The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note Friday, following mixed global market cues, amid soaring crude oil prices and escalating US-Iran war in the Middle East.
Asian markets traded mixed, while the US stock market ended lower, with the Wall Street benchmark indices retreating from record highs.
On Thursday, the Indian stock market witnessed a strong selloff for the second consecutive session.
The Sensex crashed 852.49 points, or 1.09%, to close at 77,664.00, while the Nifty 50 settled 205.05 points, or 0.84%, lower at 24,173.05.
“Select sectors and themes continue to exhibit strength; hence, participants should remain focused on stock selection and manage trades accordingly,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded mixed on Friday, amid cautiousness over geopolitical uncertainty and spike in crude oil prices. Japan’s Nikkei 225 gained 0.47% and the Topix rose 0.30%. South Korea’s Kospi declined 0.23%, while the Kosdaq was trading flat. Hong Kong Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,230 level, a premium of nearly 67 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
Wall Street
US stock market ended lower on Thursday on signs of escalation of war in the Middle East, while investors parsed mixed corporate earnings.
The Dow Jones Industrial Average fell 180.70 points, or 0.37%, to 49,309.33, while the S&P 500 declined 29.60 points, or 0.41%, to 7,108.30. The Nasdaq Composite closed 219.06 points, or 0.89%, lower at 24,438.50.
Nvidia stock price fell 1.41%, Microsoft shares plunged 3.97%, IBM stock crashed 8.25%, Meta share price declined 2.31%, and Tesla stock price dropped 3.56%. In extended trading, Intel share price jumped 20%.
US-Iran War
US President Donald Trump said Israel and Lebanon have agreed to extend a ceasefire between Israel and the Hezbollah militant group by three weeks. Trump also said that the US has full control over its blockade of measures against Iran, calling them effective.
US Jobless Claims
The number of Americans filing claims for unemployment benefits increased slightly last week. Initial claims for state unemployment benefits rose 6,000 to a seasonally adjusted 214,000 for the week ended April 18. Economists polled by Reuters had forecast 210,000 claims for the latest week.
Infosys Q4 Results
Infosys Q4 net profit rose 27.8% QoQ to ₹8,501 crore, while revenue increased 2% QoQ to ₹46,402 crore. Dollar revenue declined 1.2% QoQ to $5,040 million. EBIT grew 2.8% QoQ to ₹9,743 crore, while margin improved to 21% from 20.80%, QoQ. Infosys recommended a final dividend of ₹25 per share.
Japan Inflation
Japan’s core inflation slowed below the central bank’s 2% target for a second straight month in March. The core consumer price index (CPI), which strips away the effect of volatile fresh food costs, rose 1.8% in March from a year earlier, matching a median market forecast. It followed a 1.6% rise in February.
Dollar
The US dollar was on track for its first weekly gain in three weeks. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was little moved at 98.81 and remained on track for a weekly gain of 0.59%, Reuters reported. The euro rose 0.02% to $1.1685, while sterling edged down 0.01% to $1.3466. The yen weakened 0.01% to 159.75 per dollar, its fifth straight day of losses.
Crude Oil Prices
Crude oil prices rose over fears of renewed military escalation in the Middle East. Brent crude futures rallied 1.17% to $106.3 a barrel, while West Texas Intermediate futures gained 1.12% to $96.92.
Gold Rate Today
Gold prices were steady, but on track for a weekly drop as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates. Spot gold price rose 0.1% at $4,697 per ounce. The metal is down 2.6% so far this week after a four-week winning run, Reuters reported. US gold futures for June delivery fell 0.2% to $4,712.50. Spot silver fell 0.1% to $75.36 per ounce.
(With inputs from Reuters)
