Domestic equities extended losses for the fourth consecutive session, with the Nifty declining 0.5% to close at 23,870. Investor sentiment remained fragile amid a sharp surge in Brent crude oil prices following escalating geopolitical tensions in West Asia, FII selling and cautious global cues, which outweighed support from the ongoing earnings season. Analysts say Indian equities are likely to remain under pressure in the near term as elevated crude oil prices remain a key overhang.
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 139 points, or 0.58 per cent, at 23,723.50, signaling that Dalal Street was headed for a negative start on Friday.
- Tech View: The index has broken down below the upward consolidation on the daily chart, suggesting a rise in bearishness in the market. Besides, the index has fallen below the critical short-term moving average. The RSI indicator is in a bearish crossover and is falling.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.4% to settle at 13.48 levels.
Asian shares fall
Stocks in Asia fell after a technology-led selloff on Wall Street as investors questioned whether the billions being poured into the artificial intelligence buildout will generate sufficient returns. Oil held its gains.
- S&P 500 futures were little changed as of 9:04 a.m. Tokyo time
- Hang Seng futures fell 1.3%
- Japan’s Topix fell 1.1%
- Australia’s S&P/ASX 200 fell 0.6%
- Euro Stoxx 50 futures fell 2%
US stocks end lower
Wall Street ended lower on Thursday, with the Nasdaq tumbling more than 2% as the latest earnings from major technology companies reignited concerns over heavy AI spending. Meanwhile, surging oil prices stoked inflation fears, pushing bond yields higher.
Dollar rises
The dollar rode U.S. Treasury yields higher on Friday and hovered near a 40-year peak against the yen, as a spike in oil prices and a renewed global trade war raised the stakes for inflation.
Oil rises
Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut.
Gold dips
Gold edged lower on Friday after falling 2% in the last session, as Brent crude's move back above $100 a barrel stoked inflation concerns and strengthened the case for higher interest rates.
Read more: Stocks in news: Infosys, Cipla, Meesho, Suzlon Energy, IndiGo, NTPC
Stocks in F&O ban today
1) Kaynes
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Rupee
The rupee traded in a narrow range, appreciating marginally by around 0.05% to 96.50. Despite the day's recovery, the broader bias remains weak as Brent crude oil has rallied close to $98 per barrel, increasing concerns over India's import bill and inflation outlook.
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