Indian Markets Poised for Positive Start

9 Aug 2024 , 07:59 AM

Indian equity benchmarks, the Sensex and Nifty 50, are expected to open higher on Friday, August 9, following positive cues from global markets. Nifty futures were trading at 24,357.50 at 07:00 AM IST, indicating a strong start for the day.

Domestic equities had erased some of the previous session’s gains on Wednesday, despite the Reserve Bank of India (RBI) maintaining a status quo on interest rates.

Global markets, particularly the US, witnessed a strong rally on Thursday, driven by better-than-expected jobs data that eased recession fears. The Nasdaq and S&P 500 surged over 2%, while the Dow Jones Industrial Average gained over 1.7%.

While foreign institutional investors (FIIs) continued their selling spree on Wednesday, domestic institutional investors (DIIs) supported the market with their buying activity.