Strengthening of Indian Stock Market Due to Rally in US Market

NEW DELHI। On September 4, the US stock market saw a strong rally. The Dow Jones rose by 1.18 percent to close at 53,686.11. Following this, the Indian market on Friday saw the GIFT Nifty trading around 24,044 with a gain of about 44 points.

Buying in shares of major tech companies in the US market boosted the rally. Nvidia closed up 1.80 percent, Microsoft 2.68 percent, Apple 1 percent, Amazon 1.54 percent, Meta 3.01 percent, and Alphabet 1.59 percent higher. Federal Reserve Governor Christopher Waller said that it would be better to keep interest rates at the current level if inflation continues to ease. This increased investor confidence and reduced concerns about interest rates in the market.

Asian markets showed mixed trends on Friday morning. South Korea’s KOSPI was up 1.23 percent and Japan’s Nikkei was up 0.65 percent, while Hong Kong’s Hang Seng and Shanghai Index showed weak signals. Because of this, the direction of the Indian market is not entirely clear.

With the initial strength in GIFT Nifty, Sensex and Nifty are expected to open higher, but global cues and domestic factors may influence trading during the day.

Gold and silver prices saw slight gains. Spot gold rose 0.1 percent to around $4,478 per ounce. Silver also saw a marginal increase of 0.1 percent.

Crude oil prices have risen, which is a concern for the market. Brent crude is trading up 0.47 percent at $95.99 per barrel. Rising oil prices could increase inflation and put pressure on the import bill.

SEBI’s review of settlement prices for derivative contracts is also in focus. After the closing auction session, SEBI is reviewing feedback received from market participants.

Dhoot Transmission has released its quarterly earnings results today, while Molbio Diagnostics will announce its quarterly results on September 5.