India Set for Strong Opening as Global Markets Rally: August 20, 2024
Positive Cues from Wall Street and Asia, GIFT Nifty Points to Bullish Start for Indian Markets
U.S. stocks continued their upward momentum on Monday, extending the year's largest weekly percentage gain, as investors kept a close eye on the Democratic National Convention and the forthcoming Jackson Hole Economic Symposium. The Dow Jones Industrial Average increased by 0.58% to close at 40,896.53. Meanwhile, the S&P 500 advanced by 0.97% to 5,608.25, and the Nasdaq Composite surged by 1.39% to end at 17,876.77.
In Asia, markets rallied on Tuesday, following Wall Street's positive performance, with additional support from the release of crucial economic data from China. The GIFT Nifty is also trading higher, signaling a promising start to the day's session.
Oil prices dipped slightly on Tuesday after Israel agreed to a proposal aimed at resolving disputes hindering a ceasefire agreement in Gaza, which eased concerns about potential disruptions to Middle Eastern oil supplies.
The U.S. dollar remained near a seven-month low on Tuesday as traders anticipated potential interest rate cuts from the Federal Reserve starting next month. Market participants are now focusing on the upcoming remarks from Federal Reserve Chair Jerome Powell, scheduled for Friday.
On August 19, foreign institutional investors (FIIs) offloaded shares worth Rs 2,667 crore, while domestic institutional investors (DIIs) injected Rs 1,802 crore into the market