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The GIFT Nifty, a futures contract based on the Nifty 50, was up 0.3% at 23,555, indicating a higher open for the benchmark index. US and European index futures ticked higher.
Japan's Nikkei 225 dropped 2% while the broad-based Topix fell 1.4%. South Korea's blue chip Kospi slumped almost 3%. Hong Kong's Hang Seng index fell 0.7%.
Brent oil traded near $100 and the WTI near $96 a barrel following one of the most volatile trading weeks ever, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz effectively shut.
Gold was headed for a second weekly decline as the dollar strengthened and the ongoing war in the Middle East forced oil prices higher. Spot gold edged up 0.4% to $5,099.98 an ounce in Singapore. Silver rose 0.4% to $84.18.
CLSA Price Action – Laurence Balanco
UBS has upgraded ABB India from 'neutral' to 'buy' while hiking the target price from Rs 5,310 to Rs 8,030. The new target implies a 25% upside from current levels. Moreover, UBS has also added ABB India to the APAC Key Call list.
Overall, the brokerage firm sees favourable risk-reward in ABB India, with both structural and cyclical growth levers aligning together, potentially paving the way for growth going forward.
HSBC on Coal India
Jefferies on Reliance Industries
Global oil markets remain on edge after one of the most turbulent trading weeks in years, with Brent crude hovering near the $100-per-barrel mark as tensions around the Strait of Hormuz intensify. The international benchmark eased slightly after surging more than 9% in the previous session, while US crude benchmark West Texas Intermediate traded close to $96. The sharp moves reflect growing concerns about supply disruptions as geopolitical tensions escalate in the Middle East.
Asia-Pacific markets opened lower Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn. A gauge of Asian shares dropped 0.5% in early trading. Japan's Nikkei 225 dropped 2% while the broad-based Topix fell 1.4%. South Korea's blue chip Kospi slumped almost 3%. Hong Kong's Hang Seng index fell 0.7%.
The GIFT Nifty, a futures contract based on the Nifty 50, was up 0.3% at 23,555, indicating a higher open for the benchmark index. US and European index futures ticked higher.
India's benchmark equity indices closed lower for a second consecutive session on Thursday, tracking bearish sentiments across the world. The Nifty 50 ended 227 points or 0.95% lower at 23,639.15. The BSE Sensex shed 1.08% to close at 76,034.42 on weekly expiry day. Intraday, both benchmarks dropped 1.3%. Auto and FMCG were the top sectoral losers on the NSE.
The broader market outperformed the blue-chip indices, with the Nifty Midcap 150 and Nifty Smallcap 250 falling 0.2% and 0.4%, respectively.
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