Sensex, Nifty likely to open in the green; GIFT Nifty futures surge over 250 points amid positive global cues

Domestic equity benchmarks Nifty and Sensex will likely begin Friday's (August 9) session in positive territory. At around 7:00 am, GIFT Nifty futures - an early indicator of the Nifty50 index - were up 253 points or 1.05 per cent at 24,390 ahead of opening on Dalal Street.

Global markets are in rally

Wall Street and Asian markets are higher, with Nasdaq up almost 3 per cent amid buying in IT stocks, and MSCI Asia ex Japan up 1.38 per cent.

Add Zee Business as a Preferred Source

Here's a look at some of the key global signals this morning:

• Nasdaq ended higher, up 464 points or 2.87 per cent at 16,660
• The S&P 500 up 119 points or 2.30 per cent at 5,319
• Dow Jones up 683 points or 1.76 per cent at 39,446
• MSCI's broadest index of Asia Pacific shares outside Japan up 7.5 points or 1.38 per cent at 551
• Japan's Nikkei up 634 points or 1.82 per cent 35,395
• Hong Kong's Hang Seng up 250 points or 1.48 per cent at 17,142
• South Korea's KOSPI up 1.40 points or 35.8 points at 2,592

Why global markets surge?

• Unemployment rates in the US decreased
• Expectations of interest rate cut in September
• Predictions of a 75 per cent reverse in yen carry trade
• Recovery in the dollar index
• Indications of a base formation after significant volatility

On Thursday, August 9, domestic indices ended lower amid selling in IT and energy sector shares. Sensex declined 581.8 points or 0.73 per cent at 78,886.2, while the 50-share index settled at 24,117, down 0.74 per cent or 180.5 points from the previous close. Moreover, Tata Motors, HDFC Life, SBI Life, and Cipla are the top gainers, on the other flip, LTIMindtree, Grasim Industries, and Asian Paints are top losers, here are all top gainers and losers of the Nifty50 index:

Nifty 50 top gainers

Nifty 50 top losers

What should investors/traders track today?

Several companies' stocks are to be in focus today, including Eicher Motors, Trent, BHEL, Wockhardt, BDL Shipping Corp, Kalyan Jewellers, and BPCL.

Eicher Motors: The major automobile company reported a 19.9 per cent surge in the April-June quarter; consolidated net profit at Rs 1,101 crore.

Corporate Action: Many companies will deliver dividends to their investor, such as BHEL, BPCL, and HPCL.