Indian benchmark indices are expected to open flat on Friday. GIFT Nifty is trading at 24,647, down 101 points (0.41%) from yesterday’s close. It sits just above the Nifty 50’s Thursday close of 24,636, indicating a modest start for the domestic benchmark.
On Thursday, Indian stocks finished higher. The Sensex rose 373.76 points (0.48%) to 78,954.76, while the Nifty edged up 11.35 points (0.05%) to 24,636. Buying in PSU banks helped the market, but weakness in metal, media and realty stocks limited the gains.
Asian markets traded cautiously as investors wait for U.S. employment data that could influence the Fed’s next rate decision. The MSCI Asia‑Pacific index was flat and fell 0.4% for the week. Japan’s Nikkei 225 dropped 0.9%, South Korea’s Kospi slipped 0.5%, while China’s CSI 300 gained 0.2%.
U.S. equity futures were subdued. Nasdaq futures were flat and S&P 500 futures fell 0.1%. The U.S. markets closed lower on Thursday after a strong start to the week, with the Dow Jones down 0.85%, the S&P 500 down 0.18% and the Nasdaq Composite down 0.06%.
Crude oil prices climbed on Friday as concerns over shipping through the Strait of Hormuz resurfaced. Brent crude rose 1.2% to $83.48 a barrel and West Texas Intermediate gained 1.1% to $78.84. The rise followed gains of more than $3 a barrel on Thursday.
The latest worries came after Iran and Oman proposed restrictions on vessels deemed hostile and heavy penalties for ships violating new rules in the Strait of Hormuz. These developments keep geopolitical risk high for the market.
From a technical view, the Nifty’s next resistance is at 24,700. A sustained move above this level could push the index toward 24,800‑25,000. On the downside, 24,600 is the immediate support, followed by 24,500.
Foreign institutional investors sold Indian equities worth only Rs 17 crore on Thursday, while domestic institutional investors bought Rs 4,013 crore, providing a strong domestic counterweight to the foreign selling.