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The GIFT Nifty is trading 0.2% higher to near 25,430, indicating a positive start to the benchmark Nifty 50 index. The futures contracts for the S&P 500 and the Nasdaq 100 are up 0.2% and 0.3% respectively.
Asian equities fell as escalating tensions in Iran weighed on sentiment, while oil price rose to its highest level since August. Japan's Nikkei 225 is down 1.2% and Hang Seng lower 0.9%. South Korea's Kospi index is up 1%. Mainland China remained shut for the Lunar New Year.
US futures are up, while the dollar index rose toward 98 and was poised for a roughly 1% gain on the week, supported by robust US economic data and hawkish signals from the Federal Reserve.
The yield of the benchmark 10-year government bond rose 2 basis points to 6.70%.
The rupee opened 26 paise weaker at 90.94 against the greenback. The dollar index is up 0.2%. The INR is the worst performing currency in Asia today.
Novartis AG is exiting Novartis India by selling its entire 70.68% stake in the company. The transaction involves the sale of around 1.74 crore shares to a consortium of investors led by US private equity firm ChrysCapital.
As the acquisition involves a controlling stake, a mandatory open offer will be triggered, allowing public shareholders an opportunity to sell their shares.
Gold and silver rates in India fell on Friday. The gold rate in India on Friday is Rs 1,55,070 per 10 gms while the silver rate is Rs 2,42,520 per 1 kg, according the Bullions website.
In the international market, spot silver was trading 1.03% higher at $77.97 per ounce, while gold was quoted marginally higher at $ 4,991.24 per ounce, reports PTI.
The dollar index, which tracks the greenback against a basket of major currencies, rose toward 98 on Friday and was poised for a roughly 1% gain on the week, supported by robust US economic data and hawkish signals from the Federal Reserve.
ABB India Q4 Results (Consolidated, YoY)
CIE Automotive Q3 (Consolidated, YoY)
The comeback in US equities from last week's artificial intelligence jitters petered out on Thursday as tensions with Iran put traders on edge. The S&P 500 index declined 0.3%, while the technology-heavy Nasdaq 100 Index slid 0.4% and Dow Jones Industrial Average dropped 0.5%.
Eight of the 11 S&P sectors finished in negative territory, with financials, consumer discretionary, and technology shares leading the losses.
Asian equities fell as escalating tensions in Iran weighed on sentiment. Benchmarks in Japan and Australia declined while Korean stocks held up. Markets reopened in Hong Kong after the Lunar New Year holidays, while those for mainland China remained shut.
The GIFT Nifty, a futures contract based on the benchmark Nifty 50, is trading 0.15% higher at above 25,400 points.
The Nifty and Sensex indices snapped a three-day gaining streak to log their worst single day since Feb. 1 in the previous session. The Nifty 50 ended 400 points or 1.5% lower at 25,454 and the Sensex dropped over 1,200 points or 1.5% to 82,498. Mid and small cap gauges sunk too.
All 16 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Realty Index's 2.5% fall. Media, auto, FMCG, defence closed over 2% lower. The market breadth was firmly tilted in favour of sellers. Nearly 2,900 stocks declined and about 1,200 shares advanced on BSE.
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