The GIFT Nifty indicates that the BSE Sensex and NSE Nifty 50 are likely to open higher on Friday, January 24.
The Indian stock markets closed Thursday’s session with modest gains as the NSE Nifty 50 rose 60.90 points or 0.26% to 23,216.25 and the BSE Sensex added 115.39 points or 0.15% to settle at 76,520.38. While broader indices performed strongly, with the Nifty Midcap 100 surging 1.73% to 54,027.05, the banking sector lagged, as the Nifty Bank slipped 130 points or 0.27% to close at 48,594.50.
Top cues to watch on January 24, 2025
Trump address at the World Economic Forum (WEF)
On January 23, U.S. President Donald Trump delivered a virtual speech at the World Economic Forum (WEF) Annual Meeting 2025, held in Davos, Switzerland, from January 20 to 24. This marked his first major speech to global leaders since being inaugurated for his second term just days prior, on January 20. Trump outlined his administration’s priorities, including tackling inflation, cutting taxes, and working with Saudi Arabia and OPEC to reduce oil prices. He also addressed global issues like the Russia-Ukraine conflict and emphasised the importance of collaboration in solving international challenges. Additionally, Trump reaffirmed his administration’s stance on tariffs and trade relations, particularly with China.
US Markets see smart gains
US indices closed Wednesday on a higher note. The S&P 500 closed the session 0.51% higher at 6,117.22. The technology-heavy Nasdaq Composite gained 0.17% to close the session at 20,043.08. The 30-stock Dow Jones Industrial Average gained 508.34 points or 0.92% to close at 44,565.07.
US Dollar gains
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was up 0.03% at 108.14 on Friday’s morning. The index measures the US dollar’s strength or weakness against major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. Also, the Indian rupee closed at 86.46 against the US Dollar on Tuesday.
Asian Markets mixed
Asia-Pacific markets were trading on a mixed note on Thursday. Japan’s Nikkei 225 was trading 0.40% higher at 40,119.97. The Korean index Kospi trades 0.91% higher at 2,538.38. Australia’s S&P/ASX 200 index opened higher, gaining about 0.38%. Chinese index, Shanghai Composite dropped 0.03% to approximately 3,229.12 points.
Crude Oil trending lower
WTI crude prices were trading at $77.86, down by 0.55%, while Brent crude prices were trading at $74.25, down by 0.37%, on Friday’s morning.
FII, DII Data
On January 23, Foreign Institutional Investors (FIIs) reported a net outflow of Rs 5,462.52 crore with purchases of Rs 13,316.55 crore and sales of Rs 18,779.07 crore. Domestic Institutional Investors (DIIs) saw a net inflow of Rs 3,712.55 crore as their purchases stood at Rs 14,412.73 crore against sales of Rs 10,700.18 crore.