BENGALURU: India’s benchmark indexes are set to open at fresh record highs for the third session in a row on Wednesday, while the global market rally eased ahead of key US data.

India’s GIFT Nifty was up 0.15% from its overnight close at 21,036.50 as of 8:20 a.m. IST, above the Nifty 50’s Tuesday’s record close of 20,855.10, indicating a positive open.

The Nifty 50 and Sensex have gained 5.36% and 5.04%, in the last six sessions. Both the indexes are in overbought zones.

“The Relative Strength Index’s (RSI) bullish crossover signifies a positive momentum,” said Rupak De, senior technical analyst at LKP Securities.

“Nifty faces resistance at 21,000, a zone where significant call writers have positioned themselves, “ De added.

Indian markets are sustaining a rally, fuelled by improving interest rate outlook in the US, moderation in crude prices, robust domestic macroeconomic data, renewed foreign inflows and growing optimism about policy continuity in 2024, following the state assembly election results.

In contrast, most Wall Street equities closed lower, as rally paused ahead of key labour market data that could influence the US Federal Reserve’s rate policy.

Asian markets rebounded following a dip in the previous session.

Brent crude futures fell to a five-month low of $77 per barrel on Tuesday, and are hovering around $77.3 in Asian trading hours amid doubts over the impact of OPEC+ supply cuts and concerns about China’s demand outlook.

Financials, energy stocks power record rally in India’s Nifty, Sensex

A fall in crude prices is positive for importers of the commodity like India and its oil marketing companies.

Foreign portfolio investors (FPIs) bought Indian shares worth 52.24 billion rupees ($626.8 million) on a net basis on Tuesday.

Domestic institutional investors (DIIs) sold shares worth 13.99 billion rupees.