Stock Market LIVE Updates: GIFT Nifty indicates a flat start; US, Asian markets gain

Trends on GIFT Nifty indicate a flat start for the broader index in India, with a loss of 5 points. The Nifty futures were trading around 23,034.50 level.

Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year.

The Brent crude July contract inched up 11 cents to $82.23 a barrel. The more-active August contract LCOc2 rose 13 cents to $81.97.

U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $77.85.

The dollar made a steady start to the week, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook.

German inflation on Wednesday and euro zone readings on Friday will be watched for confirmation of a European rate cut that traders have priced for next week.

Sterling was testing the top side of a range it has held this year at $1.2735. The Australian and New Zealand dollars have eased from recent highs, leaving the Aussie at $0.6626 and the kiwi at $0.6122 as markets have dialled back interest rate cut expectations for the U.S.

Asian shares edged higher on Monday as investors braced for a busy week of data which culminates in a key U.S. inflation report that could set the stage for a cut in interest rates there, albeit not for a few months yet.

US stocks rebounded on Friday from sharp losses the day before on news of an improving consumer outlook on inflation, sending the Nasdaq to a fifth straight week of gains and record closing high.

The Dow Jones Industrial Average rose 4.33 points, or 0.01%, to 39,069.59. The S&P 500 gained 36.88 points, or 0.70%, at 5,304.72 and the Nasdaq Composite advanced 184.76 points, or 1.10%, to 16,920.79.

In a rangebound trading session on May 24, the India benchmark indices hit fresh record highs with Nifty surpassing 23,000 mark for the first time. However, it failed to hold on to the higher levels and ended with little change.

At close, the Sensex was down 7.65 points or 0.01 percent at 75,410.39, and the Nifty was down 10.55 points or 0.05 percent at 22,957.10.

For the week, BSE Sensex and Nifty50 indices rose two percent each.

After a negative start, the benchmark indices hit fresh record highs in the early part of the session, but witnessed a rangebound movement throughout the session.

HDFC Bank, L&T, Bharti Airtel, BPCL and Axis Bank were among the top gainers on the Nifty, while losers were Adani Ports, Tata Consumer, Tech Mahindra, Titan and M&M.

Among sectors, oil & gas, capital goods, telecom and media were up 0.5-2 percent, while FMCG, Healthcare, IT, Metal and Realty were down 0.5 percent each.

BSE Midcap index was up 0.2 percent, while Smallcap index shed 0.2 percent.