The Indian stock market is expected to open on a muted note on Friday, following losses in global markets and elevated crude oil prices. The trends on Gift Nifty signal a flat-to-positive start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,331 level, a premium of nearly 38 points from the Nifty futures' previous close.
On Thursday, the Indian stock market ended higher, with the benchmark Nifty 50 snapping its seven-session losing streak.
The Sensex rallied 628.04 points, or 0.82%, to close at 77,537.72, while the Nifty 50 settled 153.55 points, or 0.64%, higher at 24,231.85.
“Amid the prevailing uncertainty and elevated crude prices, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities. Participants should prefer relatively stronger stocks and sectors while maintaining disciplined risk and position management,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Asian Markets
Asia markets traded lower early Friday, following overnight losses on Wall Street, as bond yields rebounded. Japan's Nikkei 225 fell 0.75% while the Topix declined 0.14%. South Korea's Kospi eased 0.07%, while the Kosdaq slipped 4.75%. Hong Kong Hang Seng index futures indicated a muted opening.
Wall Street
US stock market ended lower on Thursday as rising Treasury yields dented risk appetite.
The Dow Jones Industrial Average declined 703.84 points, or 1.32%, to 52,759.21, while the S&P 500 dropped 66.82 points, or 0.87%, to 7,641.16. The Nasdaq Composite closed 263.92 points, or 1.00%, lower at 26,067.17.
US Treasury Yields
US Treasuries fell and yields rose on concerns about the almost $2 trillion budget deficit and elevated inflation. The 30-year yield rose over 7 basis points to as much as 5.27%, while the yields on 10-year US Treasuries spiked to 4.704%.
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Crude Oil Prices
Crude oil prices eased after a rally, but still remain elevated. Brent futures fell 0.46% to $93.35 a barrel, WTI crude futures declined 0.59% to $86.32 a barrel.
Gold Rate Today
Gold prices were steady, but on track for a third straight weekly gain, helped by a weaker dollar. Spot gold price was little changed at $4,514.23 per ounce, after hitting its highest level since early June in the previous session. Gold prices were up 3.2% for the week. US gold futures steadied at $4,571.20. Spot silver price was flat at $68.03 per ounce.
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