The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat to slightly higher on Friday, 31 July, supported by positive overnight global market cues.

Gift Nifty also points to a flat-to-positive opening for the Indian benchmark index. Gift Nifty traded around 24,428, up 70 points from the previous close of Nifty futures.

Investors pushed the Indian stock market higher on Thursday, with the Nifty 50 closing above the 24,300 mark.

Domestic Market Recap

On Thursday, Indian indices ended in the green:

• Sensex gained by 273.55 points (0.35%) to close at 77,928.15.
• Nifty 50 moved up by 66.95 points (0.28%) to settle at 24,317.15

Gift Nifty

Gift Nifty was trading near 24,428, around 70 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

• The Dow Jones Industrial Average soared by 613.92 points (1.19%) to close at 52,208.06.
• S&P 500 was up by 121.48 points (1.66%), ending at 7.437.63.
• The Nasdaq Composite was higher by 679.24 points (2.78%), finishing at 25,122.18.

Overnight Major Global Events Driving Sentiment

1. US-Iran War: The US-Iran conflict remains the biggest external risk for Indian equities. However, crude oil prices have eased as more supply flows through key shipping routes and markets assess developments around the Strait of Hormuz.
2. US technology stocks: Wall Street provided a strong overnight cue. The S&P 500 rose 1.66%, Nasdaq gained 2.78% and Dow Jones advanced 1.19%, with Microsoft surging more than 15% after issuing a strong cloud and AI growth outlook. Semiconductor stocks also rallied sharply, while Asian markets followed with strong gains.

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