The Indian stock market is expected to open lower on Friday, amid mixed global market cues. 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 24,357 level, a discount of nearly 72 points from the Nifty futures' previous close.
“We recommend maintaining a cautious stance on the index and focusing on relatively stronger sectors such as metal, auto, and select banking names for long positions, while adhering to disciplined risk management,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are five key things to know before the opening of the Indian stock market today.
Asian Markets
Asian stock markets traded higher on Thursday, as investors watch out for China industrial profits data due later in the day. Japan's Nikkei 225 eased 0.31% and the Topix rose 0.24%. South Korea's Kospi rallied 1.76%, while the Kosdaq was flat. Hong Kong Hang Seng index futures indicated a muted opening.
Wall Street
US stock market ended slightly lower on Wednesday after hotter-than-expected US inflation, and ahead of AI bellwether Nvidia's earnings.
The Dow Jones Industrial Average declined 113.52 points, or 0.21%, to 53,463.88, while the S&P 500 eased 1.58 points, or 0.02%, to 7,675.70. The Nasdaq Composite closed 21.10 points, or 0.08%, lower at 26,130.20.
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US Inflation
US inflation held steady in July well above the Federal Reserve's 2% target for the 65th straight month. The Personal Consumption Expenditures (PCE) Price Index increased 3.7% in the 12 months through July, unchanged from June. On a MoM basis, PCE index was at 0.2% in July after falling 0.1% in June.
Nvidia Earnings
Nvidia Corp reported strong earnings in the second quarter and gave a bullish sales outlook for fiscal 2028, beating Wall Street expectations. The chip giant's sales more than doubled from a year earlier to $96.2 billion in Q2, which ended July 26. Profit was $2.22 a share, excluding certain items. Analysts had projected Nvidia's Q2 revenue of $92.5 billion and earnings of $2.09 a share.
The company forecast Q3 revenue of $108 billion, plus or minus 2%, higher than analysts' average estimate of $105.2 billion on average. Gross margin is estimated to be roughly 74% in the quarter. Nvidia stock price jumped 4.7% in extended trade.
Crude Oil Prices
Crude oil prices extended decline. Brent crude futures fell 0.57% to $87.34 a barrel, WTI crude futures declined 0.46% to $81.85 a barrel.
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