Indian equity benchmarks began Friday’s session on a positive note despite weakness across global markets, as domestic investors look beyond the overnight sell-off in US technology stocks and await fresh cues from corporate earnings and foreign fund activity.
The BSE Sensex rallied more than 300 points and opened above 77,500, while the NSE Nifty50 climbed nearly 100 points to cross 24,150, around 9:15 AM.
GIFT Nifty Signals Positive Opening
Despite weak global sentiment, the GIFT Nifty pointed to a positive start for Indian equities.
The futures contract was trading around 30 points higher, indicating that benchmark indices could open in the green as investors assess a mix of global headwinds and domestic factors.
In the pre-open session at around 9:01 AM, the Sensex was trading 190.70 points, or 0.25 per cent, higher at 77,377.57, while the Nifty gained 92.95 points, or 0.39 per cent, to 24,165.70.
The positive pre-open trend comes after a largely flat session on Thursday, when the Nifty50 ended marginally lower and the Sensex closed almost unchanged.
Market participants are expected to remain focused on corporate earnings, institutional flows and commodity prices through the trading session.
Asian Markets Track Wall Street Lower
Equity markets across the Asia-Pacific region came under pressure after a technology-led sell-off on Wall Street overnight.
Japan’s Nikkei 225 declined nearly 3 per cent, while the Topix index also traded sharply lower. Hong Kong futures pointed to a weaker opening, signalling cautious sentiment across the region. South Korean markets remained closed for a holiday.
The weakness followed broad-based selling in semiconductor stocks, which weighed heavily on investor confidence.
US Tech Sell-Off Drags Markets Lower
US equity futures remained under pressure in Asian trading after technology shares led declines in the previous session.
Overnight, the Nasdaq Composite fell nearly 1.5 per cent, while the S&P 500 declined just over 0.5 per cent. The Dow Jones Industrial Average also ended modestly lower.
The decline was largely driven by weakness in semiconductor stocks, which triggered profit-booking across the broader technology sector.
## Crude Oil Trades Near Key $85 Mark
Crude oil prices edged higher on Friday, with Brent crude hovering close to the psychologically important $85 per barrel level.
Brent futures were trading around $84.81 per barrel, while US West Texas Intermediate (WTI) crude rose to approximately $79.52 per barrel.
Investors continue to monitor movements in oil prices closely, as sustained increases could influence inflation expectations and corporate costs.
## Gold And Silver Ease
Precious metals traded lower in early deals.
Gold on COMEX edged marginally lower, while domestic prices also softened from the previous session. Silver prices declined both in international and Indian markets after witnessing sharp gains earlier this year amid geopolitical uncertainty.
## FIIs Extend Selling, DIIs Offer Support
Foreign institutional investors (FIIs) remained net sellers on Thursday, offloading equities worth Rs 4,205.56 crore, according to provisional NSE data.
Domestic institutional investors (DIIs), however, continued to provide support by purchasing shares worth Rs 2,986.41 crore, helping cushion the impact of overseas selling.
## Rupee Weakens; Dollar Holds Firm
The Indian rupee weakened slightly against the US dollar in the previous session, ending at 96.35 per dollar.
Meanwhile, the US Dollar Index (DXY) remained largely steady around the 100.74 level, reflecting continued strength in the greenback against a basket of major global currencies.
## What To Expect In Indian Markets Today
Indian equities are likely to witness a cautiously positive start despite weak global cues.
Investors will closely track corporate earnings, foreign institutional investor activity, crude oil prices and global market trends for further direction. While the positive indication from GIFT Nifty may support early gains, volatility could remain elevated amid continued weakness in global technology stocks and cautious investor sentiment overseas.
