. However, Asian markets, including Japan and Korea, are trading lower. Expert analysis suggests a cautiously bullish bias for the Nifty, which recently recovered to settle at 23,689.6. Traders are watching key resistance levels at 23,790 and 24,000, with immediate support at 23,500.