22 hours ago
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Indian equity markets are likely to open on a weak note on Friday, weighed down by mixed global cues, weekly forex data, and a cautious stance ahead of a heavy earnings day. At 6:36 AM, GIFT Nifty futures were trading 121 points lower at 24,974, signaling a gap-down start for the benchmark indices.
Key Factors to Watch
Q1 Results: Market sentiment will hinge on earnings from key firms including Bajaj Finserv, Bank of Baroda, Cipla, SBI Cards, and Steel Authority of India, among others.
India-UK Trade Pact: Positive geopolitical development as India and the UK dismantle trade barriers in a landmark agreement, which could bolster investor confidence in the medium term.
Institutional Activity: On July 24, FIIs net sold Rs 2,308 crore, while DIIs bought Rs 2,692 crore, highlighting continued domestic support amid foreign outflows.
Macro Signals: India's forex reserves data for the week ended July 18 will be closely watched for insights into external sector strength.
IPO Buzz: Several primary issues are active, including PropShare Titania (final day), and new SME listings from Sellowrap Industries, Shree Refrigerations, and Patel Chem Specialities.
Global Market Snapshot
Asia-Pacific: Mostly lower; Nikkei (-0.55 per cent), Topix (-0.73 per cent), and ASX 200 (-0.51 per cent), with Kospi flat, reflecting cautious investor mood.
Wall Street: Mixed session; S&P 500 (+0.07 per cent) and Nasdaq (+0.18 per cent) extended record highs, while Dow Jones fell 0.7 per cent, dragged by underperforming cyclicals.
US Economic Data: Jobless claims fell for a sixth straight week, but continuing claims rose, suggesting a tight but potentially cooling labor market.
US Composite PMI rose to 54.6, driven by services, supporting hopes of a soft landing.
Commodities
Gold: Dropped 0.6% to $3,367.72/oz as safe-haven demand waned.
Oil: Brent rose to $69.18, WTI to $66.03, supported by US inventory data and optimism around trade progress.
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