As the trading week kicks off, Indian equity benchmark indices, BSE Sensex and Nifty50, started on a positive note on Monday. The BSE Sensex surged past the 80,600 mark, while the Nifty50 hovered around 24,600. At 9:16 AM, the BSE Sensex was at 80,664.61, up by 228 points or 0.28%, while the Nifty50 stood at 24,628.20, marking a gain of 87 points or 0.35%.

This week’s focus is set on the release of the US Fed meeting minutes, with market analysts predicting consolidation within a broader range, influenced by global factors. Nagaraj Shetti of HDFC Securities anticipates that the Nifty is nearing the resistance level of the significant opening downside gap from August 5th, which is likely to be filled around the 24,700 levels. The immediate support level is at 24,350, with upside targets set at 24,700 and 25,000 in the near term.

In the global markets, S&P 500 futures climbed by 0.2%, Hang Seng futures saw a gain of 0.9%, and Nikkei 225 futures and Japan’s Topix remained relatively stable. Australia’s S&P/ASX 200 index also held steady, while Euro Stoxx 50 futures rose by 0.2%. Currency markets witnessed the euro maintaining its ground at $1.1026, the Japanese yen dipping by 0.2% to 147.93 per dollar, the offshore yuan remaining unchanged at 7.1634 per dollar, and the Australian dollar edging up by 0.2% to $0.6684.

Meanwhile, oil prices experienced a slight downturn in early Asian trading on Monday due to concerns over weakened demand in China, the largest oil importer. Investor attention is also focused on ceasefire talks in the Middle East, which could potentially mitigate supply risks. Brent crude futures fell by 0.2% to $79.55 per barrel, while U.S. West Texas Intermediate crude futures slid by 0.2% to $76.52 a barrel.

Several stocks are currently under the F&O ban today, including India Cements, Chambal Fertilisers, GNFC, Indiamart, RBL Bank, Sun TV, Aarti Industries, and more. These securities have surpassed 95% of the market-wide position limit.

Foreign portfolio investors (FPIs) turned into net buyers, acquiring shares worth Rs 766 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 2606 crore. The net short position of FIIs shifted from Rs 30,547 crore on Wednesday to a net long position of Rs 4259 crore on Friday.