Key things to know before the market opens!
The GIFT Nifty was trading at a premium compared to the previous close of Nifty futures, signalling a positive opening for domestic indices.
Pre-Market Update at 8:30 AM: The U.S. stock market closed higher overnight following the release of the Federal Reserve meeting minutes, which indicated that officials were already leaning strongly towards a rate cut in the upcoming September meeting. Additionally, positive U.S. payroll data further fuelled expectations of this anticipated rate reduction.
The Nasdaq Composite Index climbed 0.57 per cent, the S&P 500 surged 0.42 per cent, and the Dow Jones Industrial Average added 0.14 per cent.
This optimism extended to Asian markets, where most key indices traded higher. The GIFT Nifty was trading at a premium compared to the previous close of Nifty futures, signalling a positive opening for domestic indices.
Oil prices dropped by USD 1 per barrel on Wednesday following a significant downward revision of employment statistics by the U.S. government. The dollar traded near its lowest level in over a year against the euro and sterling, following a dovish stance from the Federal Reserve.
On August 21, foreign institutional investors (FIIs) sold shares worth Rs 799.74 crore, while domestic institutional investors (DIIs) made a sizeable inflow of Rs 3,097.45 crore.