Indian Equity Market: The domestic equity market is expected to open flat to negative on Friday following mixed signals from global markets.
Asian markets were mostly higher, but U.S. stocks were closed overnight for a holiday. U.S. stock futures were flat.
Investors are now awaiting U.S. non-farm payrolls data later today to gauge the trajectory of any potential interest rate cuts from the Federal Reserve.
Indian stock indexes edged higher to close at record highs on Thursday, with the Sensex crossing the 80,000-point mark for the first time.
The Sensex index rose 62.87 points or 0.08 percent to close at 80,049.67, while the Nifty 50 index rose 15.65 points or 0.06 percent to close at 24,302.15.
“The release of pre-quarter business update gives confidence that first quarter earnings will be strong. Recent data has indicated a softening in the US economy and expectations of an interest rate cut have further boosted sentiment. We expect the momentum to continue and Nifty to stabilise in a broader range,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
Key global market indications on Sensex today include:
Asian Market
Asian markets rose on Friday, with Japan’s main index hitting a record high.
Japan’s Nikkei rose 0.46% and the Topix rose 0.06% to hit record highs. South Korea’s KOSPI rose 0.45% and the Kosdaq added 0.25%. Hong Kong’s Hang Seng Index futures opened lower.
Give the gift of Nifty today
GIFT Nifty is trading around 24,360 levels, down about 17 points from the previous day’s closing price of Nifty futures, indicating a sluggish start for Indian equity market indices.
Wall Street
US stock markets were closed on Thursday for Independence Day. US stock futures traded flat. Nasdaq 100 futures were down 0.1%, S&P 500 futures were flat to down, and Dow Jones Industrial Average futures were up 0.05%.
Samsung’s second quarter results
Samsung Electronics forecast its second-quarter operating profit would rise more than 15-fold thanks to soaring semiconductor prices due to the artificial intelligence boom. Samsung said its provisional second-quarter operating profit rose to 10.4 trillion won ($7.5 billion), up from 670 billion won a year earlier. Revenue was 74 trillion won. Samsung is due to announce final profits by divisions later this month. Samsung shares were up 1.7 percent in early morning trading in Seoul.
Japanese household expenditures
Data showed Japanese household spending unexpectedly fell in May. Consumer spending fell 1.8% in May from a year earlier. Economists polled by Reuters had expected a 0.1% increase.
Oil prices
Oil prices are trading near two-month highs and both indexes are on track for a fourth consecutive week of gains.
Brent crude oil rose 0.07% to $87.49 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.16% to $84.01.
Today’s Gold Price
Gold prices rose on Friday, putting them on track for a weekly gain ahead of the release of U.S. employment data.
Spot gold rose 0.1% to $2,358, up more than 1% for the week, while U.S. gold futures were down 0.1% to trade at $2,366.30.
(Quoted from Reuters)
Disclaimer: The views and recommendations expressed above are those of the individual analysts or brokerage firms and not that of Mint. We recommend checking with a certified professional before making any investment decisions.
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