Indian Markets Expected to Open in Green on August 7

7 Aug 2024 , 08:49 AM

Indian benchmark indices, Sensex and Nifty 50, are poised to open in the green on August 7, 2024. As of 07:00 am IST, Nifty futures were trading at 24,193, indicating a positive start for the markets.

Previous Session Recap

On August 6, the Indian markets failed to sustain their morning gains, closing lower for the third consecutive session amidst sectoral volatility.

• Sensex: Declined by 125.84 points or 0.16%, closing at 78,633.56.
• Nifty: Dropped by 63.05 points or 0.26%, ending at 23,992.55.

Global Market Influence

Asian markets were trading mostly higher on Wednesday, buoyed by a strong performance on Wall Street. Major U.S. indices rebounded from a three-day losing streak:

• S&P 500: Increased by 53.7 points or 1.04%, closing at 5,240.03.
• Nasdaq Composite: Rose by 166.77 points or 1.03%, ending at 16,366.86.
• Dow Jones Industrial Average: Gained 294.39 points or 0.76%, finishing at 38,997.66.

The rally in U.S. markets was driven by investor optimism following reassuring comments from Federal Reserve officials, which alleviated fears of an impending recession.

Institutional Activity

On August 6, foreign institutional investors (FIIs) continued their selling spree, offloading equities worth ₹3,531 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ₹3,357 crore.