Indian equity benchmark indices, BSE Sensex and Nifty 50, opened on a positive note on Thursday, buoyed by overnight gains in US markets and strong performances in most other Asian markets.

At 10 am, the BSE Sensex was trading at 81,711.53, up 211,15 points or 0.26%, while the Nifty 50 gained 100.60 points or 0.44%, standing at 25,025.20.  Among the top gainers on Nifty were Tata Steel (TATASTEEL), up 2.03%, followed by Shriram Finance Limited (SHRIRAMFIN), which surged 1.98% in early trading.

However, Tata Motors Limited (TATAMOTORS) extended its losses from the previous session, shedding 0.79%.Investors are awaiting key domestic data releases later in the day, including the Index of Industrial Production (IIP) for July and the Consumer Price Index (CPI) for August.

A Reuters poll of economists predicts the CPI to rise by 3.5% year-on-year, marginally down from 3.54% in July.

Global Markets Gain Momentum

Asian markets also opened higher on Thursday, with Japan's Nikkei 225 trading up 3.15%; South Korea's Kospi advanced 1.2%, while the KOSPI  was up 1.45% to 2,550.79. Australia's S&P/ASX 200 increased by 0.67%.

Meanwhile, Hong Kong's Hang Seng index futures rose 0.97% to 17,274.72, higher than its previous close of 17,108.71. In the US, markets experienced a choppy session early on Wednesday but reversed course to close higher.

The US Labor Department's Consumer Price Index (CPI) report, released on Wednesday, showed annual inflation slowing to 2.5% in August 2024, marking the fifth consecutive monthly decline.

This has reinforced market expectations of a potential 25-basis point rate cut by the Federal Reserve. The Dow Jones Industrial Average rose 124.75 points or 0.31% to 40,861.71, the S&P 500 gained 58.6 points or 1.07% to 5,554.12, and the Nasdaq Composite added 369.65 points or 2.17% to close at 17,395.53.

Rising crude oil prices, after touching multi-year lows, have also boosted investor confidence. WTI crude prices were trading at $67.70, up 0.39%, while Brent crude prices rose to $71.07, up 0.46%, on Thursday morning.

Market participants are also paying close attention to the US political landscape, particularly following Tuesday's US presidential debate between Vice President Kamala Harris and former President Donald Trump, as investors seek potential policy insights.