News

Published: August 16, 2024
Updated: August 16, 2024

Indian Stock Market Set for Positive Start Amid Global Rally

Asian Markets Surge

Asian markets are trading higher, with Japan's Nikkei 225 jumping 2.26% and South Korea's Kospi gaining 2%. Hong Kong's Hang Seng index futures indicate a higher opening, setting the stage for a positive start in the Indian stock market.

Gift Nifty Indicates Strong Opening

Gift Nifty is trading around 24,320, a premium of nearly 150 points from the previous close, signalling a strong opening for the Indian stock market indices.

US Retail Sales Boost Global Markets

US retail sales rose more than expected in July, increasing 1.0% after a downwardly revised 0.2% drop in June. This has eased fears of a recession in the US, leading to a rally in global markets.

Wall Street Sees Strong Gains

The US stock market ended higher, with the Nasdaq rising more than 2% after strong economic data. The Dow Jones Industrial Average rallied 554.67 points, or 1.39%, to 40,563.06, while the S&P 500 rose 88.01 points, or 1.61%, at 5,543.22.

Dollar and Oil Prices

The dollar is hovering near a two-week high to the yen, while oil prices are trading lower in early Asian trading. Brent crude futures fell 0.2% to $80.88 per barrel, while the US West Texas Intermediate crude futures fell 0.3% to $77.93 a barrel.

The Indian stock market is expected to open higher, tracking a rally in global markets. Strong US retail sales data has eased fears of a recession, leading to a surge in Asian markets. Investors can expect a positive start, but it's essential to keep an eye on global cues and market trends.