Global markets surged after US President Donald Trump said a peace agreement with Iran could be signed over the weekend. While Iran has not officially confirmed the claim, tensions around the Strait of Hormuz have eased significantly, boosting investor sentiment across equities, commodities and currencies.
Crude oil prices slipped below $90 a barrel, the US dollar weakened, gold advanced and US stock futures moved higher. Asian markets rallied sharply, while Gift Nifty signalled a strong opening for Indian equities.
Gift Nifty, which closed at 23,397 on Thursday night, climbed to around 23,535 in early trade, indicating a strong gap-up opening for the Nifty 50.
Trump said a deal ensuring Iran does not acquire nuclear weapons could be signed in Europe over the weekend.
Tensions in the Gulf region have eased, reducing fears of disruption to global oil supplies.
Brent crude slipped below $90 a barrel.
The dollar index weakened below 100.
Gold prices rebounded strongly.
US stock futures and Asian markets advanced.
Shares of SpaceX are scheduled to begin trading in the US market today after a blockbuster IPO.
Key details:
IPO valuation: $1.77 trillion
Issue price: $135 per share
Funds raised: $75 billion
The listing is expected to push Elon Musk close to trillionaire status. Bloomberg estimates that Musk's wealth has already risen sharply ahead of the listing.
US markets erased the previous session's losses and closed sharply higher on Thursday, driven by optimism surrounding a possible Iran agreement and enthusiasm over the SpaceX listing.
--Dow Jones: 50,848.75 (+1.86%)
--S&P 500: 7,394.30 (+1.75%)
--Nasdaq Composite: 25,809.66 (+2.54%)
The market largely ignored the 6.5 percent rise in the US Producer Price Index for May.
Early Friday:
Dow futures: +76 points
S&P 500 futures: +16 points
Nasdaq futures: +86 points
Indian ADRs traded mixed in New York.
HDFC Bank rose further in after-hours trading to $23.85.
ICICI Bank slipped after regular-session gains.
Infosys recovered in extended trading.
Wipro ended largely unchanged after-hours.
European shares gained on Thursday despite the European Central Bank raising its benchmark rate by 0.25 percentage points to 2.25 percent.
The move, widely anticipated, came as inflation moved above 3 percent due to rising energy prices.
Asian markets opened firmly higher on Friday.
Japan's Nikkei surged around 3 percent.
Australia's benchmark index gained 1.75 percent.
South Korea's Kospi jumped 8 percent.
Hong Kong rose 1.25 percent.
Shanghai advanced about 1 percent.
Despite supportive global signals, Indian equities extended their weakness on Thursday, with broader market indices underperforming.
Major losers:
IT
Consumer durables
FMCG
Defence
Tourism
Realty
Oil stocks
Gainers:
Media
Pharma
Healthcare
Sensex: 73,832.55 (-150.63 points; -0.20%)
Nifty 50: 23,161.60 (-53.35 points; -0.23%)
Bank Nifty: 55,176.75 (+0.14%)
Mid cap 100: 59,325.40 (-0.81%)
Small cap 100: 17,702.60 (-0.67%)
Market breadth remained weak.
BSE gainers: 1,279
BSE losers: 2,928
NSE gainers: 1,006
NSE losers: 2,240
Foreign portfolio investors remained net sellers on Thursday.
FPI net sales: ₹1,987.09 crore
Domestic institutional investors net purchases: ₹4,224.51 crore
Media reports indicate that Reliance Jio and National Stock Exchange of India could file draft IPO documents with SEBI next week.
Target fundraising: ₹35,000 crore
Indicative valuation: ₹13 lakh-crore
The proposed issue would surpass the IPO record set by Hyundai Motor India in 2024.
Proposed fundraising: ₹20,000 crore
Estimated valuation: ₹5 lakh-crore
Major shareholders include:
Life Insurance Corporation of India – 10.72%
SBI Capital Markets – 4.33%
State Bank of India – 3.23%
Rajesh Exports hit the lower circuit for a sixth straight session amid accounting-related concerns.
MTAR Technologies plunged 10.99 percent after uncertainty emerged over a US data-centre fuel-cell contract.
Defence technology stocks including Paras Defence and Space Technologies, ideaForge Technology and Data Patterns declined up to 5 percent.
Hindustan Aeronautics fell 2.5 percent amid indications that no immediate progress is expected in the Rafale fighter aircraft programme during Prime Minister Narendra Modi's upcoming visit to France.
Nucleus Software Exports dropped 6.57 percent after Wednesday's sharp rally.
PPAP Automotive surged 20 percent after announcing a partnership with France-based Hutchinson.
Doms Industries gained 6.5 percent following the acquisition of Reynolds.
C Entertainment rose 8.52 percent after receiving approval for a ₹2,300 crore fund-raising plan.
Gold staged a strong recovery.
Spot gold rose $140.40 to close at $4,212.70 an ounce.
Early Friday prices eased slightly to around $4,190.
The price of 22-carat gold in Kerala fell by ₹1,560 per sovereign on Thursday to ₹1,06,800. A sharp rebound is expected today.
Silver: $66.96 an ounce
Platinum: $1,721
Palladium: $1,269
Rhodium: $7,625
Industrial metals mostly advanced.
Copper rose 0.36 percent to $13,417.65 per tonne.
Aluminium gained 1.05 percent to $3,533.
Tin and nickel rose.
Zinc and lead declined.
Rubber prices strengthened on expectations of lower production.
Bangkok RSS-3: $309.90 per quintal
Bangkok RSS-1: $313.40 per quintal
Kerala RSS-4: record ₹26,900 per quintal
Synthetic rubber prices fell 1.74 percent.
Urea prices rose 1.26 percent to $402.50 a tonne, though they remain about 26 percent lower than a month ago.
The US dollar index fell to 99.86 and slipped further to 99.79 in early trade.
Euro: $1.1568
Pound: $1.3405
Japanese yen: 160.18 per dollar
Chinese yuan: 6.78 per dollar
The US 10-year Treasury yield eased to 4.473 percent.
The rupee weakened on Thursday as higher crude prices weighed on sentiment.
Closing rate: ₹95.76 per dollar
Loss: 49 paise
In the offshore NDF market, the dollar eased to around ₹95.23.
Euro: ₹110.79
Chinese yuan: ₹14.13
Prospects of a Middle East peace agreement pushed oil prices lower.
Brent crude fell 3 percent on Thursday to $90.38 a barrel.
Early Friday: $89.24
WTI crude: $86.53
Cryptocurrency markets moved higher again.
Bitcoin: above $63,300
Ether: above $1,660
Solana: above $66
(June 11, Thursday)
Sensex: 73,832.55 (-0.20%)
Nifty 50: 23,161.60 (-0.23%)
Bank Nifty: 55,176.75 (+0.14%)
Mid cap 100: 59,325.40 (-0.81%)
Small cap 100: 17,702.60 (-0.67%)
Dow Jones: 50,848.75 (+1.86%)
S&P 500: 7,394.30 (+1.75%)
Nasdaq: 25,809.50 (+2.54%)
Dollar: ₹95.76 (+₹0.49)
Gold (ounce): $4,212.70 (+$140.40)
Gold (sovereign): ₹1,06,800 (-₹1,560)
Brent crude: $90.38 (-$2.72)
