BENGALURU (Reuters) - India's NSE Nifty 50 and S&P BSE Sensex are trailing only Wall Street's Nasdaq and S&P 500 as top-performing indexes this year, with analysts expecting the rally to extend into 2025.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,530 level, a premium of nearly 40 points from the Nifty futures’ previous close.

Nifty-50 index and the Sensex though hit record highs on Thursday, however, ended lower with gains of 0.15% and 0.29%

The US data released overnight indicates that the US labour market is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario.

Nifty and Sensex opened strong following a global market surge after the US Federal Reserve's interest rate cut.