The Indian stock market is expected to open on a cautious note Friday, following weakness in global markets, amid selloff in technology stocks and as crude oil prices stay elevated. The trends on Gift Nifty also signal a tepid start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 23,014 level, a discount of nearly 33 points from the Nifty futures' previous close.
In the previous session, the domestic equity indices ended with strong gains, with the benchmark Nifty 50 closing above 22,900 level.
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“Traders should use the rebound selectively, avoid aggressive leverage and maintain disciplined risk management. Investors may consider staggered accumulation in fundamentally strong companies at reasonable valuations, while closely monitoring crude oil prices, foreign fund flows and global bond yields,” said Ajit Mishra, SVP – research, Religare Broking.
Here are five key factors that are likely to drive the Indian stock market today:
Asian Markets
Asian stock markets mostly lower on Friday, weighed down by selling in technology stocks, following overnight losses on Wall Street. Japan's Nikkei 225 declined 1.92% while the Topix fell 0.65%. South Korea's Kospi plunged 4.41%, while the Kosdaq tanked 3.48%. Hong Kong Hang Seng index futures indicated a higher opening.
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Wall Street
US stock market ended lower on Thursday, with tech-laden Nasdaq leading losses after Alphabet's disappointing quarterly results.
The Dow Jones Industrial Average declined 132.54 points, or 0.25%, to 52,342.56, while the S&P 500 fell 23.59 points, or 0.30%, to 7,720.39. The Nasdaq Composite closed 365.13 points, or 1.37%, lower at 26,184.72.
Tech Stocks Selloff
US technology and semiconductor stocks witnessed heavy selloff after Google parent Alphabet missed revenue estimates, compounded by its accelerated AI-related cash burn.
Alphabet shares cracked 12.29%, Nvidia stock price fell 0.8%, Amazon shares declined 4.25%, AMD share price dropped 2.08%, Micron Technology share price plunged 4.98%, and Broadcom share fell 1.94%. Intel share price closed 3.6% lower but crashed 23.03% in extended trading.
Binance Hack
Binance, the world's largest crypto exchange, suspended all deposits and withdrawals after a security incident that has resulted in the freezing of more than $2.5 billion in assets. Binance co-founder Changpeng Zhao said the exchange may have been hacked but he expects all user funds will be fully covered. Bitcoin prices fell below $78,000 after the incident.
Crude Oil Prices
Crude oil prices rose on signs the US may resume military strikes against Iran. Brent crude futures rallied 0.54% to $115.50 a barrel, while US West Texas Intermediate crude was at $102.77 a barrel, up 0.75%.
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