The Indian stock market is set to open on a positive note on Thursday, following the trend of firm US and Asian peers. US futures and Asian markets climbed up after Federal Reserve Chairman Jerome Powell reaffirmed plans to cut interest rates this year without specifying a timeline. This positive sentiment is likely to reflect in the Indian markets as well.
The Gift Nifty futures were trading at 22,601.50 at 8 am on Thursday, indicating a strong start for the Indian benchmark index. Asian shares rallied, with Japan’s Nikkei bouncing 1.5% as the yen fell. Commodities like gold, oil, and copper also saw gains, boosting shares in basic materials and energy companies.
Investors are optimistic about global growth, driven by recent factory surveys showing improvement, especially in China. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%, with sentiment aided by Powell’s comments on rate cuts.
Gold reached a fresh record at $2,302 an ounce, while oil prices surged due to supply disruptions and geopolitical tensions. Brent crude added 30 cents to $89.65 a barrel, and U.S. crude rose 30 cents to $85.73 per barrel.
Overall, the positive global cues are expected to set a strong start for the Indian stock market on Thursday.
