The Indian stock market is gearing up for a mixed start on Friday, with global and local indicators pointing towards a muted-to-positive opening. The Gift Nifty futures were trading lower, indicating a slightly lower opening for the Nifty 50 index. Markets in India were closed on Thursday for Eid, so investors are eager to see how the market performs today.
Global markets showed a mixed performance, with US and Asian peers advancing, especially in the tech sector. Expectations are high for positive results from companies in the quarter ended March 31, which is boosting investor sentiment.
In the US, the producer price index (PPI) for final demand rose less than expected, easing concerns about inflation. However, Federal Reserve officials have indicated that rate cuts may not be necessary at this time, which has influenced market expectations.
On Wall Street, the Dow Jones Industrial Average closed almost flat, while the S&P 500 and Nasdaq Composite posted gains. In Europe, the STOXX 600 index closed lower, reflecting the mixed sentiment in global markets.
Currency markets saw the dollar slightly stronger, with the euro and yen showing some weakness. Oil prices settled lower, but geopolitical concerns, particularly related to Iran, kept crude prices near six-month highs. Gold prices firmed up after the inflation data, with spot gold gaining significantly.
Overall, the global market trends are influencing the Indian market sentiment, and investors will be closely watching how the market performs today. Stocks like TCS, Wipro, Vi, TaMo, HUL, CAMS, Dr Reddy’s, and Adani Total Gas are expected to be in focus. It will be interesting to see how the Indian stock market reacts to the global cues and company results in today’s trading session.
