1160: Marketbuzz Podcast with Vivek Iyer: Sensex, Nifty 50 likely to open on a cautious note, GIFT Nifty indicates a flat to negative start

In a turnaround, equity markets have displayed a significant recovery after the apprehensions caused by a steep selloff on Wednesday. Both the Indian market, especially post 1 p.m., and the US markets experienced a challenging period during the sell-off. However, Thursday witnessed a substantial rebound in both markets, marking the eighth consecutive week of gains for the US markets. The NASDAQ surged by 1.2%, contributing to the positive trend.

Crude oil prices experienced a marginal decline on Thursday, attributed to Angola's decision to exit the OPEC. Brent now hovers below the $80 per barrel mark. In the Indian market, Wednesday's sharp decline prompted a cautious start, but markets rebounded, recovering half of the losses incurred on Wednesday. Notably, heavyweight banks such as HDFC Bank and SBI played a pivotal role in aiding the recovery, emerging as top gainers.

The mid-cap and small-cap indices also showcased a robust recovery, posting gains of over 1% in just two days. Furthermore, diagnostic companies stood out among the top performer. The overall positive sentiment in global markets, as indicated by Asian markets and the GIFT NIFTY, suggests a favorable outlook for Indian markets in the coming sessions.