Indices likely to open positive in Nov 8, 2024

8 Nov 2024 , 09:08 AM

Indian indices likely to open positive on November 8, 2024. The Gift Nifty was trading 27 points higher around 24,288 today morning.

On Thursday, Indian benchmark indices ended their two-day winning streak, giving up previous session gains. Widespread selling across sectors drove the decline, as investors stayed cautious ahead of the Federal Open Market Committee (FOMC) decision later tonight.

The Sensex closed 836.34 points lower, a drop of 1.04%, at 79,541.79. Meanwhile, the Nifty fell 284.70 points, or 1.16%, to end at 24,199.30.

Global markets:

Asian markets rose on Friday, following gains across U.S. stocks, bonds, and commodities after the Federal Reserve announced an interest rate cut.

U.S. stocks closed higher on Thursday, boosted by a 25 basis points (bps) rate reduction by the Fed, continuing a strong rally influenced by Donald Trump’s return as U.S. president. The Fed cut rates by a quarter of a percentage point, citing a job market that has “generally eased” and inflation that is edging closer to the central bank’s 2% target.

The Dow Jones Industrial Average ended almost unchanged, slipping by just 0.59 points to 43,729.34. The S&P 500 rose 44.06 points, or 0.74%, closing at 5,973.10. Meanwhile, the Nasdaq Composite climbed 285.99 points, or 1.51%, to finish at 19,269.46.