The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Friday, following weakness in global markets.
Asian markets traded lower, while the US stock market declined overnight, dragged by selloff in semiconductor stocks.
On Thursday, the Indian stock market ended flat, as weak global cues amid escalating US-Iran war weighed on sentiment.
The Sensex closed 1.44 points higher at 77,186.87, while the Nifty 50 settled 5.75 points, or 0.02%, lower at 24,072.75.
“Indian equities are expected to trade sideways to mixed amid weak global cues and ongoing geopolitical tensions in West Asia. With the Q1FY27 earnings season gathering pace, stock-specific action is likely to dominate,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian Markets
Asian markets traded lower, following overnight decline on Wall Street, amid a selloff in chipmakers. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.06%. Japan’s Nikkei 225 crashed 3.33% while the Topix declined 1.66%. Hong Kong Hang Seng index futures indicated a lower opening. South Korea markets are closed for a holiday.
Gift Nifty Today
Gift Nifty was trading around 24,113 level, a premium of nearly 17 points from the Nifty futures’ previous close, indicating a steady start for the Indian stock market indices.
Wall Street
US stock market ended lower on Thursday, weighed down by a selloff in semiconductor stocks.
The Dow Jones Industrial Average fell 105.32 points, or 0.20%, to 52,553.32, while the S&P 500 declined 38.63 points, or 0.51%, to 7,533.77. The Nasdaq Composite ended 387.28 points, or 1.47%, lower at 25,881.95.
Nvidia stock price fell 2.40%, AMD, Broadcom, Intel, Micron Technology shares slipped over 5% each, while SanDisk, Western Digital and Seagate Technology cracked down up to 12.6%. Apple stock price rose 1.76%, Microsoft share price gained 1.38%, Tesla stock price eased 0.86%, and SpaceX shares tanked 3.08%.
US-Iran War
The United States expanded its airstrike campaign against Iran early Friday by increasingly hitting bridges. On the other hand, Iran launched new missile attacks against US-allied nations in the Middle East and warned that its attacks would escalate.
US Retail Sales
US retail sales increased marginally in June. Retail sales rose 0.2% last month after an upwardly revised 1.0% jump in May. Economists polled by Reuters had forecast retail sales gaining 0.2% after a previously reported 0.9% advance in May.
US Jobless Claims
The number of Americans filing claims for unemployment benefits fell last week. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 208,000 for the week ended July 11. Economists polled by Reuters had forecast 217,000 claims for the latest week.
Wipro Q1 Results
Wipro reported a consolidated net profit fell 4.3% QoQ to ₹3,352 crore in Q1FY27. The company’s IT services revenue grew 1.8% QoQ to ₹24,453 crore. In CC terms, IT services revenue fell 1.2 QoQ. IT services EBIT fell 5.7% to ₹3,919 crore, while margin contracted by 130 bps QoQ to 16%.
Wipro guided for IT services revenue to range between a 1.5% decline and a 0.5% increase in constant currency. Wipro board also announced an interim dividend of ₹2 per share.
Crude Oil Prices
Crude oil prices rose and were set for the largest gains since April. Brent crude futures gained 1.27% to $85.30 a barrel, while US WTI crude rallied 1.23% to $79.92 per barrel. For the week, Brent and US crude futures were set to rise more than 11% each.
Gold Rate Today
Gold prices were on track for the biggest weekly loss since early June on rising fears of a US Federal Reserve interest rate hike. Spot gold price rose 0.1% to $3,980.17 an ounce after falling 2% the previous session. Silver prices were marginally lower at $55.50 an ounce.
Dollar
The dollar held steady but was poised for a weekly decline. The dollar index, which measures the US currency against six other units, was at 100.72, set for a weekly drop of 0.24%. The euro was at $1.1445, set for a 0.29% rise in the week. Sterling fetched $1.3476, on course for a 0.56% gain in the week, Reuters reported. The Japanese yen languished near a 40-year low and last stood at 162.38 per dollar.
(With inputs from Agencies)