Indian equity indices are expected to open on a higher note following positive global cues. The US indices closed trading in the green. The GIFT Nifty was trading 0.20% higher at 25,270. Here are key global cues to watch before the market opens that include new crude oil prices, FII and DII data, business groups that most, sectoral performance, etc. 

Earlier on Wednesday, the NSE Nifty 50 closed the session 16 points or 0.06% higher at 25,212, while the BSE Sensex surged 64 points or 0.08% to close at 82,634.

Asia-Pacific markets were mostly trading on a lower note on Thursday, with investors assessing the fall in Japan’s exports for the second consecutive month, as well as the US President Donald Trump’s denial of his intent to fire Jerome Powell as Federal Reserve chairman. Japan’s Nikkei 225 benchmark fell 0.6% while the broader Topix index ticked down 0.11%. In South Korea, the Kospi index dropped 0.26% while the small-cap Kosdaq was flat.

The US benchmarks closed Wednesday’s trading in the green as Trump denied reports of firing Fed Chair Jermore Powell. The S&P 500 added 0.32% and ended at 6,263.70. The Nasdaq Composite gained 0.26%, settling at 20,730.49 and posting its ninth record close of the year. The Dow Jones Industrial Average added 231.49 points, or 0.53%, ending at 44,254.78.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.18% higher at 98.48 on Thursday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.14% to close at 85.94 to the dollar on July 16. 

The crude oil prices traded on a higher note on Thursday morning. WTI crude prices were trading at $66.93, up by 0.83%, while Brent crude prices were trading at $68.96, up by 0.64%. 

Foreign institutional investors (FII) were the net sellers of shares worth Rs 1,795.23 crore. On the other hand, the Domestic institutional investors (DII) were the net buyers of shares worth Rs 1,221.21 crore on July 16, 2024, according to the provisional data available on the NSE.

The rate for 24-carat gold today is Rs 98,210 per 10 grams, consolidating near its all-time high. The safe haven’s price is near the Rs 1 lakh mark. The rate of gold has surged by 1.20% in the past one week. The 22 kt gold rate today is Rs 90,026 per 10 grams. The 18-carat gold price today is Rs 73,658.

On the sectoral front, consumer-oriented stocks clinched the top spot. The Non-Alcoholic Beverages sector led the rally with a 2.3% rise, while Edible Fats gained 1.3%. Food Processing was not far behind, up 1.13%, supported by consistent demand. Glass stocks rose 1.02%, and Alcoholic Beverages added 0.98%.