- Sensex and Nifty 50 are expected to open steady following global market gains and crude oil price falls
- Gift Nifty trades near 23,345, indicating flat-to-positive start for Indian markets
- Asian markets rise led by Japan and South Korea amid Wall Street rally and lower crude prices
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to see a steady opening on Friday, following gains in global markets, led by a retreat in crude oil prices and a pullback in US Treasury yields.
The trends on Gift Nifty also signal a flat-to-positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 23,345 level, a premium of nearly 12 points from the Nifty futures' previous close.
Investors are likely to monitor developments over the US-Iran war in the Middle East, as any renewed escalation could quickly reverse the recent decline in crude prices and add to market volatility.
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“Overall, the opening backdrop is supportive, but the combination of elevated oil prices and persistent geopolitical risks is likely to keep risk appetite measured, particularly at higher market levels,” said Ponmudi R, CEO of Enrich Money.
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Here are five key factors that may drive the Indian stock market today.
Asian Markets
Asian markets traded higher on Friday, following an overnight rally on Wall Street and a drop in crude oil prices. Japan's Nikkei 225 gained 0.84% while the Topix fell 0.42%. South Korea's Kospi jumped 2.23%, while the Kosdaq rose 0.72%. Hong Kong's Hang Seng index futures indicated a higher opening.
Wall Street
US stock market ended higher on Thursday amid easing oil prices, dropping Treasury yields after strong labour data.
The Dow Jones Industrial Average rallied 317.95 points, or 0.62%, to 51,779.85, while the S&P 500 gained 85.93 points, or 1.14%, to 7,637.74. The Nasdaq Composite closed 439.87 points, or 1.69%, higher at 26,418.30.
US Tech Stocks Rally
The rally in US technology stocks lifted the Nasdaq index by nearly 1.7%. Nvidia stock price surged 2.54%, AMD shares jumped 6.36%, Intel share price spiked 7.67%, Apple stock price rose 1.38%, Microsoft shares gained 1.52%, and Amazon share price rallied 2.13%.
Crude Oil Prices
Crude oil prices extended losses for a third session on hopes of limited supply disruption. Brent crude futures fell 0.72% to $104.07 a barrel, while US West Texas Intermediate futures fell 0.76% to $101.14 a barrel.
Gold Rate Today
Gold prices held gains, supported by easing oil prices and a lower US dollar. Spot gold price rose 0.2% to $4,351.96 an ounce, while silver price gained 0.4% to $65.51 an ounce, after surging 3.6% the day before.
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