Indian markets opened with gains on Thursday, despite selling pressure in major global stock markets. Both indices registered marginal increases at the opening.
The Nifty 50 index rose by 51.80 points, or 0.21 per cent, to open at 25,250.50 points, while the BSE Sensex gained 117 points, or 0.14 per cent, to open at 82,470.35 points.
The Indian indices opened in positive territory following a marginal decline in Wednesday’s closing. Global markets faced pressure after the US JOLTS (Job Openings and Labor Turnover Survey) report showed the lowest level of job openings since 2021, indicating a weakening US labor market.
“We expect markets to remain volatile going into tomorrow’s US August payrolls data and unemployment number. US equities are seeing strong outflows. The shadow of the still pending further unwinding of the Yen carry trade looms on US Big Tech stocks which have been recipients of these investments.
India is seeing buying at every dip and that provides strength to the markets. Indian futures are pointing to a positive open but caution remains on the US data and the Yen unwinding expected ahead” said Ajay Bagga, Banking and Market Expert to ANI.
In the broader market, the Nifty Midcap 50 led the way, opening with a 0.56 per cent gain. Among sectoral indices, Nifty PSU Banks and Nifty Oil and Gas also emerged as leaders, with each posting a 0.56 per cent increase.
The Nifty Bank index gained 0.28 per cent, opening at 51,544.25. In the Nifty 50 list, 29 stocks opened with gains, 20 declined, and one remained unchanged on Thursday.
Following the US JOLTS report, US stocks had a mixed day, and Treasury yields fell, as expectations for Fed rate cuts to prevent a hard landing increased.
Asian markets showed a mixed response on Thursday. Japan’s Nikkei index declined by 0.35 per cent, while Hong Kong’s Hang Seng index fell by 0.28 per cent. In contrast, Taiwan’s stock market surged by 1.50 per cent, and South Korea’s KOSPI rose marginally by 0.03 per cent.
In the US, after a volatile session on Tuesday, the S&P 500 and Nasdaq indexes closed with slight dips of 0.16 per cent and 0.30 per cent, respectively.
European markets also faced pressure, with the UK’s FTSE index down by 0.35 per cent. France’s CAC index fell by 0.99 per cent, while Germany’s DAX closed with a dip of 0.84 per cent.
According to the experts the markets globally are following cautious stance ahead of the Fed rate cuts.
(Inputs from ANI)
