Indian markets open in green on global cues, US inflation shows downward trend
Indian markets opened with a marginal gain on Friday amid positive global cues, with both indices surging during the opening session.
The NSE Nifty 50 index opened at 24,379 points with a gain of 64 points, while the BSE Sensex also surged 193 points to 80,093 during the opening trade.
In the Nifty 50 list, 35 shares opened in advance while 9 declined and 6 remained unchanged.
The top gainers of the opening at Nifty 50 included ONGC, Coal India, BPCL, ITC, and Tata Motors, while the top losers included Tata Consumers, Bajaj Finance, Divis Lab, Mahindra & Mahindra, and Sun Pharma.
“US CPI showing a downwards trend and coming in below estimates for June has energised market estimates for a September rate cut. That will boost market sentiments” said Ajay Bagga, Banking and Market Expert.
U.S. economic data released on Thursday indicated that Consumer Price Inflation fell by 0.1 percent month-on-month, while it rose by 3 percent year-on-year.
Asian markets showed a mixed performance: the Asia Dow was up 1.08 percent, Japan’s Nikkei 225 was down 1.55 percent, Hong Kong’s Hang Seng increased by 1.72 percent, and Shanghai Composite was up 0.17 percent.
The US Dollar Index decreased by 0.50 percent to 104.44. Crude oil prices saw a slight rise, with WTI at USD 83.09 and Brent at USD 85.78. In the US, the Nasdaq Composite dropped 1.95 percent, the S&P 500 declined 0.88 percent, and the Dow Jones gained 0.08 percent, influenced by a fall in bond yields and US inflation data affecting interest rate cut expectations.
