Global markets surge reflected in India, Sensex and Nifty open with strong rally
Aug 09, 2024
New Delhi [India], August 9 : Indian stock markets started Friday's session with a strong rally as buyers returned to both the Nifty and Sensex indices.
The Nifty 50 index gained 1.12 per cent, or 269.85 points, opening at 19,386.85 points, while the BSE Sensex surged by over 1,000 points, opening at 65,984.24 after a jump of 1,098.02 points, or 1.69 per cent.
"Asian markets this morning has opened stronger. Indian markets have seen over Rs 20,000 crores of FPI outflows in the cash equities segment in August so far. Fed Futures are indicating a 70 per cent probability of a 50 bps rate cut on Sep 18th by the Fed. In India, the RBI maintained its monetary policy stance" said Ajay Bagga, Banking and Market Expert to ANI.
He also added "On Thursday, the US markets rebound was broad-based, with many of the tech and momentum stocks that had suffered the most in the previous session leading the charge. There was an analysis from a leading international firm that around 75 per cent of the global carry trade has been reversed in the past few days of market mayhem. As the selling abates, buyers will bring back the positive momentum in markets".
In the broader market, the Nifty Next 50 and Nifty 100 indices also gained more than 1 percent during early trading on Friday. Overall, other broad market indices registered gains in the opening session as well.
In corporate news, several companies, including Bharat Dynamics, Aarti Industries, Berger Paints, and Sun TV Networks, are scheduled to announce their quarterly financial results today.
Global markets also reflect optimism, with U.S. stocks surging on Thursday after better-than-expected jobless claims. The Nasdaq Composite rose 2.87 per cent, the S&P 500 gained 2.30 per cent, and the Dow Jones increased 1.76 per cent.
In the Asian market, mixed performances were noted, with Japan's Nikkei 225 up 1.97 per cent and South Korea's KOSPI rising 1.48 per cent, Hong Kong's Hang Seng index also surged 1.93 per cent.
On Thursday, the domestic indices fell following the Reserve Bank of India's (RBI) monetary policy announcement. The Sensex dropped 581.79 points to 78,886.22, while the Nifty 50 closed 180.50 points lower, or 0.74 per cent, at 24,117.00.
