Indian Market Outlook:
Indian benchmark indices, Sensex and Nifty, are expected to open firmly today, tracking the positive trend in GIFT Nifty, which was hovering around 24,673.50 earlier this morning.

On August 28, profit-booking continued for the second consecutive session, with the benchmark indices falling nearly 1% after the 50% US tariffs on India came into effect. At the close, the Sensex was down 705.97 points or 0.87% at 80,080.57, and the Nifty was down 211.15 points or 0.85% at 24,500.90. Both the BSE midcap and smallcap indices also saw declines of 1% and 0.9%, respectively.

Global Market Performance:

• US Equities (Up):
  US stocks reached new record highs, with the S&P 500 climbing 0.32% to 6,501.86 points, marking its second consecutive day of gains. The Nasdaq gained 0.53%, closing at 21,705.16 points, while the Dow Jones Industrial Average rose 0.16% to 45,636.90 points, surpassing its previous record high from August 22.
• US Bond Yield (Up):
  The yield on 10-year and 2-year US Treasury bonds traded marginally higher in early Friday trade.
• Dollar Index (Up):
  The dollar showed signs of weakness, poised for a 2% drop in August against major currencies due to rising expectations that the Federal Reserve will cut interest rates next month amid concerns over the central bank’s independence.
• Asian Equities (Down):
  Asian stock markets opened on a subdued note following the record highs in US equities. Economic data ahead of the Federal Reserve’s key inflation gauge report on Friday kept markets on edge.

Commodity Updates:

• Crude (Down):
  Oil prices fell slightly on Friday but were still set for a weekly gain. Market dynamics are mixed due to the uncertainty surrounding Russian supply and lower demand expectations from the US as the summer demand period ends.
• Gold (Down):
  Gold and silver prices traded slightly lower, with gold at USD 2,411 per ounce and silver at USD 39 per ounce.

Currency Movement:

• Asian Currencies (Mixed):
  Among Asian currencies, the South Korean Won, Chinese Renminbi, Thai Baht, and Singapore Dollar saw marginal losses, while the Malaysian Ringgit, Japanese Yen, Philippine Peso, and Indonesian Rupiah saw slight gains.

FIIs and DIIs Activity:
Foreign Institutional Investors (FIIs) continued their selling trend for the fourth day, offloading equities worth Rs 3,856 crore on August 28. In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 6,920 crore on the same day.

Hope you’re all set for today’s trade. Wishing you a profitable day ahead!

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