Nifty and Sensex will open at all-time highs, mirroring their regional counterparts.

Nifty and Sensex Set to Open at Record Levels, Reflecting Regional Market Strength

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: August 30, 2024

Summary: With the MSCI's broadest index of Asia-Pacific shares outside of Japan rising 0.4%, Asian markets saw a rise.

While investors await domestic quarterly growth statistics, Nifty and Sensex are expected to open at all-time highs on Friday, reflecting advances in regional rivals following the alleviation of growth fears in US economic data. As of 8:10 a.m. IST, the GIFT Nifty GIFc1 was trading at 25,283, suggesting that the benchmark NSE Nifty 50. NSEI will open higher than its record closing high of 25,151.95 from Thursday.

With the help of foreign capital inflows and anticipations of September rate cuts from the US, the Nifty has climbed for 11 consecutive sessions, its longest winning run in about 17 years.

Approximately twice as many shares as net foreign portfolio investors (FPI) have been purchased by domestic institutional investors (DII) in August, totaling $6.14 billion in purchases.

The MSCI's broadest index of Asia-Pacific shares outside of Japan saw a 0.4% increase, indicating a positive day for Asian markets.

The Dow Jones Industrial Average gained along with most Wall Street stocks overnight. Thanks to strong US economic data, the DJI closed at a new high. To support their predictions on the September rate decrease, market players are now waiting for Friday's core personal consumption expenditures data, the Fed's favored measure of inflation.

After market hours, investors are also awaiting India's growth reports for April and June. According to a Reuters poll, lower government spending in the quarter as a result of the national elections is probably what caused GDP to drop to 6.9% year over year.

The medium-term growth forecast is still stable even if the predicted reading is lower than both the previous quarter's growth rate of 7.8% and the central bank's prediction of 7.1%.

Reliance Industries will be the focus of individual stock analysis due to significant announcements made during the company's annual general meeting on Thursday.

"The market could not be disappointed by any significant advancement in the Jio and retail spin-offs," Macquarie Capital Securities (India) analysts Aditya Suresh and Baiju Joshi stated. "New energy ambitions seem potentially supportive for growth momentum over 3-5 years, but need to be de-risked," they stated.

Stocks to watch:

SpiceJet: Following the discovery of "certain deficiencies" in a recent assessment, India's aviation watchdog immediately places the low-cost carrier under closer scrutiny.

Infosys: Nvidia microservices-based generative AI-powered telco solutions to be introduced by the company.

Sugar stocks such as Dwarikesh Sugar, Bajaj Hindusthan, Shree Renuka, and Balrampur Chini Mills. Beginning in November, the government permits sugar mills to create ethanol using cane juice or syrup.

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