Sensex, Nifty set for positive open

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 48 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher, boosted by overnight gains on Wall Street. Japan�s Nikkei 225 hit a fresh 34-year high. Mainland China markets remain closed for the Chinese New Year holidays.

US stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months.

US retail sales fell more than expected in January. Retail sales dropped 0.8% last month, the Commerce Department`s Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4%, instead of 0.6% as previously reported.

Domestic markets:

Back home, domestic equity indices closed with slight gains on Thursday, marking the third consecutive trading day of positive performance. The barometer index, the S&P BSE Sensex gained 227.55 points or 0.32% to 72,050.38. The Nifty 50 index added 70.70 points or 0.32% to 21,910.75.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,064.15 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,276.93 crore in the Indian equity market on 15 February, provisional data showed.

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