Indian benchmark indices are likely to open on a steady to mildly positive note on Monday, supported by firm Asian markets and gains in US equities. GIFT Nifty was trading at 24,660 around 8 am, up 18.5 points, or 0.08 percent, indicating a largely flat to positive start for the Nifty 50.

The domestic market ended lower in the previous session as weakness in financial stocks outweighed gains in automobile and information technology shares. The Sensex declined 455.59 points, or 0.58 percent, to close at 78,499.17, while the Nifty 50 fell 65.35 points, or 0.27 percent, to settle at 24,570.65.

Asian markets opened higher on Monday, taking cues from gains on Wall Street after weaker than expected US employment data reduced expectations of an interest rate increase by the Federal Reserve at its September meeting. Japan's Nikkei 225 gained 0.6 percent, while South Korea's benchmark index advanced 0.5 percent. MSCI's broadest index of Asia Pacific shares outside Japan rose 0.3 percent.

US equity futures remained subdued following strong gains in the previous week, with S&P 500 futures declining 0.1 percent while Nasdaq futures were largely unchanged. On Friday, the S&P 500 gained 0.62 percent to close at a record high, while the Nasdaq Composite advanced 1.30 percent and the Dow Jones Industrial Average rose 0.28 percent.

US equities were supported by data showing that the US economy unexpectedly shed jobs, prompting investors to reduce expectations of a near term increase in borrowing costs. For the week, the Nasdaq Composite gained 5.19 percent, the S&P 500 rose 3.58 percent and the Dow Jones Industrial Average advanced 2.96 percent. Investors are now awaiting US inflation data due later this week for further signals on the Federal Reserve's monetary policy outlook.

Crude oil prices moved higher on Monday amid continued uncertainty over the reopening of the Strait of Hormuz. Brent crude futures rose 1.09 percent to $84.46 a barrel, while West Texas Intermediate crude gained 0.78 percent to $78.79 a barrel.

Iran said on Sunday that an agreement with Oman concerning new shipping lanes through the Strait of Hormuz was in its final stages. However, Tehran indicated that additional conditions would need to be addressed by the United States before the waterway could fully reopen. The uncertainty surrounding the negotiations could continue to influence global risk sentiment and crude oil prices.

According to Ponmudi R, CEO of Enrich Money, progress towards an Iran Oman agreement has supported market sentiment, although negotiations remain conditional. Until a formal agreement is reached, uncertainty surrounding developments in the Middle East could limit aggressive risk taking. WTI crude trading around $78 to $79 a barrel also indicates that markets continue to price in a geopolitical risk premium.

On the domestic technical front, the Nifty continues to maintain a constructive structure. The 24,600 to 24,700 zone remains an important resistance area, and a sustained move above this range could strengthen bullish momentum towards 24,800 to 25,000. On the downside, 24,500 remains the immediate support level, followed by the 24,400 to 24,300 zone.

Foreign institutional investors turned net buyers in the Indian equity market on Friday, purchasing shares worth Rs 480 crore. Domestic institutional investors also continued their buying activity for the third consecutive session, acquiring equities worth Rs 235 crore. Continued institutional buying could provide additional support to the domestic market as investors assess global monetary policy signals, crude oil movements and geopolitical developments.