The Indian stock market is expected to open flat with a negative bias on Friday, following mixed cues from global markets. Asian markets traded mostly higher, while the US stock market was closed for a holiday. Investors are eagerly awaiting the US nonfarm payrolls data later today to assess the potential trajectory of interest rate cuts by the US Federal Reserve.
On Thursday, Indian stock market indices closed with minor gains at record highs, with the Sensex surpassing the 80,000-mark for the first time. The Sensex rose by 0.08% to close at 80,049.67, while the Nifty 50 settled 0.06% higher at 24,302.15.
Market experts are optimistic about healthy Q1 earnings following the release of pre-quarterly business updates. The hope of a rate cut also boosts sentiments, especially as recent data suggests a softening of the US economy. It is expected that this positive momentum will continue, with the Nifty consolidating in a broader range.
Key global market cues for the Sensex today include Asian markets trading higher, with Japan’s benchmark indices reaching new highs. Japan’s Nikkei 225 gained 0.46% and the Topix rose by 0.06% to a fresh record high. South Korea’s Kospi and Kosdaq also posted gains, while Hong Kong’s Hang Seng index futures indicated a lower opening.
Gift Nifty was trading around the 24,360 level, indicating a muted start for Indian stock market indices. Meanwhile, US stock markets were closed on Thursday for the Independence Day holiday, with US stock futures trading flat. Samsung Electronics reported a significant rise in second-quarter operating profit, driven by semiconductor prices amid an artificial intelligence boom.
In other news, Japanese household spending unexpectedly fell in May, while crude oil prices traded near a two-month high. Brent crude oil rose to $87.49 a barrel, and US West Texas Intermediate (WTI) crude futures gained to $84.01. Gold prices also traded higher on Friday, with spot gold at $2,358 and US gold futures at $2,366.30.
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