The Indian stock market is expected to remain volatile on Friday, tracking mixed global cues amid lingering uncertainty over the US-Iran peace deal and a surge in crude oil prices. Meanwhile, the ongoing June quarter earnings season is likely to drive stock-specific action, keeping investors focused on individual corporate earnings and guidance.
The trends on Gift Nifty indicate a negative opening for the benchmark indices, Nifty 50 and Sensex today. The Gift Nifty was trading around 24,645 level, a discount of nearly 94 points from the Nifty futures' previous close.
In the previous session, the domestic equity market ended higher, led by gains in heavyweights.
The Sensex rallied 373.76 points, or 0.48%, to close at 78,954.76, while the Nifty 50 settled 11.35 points, or 0.05%, higher at 24,636.00.
Here are five key things to know before the opening of the Indian stock market today:
Asian Markets
Asian markets traded mixed on Friday, with investors awaiting China trade data due later in the day. Japan's Nikkei 225 fell 1.04%, while the Topix rose 0.20%. South Korea's Kospi rose 0.05%, while the Kosdaq fell 1.93%. Hong Kong Hang Seng index futures indicated a flat start.
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Wall Street
US stock market ended lower on Thursday, as investors watch out for progress toward US-Iran peace deal.
The Dow Jones Industrial Average declined 464.02 points, or 0.85%, to 53,885.10, while the S&P 500 fell 13.52 points, or 0.18%, to 7,710.03. The Nasdaq Composite closed 15.09 points, or 0.06%, lower at 26,348.35.
US-Iran War Updates
Uncertainty over the end of the US-Iran war in the Middle East continues, weighing on investor sentiment. News agency Fars said Iranian naval forces had struck “hostile targets” at the entrance to the Strait of Hormuz. Meanwhile, US President Donald Trump said that the war will end “pretty soon”.
US Jobless Claims
The number of Americans filing claims for unemployment benefits increased slightly last week. Initial claims for state unemployment benefits rose 1,000 to a seasonally adjusted 199,000 for the week ended August 1. Economists polled by Reuters had forecast 202,000 claims for the latest week.
Crude Oil Prices
Crude oil prices traded higher after reports of Iran attacking targets in the Strait of Hormuz. Brent futures gained 1.07% to $83.37 a barrel, WTI crude futures rose 0.92% to $78.00 a barrel.
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