Pre-Market Update at 8:30 AM: August 19, 2024

The GIFT Nifty is trading higher, indicating a positive start for the day.

US stocks ended higher on Friday, extending their biggest weekly percentage gains of the year as worries of an economic downturn eased and investors focused on the Jackson Hole Economic Symposium next week.

The Dow Jones Industrial Average rose 0.24% to 40,659.76. The S&P 500 gained 0.20% at 5,554.25 and the Nasdaq Composite added 0.21% at 17,631.72. The US dollar was struggling to make headway against its peers on Monday

Asian stocks were taking a breather on Monday after global equities enjoyed their best week in nine months on expectations the US economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.The GIFT Nifty is trading higher, indicating a positive start for the day.

Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.

On August 16, foreign institutional investors (FIIs) bought shares worth Rs 766 crore, while domestic institutional investors (DIIs) made a sizeable inflow of Rs 2,606 crore.