The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following a sell-off in global markets.
Asian markets declined, while the US stock market ended lower overnight amid selling in technology stocks on fear of AI disruption.
On Thursday, the Indian stock market ended lower amid profit booking across sectors and a selloff in IT stocks.
The Sensex crashed 558.72 points, or 0.66%, to close at 83,674.92, while the Nifty 50 settled 146.65 points, or 0.57%, lower at 25,807.20.
“Expect markets to remain range-bound with stock-specific activity as the Q3 earnings season ends. Markets would now look at other triggers including global and domestic inflation, trade developments, and FII flows, while AI related disruptions could add to volatility,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mostly lower on Friday, following overnight losses on Wall Street as technology stocks slipped on fears about artificial intelligence (AI) disruption.
Japan’s Nikkei 225 slipped 1.69%, while the Topix declined 0.58%. South Korea’s Kospi declined 0.48%, while the Kosdaq dropped 1.36%. Hong Kong’s Hang Seng index futures indicated a lower start.
Gift Nifty Today
Gift Nifty was trading around 25,716 level, a discount of nearly 142 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Wall Street
US stock market ended lower on Thursday weighed down by selloff in technology stocks and as investors were cautious ahead of US inflation data.
The Dow Jones Industrial Average declined 669.42 points, or 1.34%, to 49,451.98, while the S&P 500 dropped 108.71 points, or 1.57%, to 6,832.76. The Nasdaq Composite closed 469.32 points, or 2.03%, lower at 22,597.15.
Apple stock price plunged 5%, Nvidia stock price declined 1.61%, AMD shares dropped 3.58%, Amazon share price fell 2.25%, Microsoft shares lost 0.63%, while Meta Platforms share price shed 2.82%. Tesla stock price declined 2.62%.
Russia-US Talks
The Kremlin has set out proposals that could see Russia embrace the dollar again as part of a wide-ranging economic partnership with the Trump administration, according to an internal Russian document reviewed by Bloomberg.
India CPI Inflation
India’s retail inflation rose under the revised series, showing an uptick for the third straight month. The new consumer price index (CPI) based retail inflation with 2024 as the base year rose to 2.75% in January.
Defence Acquisition Council
The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, cleared capital acquisition proposals worth ₹3.60 lakh crore to cover key requirements of the Indian Air Force (IAF), Indian Army, Indian Navy and Indian Coast Guard. The AoN was approved for the procurement of Rafale jets, Combat Missiles, Air-Ship Based High Altitude Pseudo Satellite (AS-HAPS), P8I aircraft, Vibhav anti-tank mines, and others.
Gold Prices
Gold prices steadied after a sharp decline of 3.2% in the previous session. Spot gold price rose 0.1% to $4,926.79 an ounce, while silver prices climbed 0.6% to $75.72.
Crude Oil Prices
Crude oil prices traded higher, but were headed for the first back-to-back weekly drop this year. Brent crude oil price rose 0.09% to $67.58 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.11% to $62.91, after losing almost 3% on Thursday.
(With inputs from Reuters)
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