The benchmark indices are likely to open higher on Friday as indicated by global cues. Domestic equity markets remained under pressure on Thursday as second-rung stocks were hammered again. Stocks erased Rs 5 lakh crore from investors' portfolios.
Trends on SGX Nifty indicate a positive start for the broader index in India, with a gain of 169 points or 1.07 percent. The Nifty futures were trading around 15,985.50 level on the Singaporean Exchange at 7:35 IST.
That said, investors may be cautious as data showed retail inflation in April jumped to an 8-year high of 7.79 per cent, raising bets of more rate hikes by the RBI.
Markets on Thursday
Benchmark indices continued the selling on the fifth consecutive session on May with Nifty finishing around 15800. The Sensex was down 1,158.08 points at 52,930.31, and the Nifty was down 359.10 points at 15, 808.
All the sectoral indices ended in the red with capital goods, auto, bank, metal, oil & gas, power, FMCG, pharma, realty indices down 1-4 per cent. Among broader indices, the BSE midcap and smallcap indices shed 2 per cent each.
Asian shares trade higher
Most Asian markets opened higher on Friday after a mixed close on Wall Street, despite prevailing concerns about growth given stubborn inflation and rising interest rates. MSCI's index of Asia-Pacific shares outside Japan was up 1.02 per cent.
Japan's Nikkei jumped 2.4%, Australia's ASX 200 added 1.47%, South Korea's Kospi advanced 1.66%, Hong Kong's Hang Seng climbed 1.58%, China's Shanghai Composite rose 0.65%
Wall Street ends mixed:
US stocks ended slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve.
All three major US stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.
The S&P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.
The Dow Jones Industrial Average fell 103.81 points to 31,730.3, the S&P 500 lost 5.1 points to 3,930.08 and the Nasdaq Composite added 6.73 points to 11,370.96.
Oil Prices today
Oil prices firmed in early trade on Friday but were headed for their first weekly losses in three weeks as worries about inflation and China's Covid lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia. Brent crude futures were up 97 cents, or 0.9 per cent, at $108.42 a barrel, while US WTI crude futures climbed $1.00, or 0.9 per cent, to $107.13 a barrel.
The rupee slumped by 15 paise to end at 77.40 against the US dollar on Thursday, following risk-off sentiments amid increasing concerns over inflation globally.
FIIs sell shares worth Rs 5,256 crore
Foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 5,255.75 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 4,815.64 crore, data suggests.