Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open higher on Friday, following gains in global markets.
Asian markets traded higher, while the US stock market rallied overnight, with the S&P 500 closing at record high.
On Thursday, the Indian stock market ended with modest gains, buoyed by positive sentiment surrounding the GST reforms, however, concerns over lingering US tariffs weighed.
The Sensex gained 150.30 points, or 0.19%, to close at 80,718.01, while the Nifty 50 settled 19.25 points, or 0.08%, higher at 24,734.30.
“While headwinds persist from continued FII outflows and uncertainty around the US trade deal, the recent GST reforms are expected to boost consumer demand, support corporate earnings, and lift sentiment, providing a strong tailwind ahead of the festive season. We expect the market to gradually move higher,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded higher on Friday after US President Donald Trump signed an executive order formalizing a lower Japanese auto import tariff of 15%.
Japan’s Nikkei 225 rallied 0.97% and the Topix gained 0.86%. South Korea’s Kospi rose 0.27% while the Kosdaq added 0.35%. Hong Kong’s Hang Seng Index futures initiated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,883 level, a premium of nearly 55 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended higher on Thursday, with the S&P 500 posting a closing record high.
The Dow Jones Industrial Average rallied 350.06 points, or 0.77%, to 45,621.29, while the S&P 500 jumped 53.82 points, or 0.83%, to 6,502.08. The Nasdaq Composite closed 209.97 points, or 0.98%, higher at 21,707.69.
Nvidia share price rose 0.61%, Amazon shares surged 4.3%, Meta Platforms stock rose 1.6%, while Broadcom shares gained 1.2%. Tesla stock price rose 1.33% and Salesforce shares fell 4.9%.
Trump Tariffs
US President Donald Trump signed an executive order implementing the US-Japan trade agreement, with lower tariffs on Japanese autos. Japanese autos will face a 15% tariff instead of the current 27.5%, while the level for many other goods will similarly be capped at 15%.
US Jobless Claims
The number of Americans filing new applications for jobless benefits increased more than expected last week. Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 237,000 for the week ended August 30. Economists polled by Reuters had forecast 230,000 claims for the latest week.
Japan Household Spending
Japanese household spending in July rose 1.4% from a year earlier, short of the median market forecast for a 2.3% rise. On a seasonally adjusted, month-on-month basis, spending increased 1.7%, versus an estimated 1.3% rise.
Crude Oil Prices
Crude oil prices fell for the third straight day as investors awaited an OPEC meeting this weekend that will consider further output hikes. Brent crude futures declined 0.27% to $66.81 a barrel, while US West Texas Intermediate crude dropped 0.24% to $63.33 a barrel.
Gold Prices
Gold prices headed for a third weekly gain. Spot gold price rose 0.2% to $3,552.66 an ounce, putting it on track for a 3% gain this week, the most since mid-June.
(With inputs from Reuters)
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