Positive Global Cues Lift Indian Market, Nifty Futures Rise

22 Aug 2024 , 09:10 AM

Indian benchmark indices Sensex and Nifty 50 are expected to open higher on August 22, with Nifty futures trading at 24,891 as of 06:50 am IST. On August 21, the Indian stock market closed with marginal gains during a rangebound session, as investors remained cautious ahead of the upcoming U.S. PMI data and Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium, where markets are anticipating potential hints at future rate cuts.

By the end of the trading day, the BSE Sensex had risen by 102.44 points or 0.13%, closing at 80,905.30, while the Nifty gained 71.37 points or 0.29% to finish at 24,770.20.

Asian markets traded higher on Thursday as investors evaluated flash business activity data from Australia, Japan, and India. Meanwhile, global shares paused after a sustained rally had pushed them toward record highs, with investors waiting for confirmation of an anticipated rate cut by the U.S. Federal Reserve.

In the U.S. markets, the Dow Jones Industrial Average increased by 0.13% to 40,889, the S&P 500 gained 0.42% to 5,620, and the Nasdaq Composite rose by 0.57% to 17,918.

On the institutional front, foreign institutional investors (FIIs) sold equities worth ₹799 Crore on August 21, while domestic institutional investors (DIIs) were net buyers, purchasing equities worth ₹3,097 Crore.