Fueled by upbeat global trends, Indian markets kicked off the day on a strong note, opening higher: August 19, 2024

Sensex and Nifty climb as power, oil, and gas stocks surge.

Market Update at 9:30 AM:

Boosted by positive global cues, Indian indices opened higher on August 19, with the Nifty surpassing 24,600. The Sensex rose by 215.33 points, or 0.27 per cent, to reach 80,652.17, while the Nifty gained 82.10 points, or 0.33 per cent, to stand at 24,623.30. 

In terms of sectoral performance, Nifty Media and Nifty Oil & Gas were the gainers, while Nifty IT, Nifty Auto, and Nifty Healthcare Index emerged as notable laggards.

ONGC, BPCL, Shriram Finance, NTPC and Hindalco were among major gainers on the Nifty, while losers were HUL, Infosys, Bajaj Auto, HDFC Life and Maruti Suzuki. With 1752 shares rising on the NSE and 459 shares declining, the advance-decline ratio remained in favor of incline.

Pre-Market Update at 8:30 AM: 

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.