The trading session on Thursday was definitely a very good one for the Indian benchmark indices. The market surged to another record high. The Nifty has now posted a record close for the sixth-straight session, extending its gaming streak to eight consecutive sessions and has rallied 865 points in eight sessions and has crossed 19,500 on an intra-day basis yesterday.

The midcaps outperformed, with the advanced decline ratio steady at around 2 to 1 on a year-to-day basis. The midcaps have given returns of around 15%.

All the gains came in on Thursday despite caution over the FOMC minutes. FIIs continued to buy into the Indian equity markets. They bought around Rs 2,641 crore in yesterday’s trading session. DIIs however sold Rs 2,351 crore.

Today, the set up in the global space seems weak because the US markets closed in the red. Asia is largely weak at this point in time reacting to the US markets. Meanwhile, the GIFT Nifty is indicating a bit of a flat start.

It seems as though India is de marketing itself and moving away from what the global markets are doing, whether or not this trend continues is something that the Street will watch out for.

As of now, we have a couple of important cues such as the healthy FII flows, the monsoon progress, Q1 progress from companies, which seems to be aiding momentum.

1:49Remember we also have updates from consumer facing companies such as Titan, Dabur, etc, All these stocks would be in focus in today's trading session.

The other big queue is the US non-farm payrolls data as well as the unemployment data, which are due today and which we will be reacting to on Monday.

Tune in to Marketbuzz Podcast for more cues and news to track ahead of today’s session

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!