Sensex, Nifty set to open higher after US data lifts sentiment

BSE Sensex And NSE Nifty 50 They are set to open higher on Friday, trailing their Asian counterparts as benchmarks near record highs after economic data from the United States indicated a Possible delay in price increase by the Federal Reserve.

Futures for Singapore-listed Indian NSE shares were up 0.24 percent at 18,804.50, as of 8:15 a.m. IST.

Stocks on Wall Street closed higher on Thursday after data showed retail sales rose unexpectedly in May, pointing to strong consumer spending in the world’s largest economy.

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Weekly jobless claims remained unchanged, but were higher than expected, indicating tightness in the labor market, which could delay further interest rate hikes by the US Federal Reserve.

The Fed left interest rates unchanged on Wednesday, ahead of jobs data, but hinted at the possibility of more increases later this year.

European markets closed lower after the European Central Bank raised interest rates by 25 basis points on Thursday. Asian stocks opened higher ahead of the Bank of Japan’s interest rate decision on Friday.

Indian stocks snapped a three-day winning streak on Thursday, dragged down by heavyweight financial and IT stocks as markets took a breather after the Federal Reserve’s hawkish pause on Wednesday.

Both benchmarks were about 1 percent shy of their all-time highs. Nifty 50 and Sensex are on track to extend the gains into a fourth week if they can hold onto Friday. The mid-cap index closed at an all-time high on Thursday, while the small-cap index hit a 52-week high.

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Analysts said the sentiment remained upbeat due to stable macro fundamentals and continued buying Foreign Institutional Investors (FII) Despite their warning of continued cohesion over the next few weeks.

FIIs bought ₹3,086 crore of Indian shares on a net basis on Thursday, while local investors sold ₹298 crore of shares, according to interim NSE data.

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