📷 Image Credits: Mint
The Indian stock market is showing resilience amidst global market fluctuations. On Friday, the domestic equity market is expected to open flat with a negative bias, tracking mixed cues from global markets. Asian markets traded mostly higher, while the US stock market was closed overnight. Investors are eagerly awaiting the US nonfarm payrolls data to be released later today to gauge the trajectory of potential interest rate cuts by the US Federal Reserve.
In a positive development, the Indian stock market indices ended Thursday with minor gains at record closing highs. The Sensex closed above the 80,000-mark for the first time, rising 0.08% to 80,049.67, while the Nifty 50 settled 0.06% higher at 24,302.15. The release of pre-quarterly business updates has instilled confidence in healthy Q1 earnings, further bolstered by hopes of a rate cut as recent data indicates a softening of the US economy.
Key global market cues for Sensex today indicate positive trends, with Asian markets trading higher. Japan’s Nikkei 225 and Topix hit new highs, while South Korea’s Kospi and Kosdaq also saw gains. Gift Nifty trading around 24,360 signals a muted start for the Indian stock market, reflecting a discount from the Nifty futures’ previous close.
In other news, Samsung Electronics reported a significant rise in its second-quarter operating profit, attributing the surge to a jump in semiconductor prices amid an artificial intelligence boom. The company’s preliminary operating profit of 10.4 trillion won marks a substantial increase from a year earlier. Amidst these developments, Japanese household spending fell unexpectedly in May.
Crude oil prices are trading near a two-month high, with Brent crude oil at $87.49 a barrel and US West Texas Intermediate crude futures at $84.01. Gold prices are also on the rise ahead of the US employment data release, with spot gold up 1% for the week.
Overall, the Indian stock market continues to exhibit strength and upward momentum despite global challenges. Analysts are optimistic about long-term returns, with increased investor interest and positive economic indicators driving growth in various sectors. The ongoing growth trajectory and positive market sentiment indicate a promising outlook for the Indian economy amidst global uncertainties.