Indian equity benchmarks started Friday’s session on a weak note, with both the Sensex and Nifty slipping in early trade despite a broad recovery across Asian markets. A subdued indication from GIFT Nifty and losses on Wall Street overnight kept investors cautious, while foreign fund activity and movements in crude oil remained important market triggers.
The BSE Sensex rang the opening bell near 81,550, tanking more than 350 points, while the NSE Nifty50 slipped below 25,150, taking a hit of 157 points.
GIFT Nifty Below 25,300; Previous Session Sees Modest Gains
The early indication from GIFT Nifty suggested limited buying interest at the start of Friday’s session. The futures contract was trading at 25,275, down 26 points or 0.10 per cent.
At around 9:09 am, the Sensex was trading at 81,839.81, down 71.20 points, or 0.09 per cent. The Nifty was at 25,209.85, lower by 89.50 points, or 0.35 per cent.
This followed a relatively steady session on Thursday. The Nifty50 had gained 44.30 points, or 0.18 per cent, to finish at 25,299.35, while the Sensex ended almost unchanged at 81,911.01.
South Korea, Japan Lead Asian Market Recovery
Regional equities offered some support, with South Korean and Japanese markets recording strong gains in early trade.
The Kospi climbed 2.6 per cent and the Kosdaq advanced 2.4 per cent. Japan’s Nikkei 225 rose 1.5 per cent, while the Topix gained 0.25 per cent. Australia’s S&P/ASX 200 was an exception, declining 0.73 per cent.
The positive movement across major Asian markets came despite a weak finish on Wall Street.
Technology Sell-Off Drags US Markets; Futures Point To Recovery
US equities ended Thursday in the red, led by weakness in technology stocks.
The Nasdaq Composite lost 0.4 per cent to close at 25,366.09, while the S&P 500 declined 0.35 per cent to 7,592.40. The Dow Jones Industrial Average also fell 0.4 per cent, settling at 52,297.09.
Nvidia shares dropped 4.3 per cent amid reports concerning the company’s leadership, adding to pressure on the technology segment.
However, US futures were pointing towards a recovery on Friday morning. Nasdaq-100 futures rose 0.6 per cent, S&P 500 futures gained 0.4 per cent, and Dow Jones futures were up 0.3 per cent.
Brent Crude Near $95: Oil Prices Remain A Market Trigger
Energy prices continued to attract attention, with Brent crude hovering above $95 per barrel.
Brent futures were quoted at $95.49 per barrel, while WTI crude futures traded 0.5 per cent lower at $88.49 per barrel.
For India, fluctuations in crude oil prices have implications for inflation, the current account and the rupee. Investors will therefore continue to monitor energy markets, particularly amid concerns over imported inflation and the operating costs of oil-dependent industries.
Gold Stabilises After Sharp Fall; Silver Holds Near $50
Gold prices edged higher in early trade after falling to a more than one-year low.
COMEX gold was trading around $3,892.30 per ounce. In the domestic market, 24-carat gold was priced at Rs 1,36,330 per 10 grams, while 18-carat gold stood at Rs 1,02,247.50 per 10 grams. The 24-carat rate in Dubai was Rs 1,36,618.97.
Silver remained largely steady, with COMEX prices at $50.055 per ounce. Domestic silver was quoted at Rs 179.24 per gram.
Foreign Investors Pump In Rs 7,830 Crore
Institutional activity offered a positive signal for domestic equities, with foreign investors making substantial purchases in the previous session.
FIIs bought shares worth Rs 7,830.60 crore on Thursday. DIIs, on the other hand, sold equities worth Rs 6,331.17 crore.
The divergence in flows indicates that foreign buying was partly offset by selling from domestic institutions.
Rupee, Dollar Index Under Watch
The US Dollar Index, which tracks the greenback against six major international currencies, was trading at 103.16.
Meanwhile, the Indian rupee closed at 94.04 against the US dollar on November 12. Currency movements will remain relevant for investors as they assess foreign fund flows, imported inflation and the outlook for domestic equities.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
