Indian stock market may open positively

30 Aug 2024 , 07:57 AM

Indian stock markets are likely to open positive with minor gains today, supported by positive global situations. The Gift Nifty was also trading around the 25,285 mark, about 15 points higher than the previous close of Nifty futures.

Indian benchmarks reached record highs during the trading session and closed on a positive note on August 29. The Nifty 50 gained 99.60 points, or 0.4%, to close at 25,151.95, while the Sensex increased 349.05 points to close at 82,134.61.

On Friday morning Asian markets were also trading with gains. However, after strong GDP figures, the US stock market saw a mixed afternoon, with the Dow Jones closing at a new high.

The US Personal Consumption Expenditures (PCE) data for July, which will be released later today, is currently awaited by investors worldwide. Further information on the Federal Reserve’s future monetary policy strategy will be revealed in the report.

While talking about Indian investors, everyone’s eyes will be on today’s announcement of India’s GDP data for the April–June 2024 quarter. India’s economic growth may have slowed to 6.9% year over year in Q1 FY25, below the Reserve Bank of India’s forecast of 7.1% and down from 7.8% in the previous quarter, according to a Reuters survey of 52 experts.