Indian benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking a strong overnight global market rally as the Israel-Iran ceasefire held firm.

Asian markets mostly advanced, and US equities surged overnight, with the S&P 500 and Nasdaq nearing their record highs.

However, on Thursday, the Indian stock market extended its winning streak for the third consecutive session, with the Nifty 50 climbing past the 25,500 mark to hit a nine-month high.

Domestic Market Recap

On Thursday, Indian indices closed in the green:

• Sensex gained by 1,000.36 points (1.21%) to close at 83,755.87
• Nifty 50 moved up by 304.25 points (1.21%) to settle at 25,549

Gift Nifty

Gift Nifty was trading near 25,715, around 100 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Wall Street Performance

The US stock market ended higher on Thursday after a slew of economic indicators appeared to support the US Federal Reserve rate cut.

• Dow Jones Industrial Average surged by 404.41 points (0.94%) points to close at 43,386.84.
• S&P 500 up by 48.86 points (0.80%), ending at 6,141.02.
• The Nasdaq Composite was trading higher by 194.36 points (0.97%), finishing at 20,167.91.

Crude Oil Prices

Crude oil prices moved higher in the latest session but remained on track for a weekly decline as the Israel-Iran ceasefire held firm and concerns over Middle East supply disruptions continued to ease.

• Brent crude gained by 0.5% to $68.07/barrel
• US West Texas Intermediate (WTI) crude: 0.51% to $65.57/barrel

Gold Prices

• Spot gold was trading down by 0.4% at $3,314.27/oz 
• US gold futures slumped by 0.6% at $3,327

Overnight Major Global Events Driving Sentiment

1. US Jobless Claims: Fewer Americans filed for unemployment benefits last week. Initial jobless claims fell by 10,000 to a seasonally adjusted 236,000 for the week ending June 21. Reuters-polled economists had expected 245,000 claims for the week.
2. US Durable Goods Orders: New orders for US-manufactured durable goods rebounded sharply in May. Durable goods orders surged 16.4% following a revised 6.6% decline in April. Economists had forecast an 8.5% increase after the previously reported 6.3% drop in April.
3. US GDP: The US economy shrank more than earlier estimated in the first quarter. According to the third GDP estimate, gross domestic product contracted at an annualized rate of 0.5%, down from the previously reported 0.2% decline. In comparison, the economy had expanded by 2.4% in the fourth quarter.
4. US Trade Deficit: America’s goods trade deficit widened in May due to falling exports. The trade gap rose 11.1% to $96.6 billion. Exports declined by $9.7 billion to $179.2 billion, while imports remained nearly unchanged at $275.8 billion.

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