Stock Market Today LIVE: Sensex, Nifty Gain In Pre-Open, Rupee Flat; Bharti Airtel, Titan, Tata Steel In Focus

The blood bath in the US markets will impact most other markets today, but India is likely to be the least impacted. This tech rout, particularly the sharp deceleration in AI trade will turn out to be beneficial for India. It is important to note that the FIIs have bought equities for Rs 35,781 crores in the last five trading days. Despite selling and profit booking by DIIs the market is likely to remain resilient since FII buying will continue in the changed global market construct, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments.

It is important to recognise the fact that this ongoing rally has fundamental support from impressive earnings growth which has come better-than-expected. 

A significant factor which investors should understand is that this rally is driven by large-caps which had become attractively valued. Note that yesterday while the Sensex rallied 2.6%, the Smallcap 100 index crawled by a measly 0.67%. It is evident where money is going. For financials, tech and auto stocks there is more upside, he added.

The Indian rupee opened largely flat against the US dollar on Friday. The local currency opened 1 paise lower at 94.49 per US dollar as compared with its previous close of 94.48.

Nifty 50 has seen a strong up move of more than 2100 points in the last 9 sessions. Hence, some consolidation cannot be ruled out at higher levels, stock specific action will continue to remain in focus, said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

According to him, the short-term support in Nifty 50 is revised higher towards 23,600-23,800 levels being the confluence of the 200 days EMA and the current week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.
 

Foreign institutional investors (FII) have remained net buyers for five consecutive sessions. On Thursday, FII net bought Indian shares worth Rs 14,974.68 crore, highest single day buying since February 2021, while domestic institutional investors (DII) net sold equities to the tune of Rs 10,444.54 crore, data on exchanges showed.

Gold prices traded higher and were on track for the biggest weekly gain since August. Spot gold price gained 0.4% to $4,103.84, while silver rose 0.4% to $51.99.

Crude oil prices rebound from a sharp selloff but were on track for the biggest weekly loss since April. Brent crude futures rose 3.88% to $98.29 a barrel, while US West Texas Intermediate crude was at $90.99 a barrel, up 0.52%.

Shares of AI-related companies and chipmakers crashed globally. Nvidia stock price declined 9.26%, Advanced Micro Devices shares plummeted 17.26%, Micron Technology share price tanked 17.46%, Broadcom stock slipped 10.43%, and Intel shares shed 10.33%.

In Asia, Advantest shares plunged 12.4%, SoftBank Group shares tanked 11.73%, Tokyo Electron fell 7.99%, while Kioxia Holdings crashed 11.65%. SK Hynix shares slipped over 8%, while Samsung Electronics shed 7%
 

US stock market ended sharply lower on Thursday, with the Nasdaq notching its biggest one-day drop in 19 months, as fears of tougher AI regulation sent chip stocks tumbling.

The Dow Jones Industrial Average plunged 3.44% to 51,523.06, while the S&P 500 slumped 4.36% to end at 7,353.73. The Nasdaq closed 5.52% lower at 24,315.00.
 

Asian markets traded lower on Friday, following a sharp sell-off on Wall Street overnight. Japan’s Nikkei 225 plunged 6.23%, entering bear market territory, while Topix slipped 5.10%. South Korea’s Kospi tanked 7.32% and Kosdaq shed 6.41%. Hong Kong’s Hang Seng index futures indicated a lower opening.

On Thursday, the domestic equity indices extended rally to the sixth consecutive session. The Sensex jumped 2,008.61 points, or 2.60%, to close at 79,310.01, while the Nifty 50 settled 576.00 points, or 2.40%, higher at 24,536.60.

The trends on Gift Nifty also signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 24,444 level, a discount of nearly 143 points from the Nifty futures’ previous close.

The Indian stock market is likely to open lower on Friday, tracking losses in global markets, as technology and chip stocks crashed on renewed concerns over artificial intelligence (AI) stocks. Investors may also resort to profit booking after six straight days of rally.