Indian Benchmark Indices Set to Open Higher on August 16

16 Aug 2024 , 09:09 AM

Indian stock markets, represented by the Sensex and Nifty 50, are expected to open on a positive note on August 16, with Nifty futures trading at 24,321.5 at 07:00 AM IST. This upward momentum follows a positive closing session on August 14, where the indices managed to break a two-day losing streak, primarily due to strong buying in Information Technology stocks, although selling pressure in other sectors limited the overall gains.

On August 14, the Sensex closed 149.85 points higher, registering a 0.19% increase to end at 79,105.88. Meanwhile, the Nifty 50 saw a marginal rise of 4.80 points or 0.02%, closing at 24,143.80. The day’s performance was mixed, with the IT sector driving the gains while other sectors faced selling pressure.

Asian markets were trading higher on the morning of August 16, taking cues from Wall Street’s strong overnight performance. U.S. markets rallied after the release of July retail sales data, which indicated robust consumer spending and eased concerns of an impending recession in the world’s largest economy. The Nasdaq led the charge with a 2.34% gain, followed by the S&P 500, which rose 1.61%, and the Dow Jones Industrial Average, which added 1.39%.

In other market activity, foreign institutional investors (FIIs) were net sellers on August 14, offloading equities worth ₹2,595 Crore. Domestic institutional investors also joined the selling spree, with net sales amounting to ₹2,236 Crore on the same day.