The Indian stock market benchmark indices, Sensex and Nifty 50, is expected to open lower on Friday, following a selloff in global markets, amid renewed concerns over artificial intelligence (AI) stocks. Market may also witness profit-booking after six-session rally.
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 24,419 level, a discount of nearly 169 points from the Nifty futures' previous close.
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Globally, the tech-heavy Nasdaq Composite plunged into correction territory, while Japan's Nikkei entered a bear market territory.
In the previous session, the domestic equity indices extended rally to the sixth consecutive session, with the Nifty 50 jumping over 2% to close above 24,500 level.
“The stars appear aligned, with crude, yields, earnings and foreign flows all turning in the market's favour, keeping the near-term bias constructive. Yet the rally's staying power will ultimately depend on whether breadth remains strong and whether the hope of de-escalation translates into concrete progress on the ground,” said Vinod Nair, Head of Research, Geojit Investments.
Here are five key factors that may drive the Indian stock market today:
Asian Markets
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.
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Wall Street
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.
Tech Stocks Selloff
Shares of AI-related companies and chipmakers crashed. 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%
Crude Oil Prices
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%.
Gold Rate Today
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.
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