The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following a selloff in global markets, as rising geopolitical tensions in the Middle East and a surge in crude oil prices lifted bond yields and stokes inflation fears.
Asian markets declined, while the US stock market ended lower overnight, with the Nasdaq falling over 2%, amid a broader risk-off mood.
On Thursday, the Indian stock market extended losses for the fourth consecutive session, amid spiking crude oil prices driven by the Middle East conflict.
The Sensex declined 363.66 points, or 0.47%, to close at 76,391.39, while the Nifty 50 settled 126.65 points, or 0.53%, lower at 23,869.60.
“Given the mixed earnings outlook, elevated geopolitical risks, and persistent volatility, we continue to advocate a stock-specific approach while maintaining disciplined risk and position management,” 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 as crude oil prices spiked above $100 a barrel, as intensifying conflict in the Gulf revived fears of a fresh inflation shock. Japan’s Nikkei 225 declined 2.85% while the Topix fell 1.35%. South Korea’s Kospi slipped 2.91%, while the Kosdaq dropped 2.64%. Hong Kong’s Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 23,705 level, a discount of nearly 169 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, with Nasdaq sinking more than 2%, as inflation worries lifted Treasury yields.
The Dow Jones Industrial Average declined 506.93 points, or 0.97%, to 51,711.65, while the S&P 500 dropped 90.66 points, or 1.21%, to 7,408.30. The Nasdaq Composite closed 553.21 points, or 2.15%, lower at 25,137.69.
Nvidia stock price fell 1.56%, AMD shares dropped 2.29%, Micron Technology shares gained 3.20%, Microsoft share price declined 2.24%, Apple stock price fell 1.30%, Tesla stock price crashed 14.52%, while SpaceX shares rallied 2.59%.
US-Iran War
The US military said it completed its latest round of strikes on Iran that marked a 13th consecutive night of American attacks. The latest wave of strikes lasted more than two hours, according to the US Central Command.
Trump Tariffs
The US announced fresh tariff slabs of 10% and 12.5% on several countries under Section 301, with India placed in the lower 10% tariff category. The US Trade Representative (USTR) announced tariffs on 60 countries, ranging from 10% to 12.5%, over what it called inadequate measures to prohibit the import of goods produced with “forced labour”.
US Jobless Claims
The number of Americans seeking unemployment benefits for the first time unexpectedly fell last week. Initial claims for state jobless benefits dropped by 22,000 — the largest decline in three months — to a seasonally adjusted 187,000 for the week ended July 18. That was the lowest level of new applications since September 1969 and came as economists polled by Reuters had forecast new claims would edge up to 212,000 in the latest week.
Japan Inflation
Japan’s core inflation rose in June but remained below the central bank’s 2% target for a fifth straight month, Reuters reported. The core consumer price index (CPI) rose 1.6% in June from a year earlier, matching the median market expectation and accelerating from a 1.4% increase in May.
Infosys Q1 Results
Infosys’ Q1 net profit fell 8.6% QoQ to ₹7,769 crore, while revenue grew 3.9% QoQ to ₹48,211 crore. Dollar revenue rose to $5,082 million, while CC revenue growth was at 1%. Large deal Total Contract Value was at $3.6 billion. EBIT increased 4.3% QoQ to ₹10,163 crore, and EBIT margin rose to 21.1% from 21%, QoQ. Infosys also trimmed its upped end of FY27 revenue growth guidance.
Crude Oil Prices
Crude oil prices headed for weekly gains. Brent futures fell 0.72% to $99.97 a barrel, but remained on course for a 13.5% advance this week. WTI crude futures declined 0.76% to $91.49 a barrel, on track for a 10.9% weekly rise. Brent jumped 7% to above $100 a barrel and WTI rallied 6.2% on Thursday.
Gold Rate Today
Gold prices fell as inflation concerns strengthened the case for higher interest rates. Spot gold price eased 0.1% to $4,042.77 per ounce and US gold futures for August delivery were 0.1% lower at $4,045.60. Bullion was on track for a small weekly gain of 0.6%. Spot silver price declined 0.2% at $57.56 per ounce.
(With inputs from Agencies)
