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The Indian stock market is poised for a positive opening on Friday, driven by strong performances in global markets. Asian markets are trading higher, buoyed by positive economic data from Japan. The US stock market closed mixed, with the Dow Jones hitting a record high, while the S&P 500 remained relatively unchanged and the Nasdaq slipped slightly. This positive sentiment is expected to spill over into the Indian market, with the Sensex and Nifty 50 likely to open in the green.
The Gift Nifty, an indicator of the Nifty 50 futures, is currently trading at a premium, suggesting a positive start for the Indian stock market indices. This bullish sentiment is further supported by India's strong medium-term growth outlook and its improved fiscal credibility, as affirmed by rating agency Fitch.
On the domestic front, India's GDP data for the April-June 2024 quarter is scheduled to be released today. Economists project a slowdown in growth to 6.9% year-on-year, a slight decline from the previous quarter's rate of 7.8%. However, Moody's has revised its GDP growth forecast for India upwards to 7.2% for 2024 and 6.6% for 2025, citing strong broad-based growth. Market participants will also be closely watching the July Personal Consumption Expenditures report in the US, which will provide further insights into the US Federal Reserve's monetary policy easing trajectory.
Overall, the Indian stock market appears to be riding the wave of global optimism, fueled by positive economic data and a favorable outlook for the Indian economy. However, investors should remain cautious and monitor key economic indicators, including the upcoming GDP data, to gauge the market's direction in the near future.