The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following a decline in global markets.
Asian markets traded lower, while the US stock market slipped overnight, weighed down by selling in technology stocks.
On Thursday, the Indian stock market ended higher, with both the benchmark indices scaling their 52-week highs drawing the session.
The Sensex rallied 446.21 points, or 0.52%, to close at 85,632.68, while the Nifty 50 settled 139.50 points, or 0.54%, higher at 26,192.15.
“We expect the market up-move to continue, tracking domestic cues, global macro data, FII flows and a potential announcement on the India–US trade agreement,” 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 lower on Friday, following overnight losses on Wall Street. Japan’s Nikkei 225 tumbled 2.25%, while the Topix index declined 0.72%. South Korea’s Kospi index tanked 3.4%, and the Kosdaq plunged 3.01%. Hong Kong Hang Seng index futures indicated a lower opening.
Gift Nifty Today
Gift Nifty was trading around 26,154 level, a discount of nearly 66 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 in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia’s earnings.
The Dow Jones Industrial Average declined 386.51 points, or 0.84%, to 45,752.26, while the S&P 500 fell 103.40 points, or 1.56%, to 6,538.76. The Nasdaq Composite closed 486.18 points, or 2.15%, lower at 22,078.05.
Nvidia share price declined 3.15%, AMD shares plunged 7.84%, Amazon stock price dropped 2.49%, Microsoft shares fell 1.6%, Intel stock slid 4.42%, while Palantir Technologies share price tanked 5.85%. Tesla stock price slipped 2.21%.
US Nonfarm Payrolls
US nonfarm payrolls increased by 119,000 jobs in September after a downwardly revised 4,000 drop in August. Economists polled by Reuters had forecast 50,000 jobs would be added after a previously reported 22,000 gain in August.
US Unemployment Rate
The US unemployment rate increased to a four-year high of 4.4% in September from 4.3% in August. Other data showed layoffs remained low in mid-November, suggesting the labor market remained in a holding pattern.
Japan PMI
Japan’s manufacturing activity contracted for a fifth month in November. The S&P Global flash Japan Manufacturing Purchasing Managers’ Index (PMI) rose to 48.8 in November from October’s final 48.2, marking the fifth consecutive month below the 50.0 threshold.
Core Sector Output
India’s core infrastructure sector posted zero growth in October, with output flat year-on-year, its weakest showing in 14 months. The slowdown follows a steady deceleration, with growth having eased to 3.3% in September and 6.5% in August (revised from 6.3%). In comparison, the sector had expanded 2.4% in September 2024.
Dollar
The dollar was on track for its best week in over a month on Friday. The dollar index, which measures the greenback against a basket of peers, flirted with a 5-1/2-month peak and last stood at 100.20. Against the dollar, the euro was near a two-week low and last bought $1.1528, Sterling rose 0.11% to $1.3084 and the yen languished near a 10-month low and was last at 157.33 per dollar.
Gold Prices
Gold prices were steady after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates. Gold prices rose 0.1% to $4,082.90 an ounce.
Crude Oil Prices
Crude oil prices traded lower after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan. Brent crude oil fell 0.66% to $62.97 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.69% to $58.59.
(With inputs from Reuters)
