Uncertainty over the reopening of the Strait of Hormuz continued to weigh on global markets, with conflicting signals from the US and Iran keeping investors cautious. Crude oil prices moved closer to $84 a barrel, while investors awaited the US non-farm payrolls data later today, which is expected to set the tone for global markets.
For Indian investors, rising crude prices and a fresh round of June-quarter corporate earnings are likely to dominate market sentiment.
Gift Nifty, which closed at 24,641.50 on Thursday, rose to 24,681 in early trade before slipping back to around 24,640, indicating a weak opening for Indian equities.
US stocks ended lower on Thursday as higher oil prices and uncertainty over the Hormuz negotiations dampened investor sentiment. The Dow Jones snapped its five-session winning streak.
Technology stocks traded in a narrow range. Meanwhile, reports that major investors in SpaceX sold about 900 million shares triggered concerns over further selling pressure, although the stock recovered to end higher.
US market close
Dow Jones: 53,885.10, down 464.02 points (-0.85%)
S&P 500: 7,709.96, down 13.59 points (-0.18%)
Nasdaq Composite: 26,348.35, down 15.09 points (-0.06%)
Early Friday:
Dow futures fell 69 points (-0.13%)
S&P 500 futures slipped 5 points (-0.06%)
Nasdaq futures gained 31 points (+0.09%)
Indian stocks listed in New York delivered a mixed performance.
HDFC Bank ADR fell 0.25 percent to $23.71.
ICICI Bank ADR gained 0.55 percent to $30.65.
Infosys ADR closed at $12.48 after recovering in after-hours trading.
Wipro ADR ended at $2.00.
European markets closed mixed for a second consecutive session.
German and French indices, along with the Euro Stoxx index, advanced, while the UK's FTSE slipped. Investor optimism remained capped by uncertainty surrounding the Hormuz negotiations.
Advertising giant WPP surged 30 percent after its June-quarter results suggested that its AI-driven restructuring strategy was beginning to improve growth prospects.
Most Asian markets traded lower on Friday morning.
Japan's Nikkei fell 1.73 percent.
South Korea's Kospi gained about one percent.
Samsung Electronics rose 2.5 percent.
SK Hynix declined 1.75 percent.
Australia's benchmark index gained 0.60 percent.
Market participants continued to report anomalies under the new Closing Auction Session (CAS) mechanism, with the divergence between the Sensex and Nifty remaining unusually wide. SEBI maintains that these issues will ease as the market adapts to the new system, which is intended to align Indian markets with global practices and attract more foreign investment.
On Thursday:
Sensex gained 0.48 percent.
Nifty 50 rose just 0.05 percent.
Realty, metal, IT, auto and media stocks declined, while public sector banks, defence stocks and Reliance Industries supported the market.
Cochin Shipyard, Mazagon Dock, Garden Reach Shipbuilders, HAL, Bharat Dynamics, MTAR Technologies and Mishra Dhatu Nigam (MIDHANI) gained more than four percent.
Foreign portfolio investors (FPIs) were net sellers of Rs 17.86 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 4,013.60 crore.
Thursday's closing levels:
Sensex: 78,954.76 (+0.48%)
Nifty: 24,636.80 (+0.05%)
Bank Nifty: 58,063.65 (+0.56%)
Nifty Mid Cap 100: -0.44%
Nifty Small Cap 100: +0.48%
Market breadth remained almost evenly balanced across both the NSE and BSE.
Several companies reported quarterly earnings after market hours.
Apollo Tyres
Revenue increased 12.8 percent.
Net profit surged to Rs 348.9 crore.
Life Insurance Corporation
Net profit rose 23 percent to Rs 13,492 crore.
Gross income stood at Rs 2.38 lakh crore.
Premium income increased 6.75 percent.
New business jumped 61 percent.
Siemens Energy India
Revenue, operating profit and net profit all exceeded analyst estimates.
NCC
Revenue grew 12.2 percent.
Net profit increased 12.6 percent.
Britannia Industries
Net profit rose 13.6 percent to Rs 591.4 crore.
Kirloskar Oil Engines
Revenue increased 13.5 percent, while profit growth remained modest.
Gold prices fluctuated as investors reacted to developments surrounding Hormuz and rising crude oil prices.
Spot gold closed at $4,241.30 an ounce after touching $4,303 during Thursday's session. It recovered to around $4,252 in early Friday trade.
In Kerala, 22-carat gold jumped Rs 2,120 to Rs 1,09,800 per sovereign.
Silver closed at $61.64 an ounce. Platinum traded at $1,716, while palladium stood at $1,352.
Copper extended its record-breaking rally as supply concerns intensified.
Prices touched an all-time high of $14,453.60 a tonne before closing at $14,452.65, up 2.01 percent.
Aluminium gained 0.36 percent, while zinc, tin and lead also advanced. Nickel declined.
International rubber prices edged higher, although prices in Kerala remained unchanged.
RSS-1 in Bangkok: $284.30 per quintal.
RSS-4 in Kerala: Rs 28,400 per quintal.
Cocoa prices fell 2.7 percent to $5,723 a tonne despite forecasts of lower production in Ghana and Ivory Coast due to adverse weather.
Arabica coffee declined 1.03 percent to $3.08 per pound. The US Department of Agriculture expects global coffee production to reach a record high this year, led by strong harvests in Brazil and Vietnam.
The US Dollar Index closed at 99.93 and climbed to 99.98 in early trading.
Euro: $1.152
Pound: $1.3449
Japanese yen: 158.49 per dollar
Chinese yuan: 6.75 per dollar
The yield on the US 10-year Treasury rose to 4.68 percent before easing.
The Indian rupee surrendered early gains on Thursday to close 10 paise weaker at 95.22 per US dollar.
In the offshore non-deliverable forward (NDF) market, the rupee was quoted at 95.31 in early trade.
Oil prices continued to climb as hopes of an early breakthrough in the Hormuz negotiations faded.
Brent crude settled at $83.08 a barrel on Thursday after rising four percent.
It climbed further to around $83.64 in early Friday trade.
WTI crude traded at $78.25 a barrel.
The cryptocurrency market remained under pressure.
Bitcoin slipped below $64,200.
Ether traded below $1,900.
Solana remained below $73.
Sensex 78,954.76 +0.48%
Nifty 50 24,636.80 +0.05%
Bank Nifty 58,063.65 +0.56%
Mid Cap 100 63,326.80 -0.44%
Small Cap 100 19,878.25 +0.48%
Dow Jones 53,885.10 -0.85%
S&P 500 7,709.96 -0.18%
Nasdaq 26,348.35 -0.06%
US dollar ₹95.22 +₹0.10
Gold (ounce) $4,241.30 -$6.90
Gold (sovereign) ₹1,09,800 +₹2,120
Brent crude $83.08 +$3.63