The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following weakness in global markets, as renewed escalation in the US-Iran war raised uncertainty over the peace talks.
Asian markets declined, while the US stock market ended lower overnight, weighed down by profit booking in tech stocks after the recent rally.
On Thursday, the Indian stock market ended with minor losses amid profit booking in a volatile session.
The Sensex declined 114.00 points, or 0.15%, to close at 77,844.52, while the Nifty 50 settled 4.30 points, or 0.02%, lower at 24,326.65.
“The noticeable traction across sectors is offering ample trading opportunities. We therefore reiterate our preference for a stock-specific approach across sectors, while remaining selective and avoiding the relatively weaker IT space,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded lower on Friday amid concerns over renewed hostilities between the US and Iran in the Strait of Hormuz. Japan’s Nikkei 225 fell 0.36% and the Topix declined 0.67%. South Korea’s Kospi dropped 1.01%, while the Kosdaq rose 0.56%. Hong Kong Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 24,283 level, a discount of nearly 99 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Wall Street
US stock market ended lower on Thursday amid uncertainty around US-Iran peace talks.
The Dow Jones Industrial Average declined 0.63% to 49,596.97, while the S&P 500 dropped 0.38% to end at 7,337.11. The Nasdaq closed 0.13% lower at 25,806.20.
Nvidia stock price gained 1.85, Microsoft shares rose 1.70%, AMD stock price declined 3.09%, Intel share price dropped 3.00%, Amazon shares fell 1.38%, and rallied 3.33%.
US-Iran War
The US-Iran war in the Middle East escalated as the US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz. Iran said the situation returned to normal while the US said it did not want to escalate. The US military said it fired in response to Iranian attacks.
Trump Tariffs
The US Court of International Trade ruled that President Donald Trump’s latest 10% temporary global duties are unjustified under a 1970s trade law, but blocked the levies only for two private importers and the State of Washington.
Dollar
The dollar was firm against most major currencies. The dollar index measured against key peers was a touch firmer at 98.235, Reuters reported. Sterling traded at $1.3555, while the euro was steady at $1.1727. The yen was largely steady at 156.995 per dollar.
Gold Rate Today
Gold prices traded higher and was headed for a weekly gain on easing fears of inflation and higher interest rates, Reuters reported. Spot gold price rose 0.3% to $4,700.80 per ounce. Bullion has gained 1.9% so far this week. US gold futures for June delivery were steady at $4,709.90. Spot silver price rose 0.8% to $79.10 per ounce.
Crude Oil Prices
Crude oil prices traded higher. Brent crude oil price rallied 1.36% to $101.42 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 1.08% to $95.83.
(With inputs from Agencies)
