Indian stock market: 10 things that changed for market overnight - Gift Nifty, Israel-Iran conflict to crude oil prices
Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday amid weak global cues after Israel launched airstrikes on Iran, raising fears of wider conflict in the Middle East.
Asian markets traded lower, while US stock futures dropped after escalating tension in the Middle East.
On Thursday, the Indian stock market ended sharply lower, with both the benchmark indices falling a percent each.
The Sensex dropped 823.16 points, or 1.00%, to close at 81,691.98, while the Nifty 50 settled 253.20 points, or 1.01%, lower at 24,888.20.
'A host of factors triggered a massive slump in local benchmarks, as investors exited stocks at will weighed down by weak global sentiment coupled with the possibility of Israel attacking Iran, and a renewed tariff threat by US President Trump. Spike in crude oil prices and erratic FII fund flows this month has been adding to the overall uncertainty,' said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Here are key global market cues for Sensex today:
Asian markets traded lower on Friday after Israel conducted a military strike on Iran, targeting its nuclear program. Japan's Nikkei 225 declined 1.28%, while the Topix dropped 1.22%. South Korea's Kospi fell 0.83% and the Kosdaq plunged 1.82%. Hong Kong's Hang Seng index futures indicated a higher opening.
Gift Nifty was trading around 24,734 level, a discount of nearly 203 points from the Nifty futures' previous close, indicating a gap-down start for the Indian stock market indices.
US stock market ended higher on Thursday led by tech stocks. However, US stock futures declined as tensions in the Middle East worsened.
The Dow Jones Industrial Average gained 0.24% to 42,967.62, while the S&P 500 rose 0.38% to end at 6,045.26. The Nasdaq closed 0.24% higher at 19,662.49.
Microsoft, Nvidia and Broadcom shares rose over 1%. Oracle stock price jumped 13.3%, while Boeing share price fell almost 5%. Newmont gained 4.9%, Harmony Gold shares rallied 4.1% and AngloGold Ashanti stock price surged 6.4%.
Israel said it had struck Iranian nuclear targets to block Tehran from developing atomic weapons. Calling the offensive 'Rising Lion,' Israel said it was also targeting Iranian commanders and missile factories, Reuters reported. Iranian media reported explosions including at the country's main uranium enrichment facility. Israel also declared a state of emergency in anticipation of retaliatory missile and drone strikes by Tehran.
Crude oil prices jumped 8% to hit the highest in more than two months after Israel said it struck Iran. Brent crude oil prices rallied 7.67% to $74.68 a barrel, while the US West Texas Intermediate (WTI) crude futures surged 8.00% to $73.48.
US producer prices increased less than expected in May. The producer price index (PPI) for final demand rebounded 0.1% last month after a revised 0.2% decline in April. Economists polled by Reuters had forecast the PPI rising 0.2% after a previously reported 0.5% drop in April. In the 12 months through May, the PPI advanced 2.6% after rising 2.5% in April.
The number of Americans filing new applications for unemployment benefits was unchanged at higher levels last week. Initial claims for state unemployment benefits held steady at a seasonally adjusted 248,000 for the week ended June 7. Economists polled by Reuters had forecast 240,000 claims for the latest week.
Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices. Consumer Price Index (CPI)-based inflation eased to 2.82% YoY, down from 3.16% in April and 4.8% in May last year.
The US dollar rallied alongside the safe-haven Japanese yen and Swiss franc, after Israel launched strikes on Iran. The dollar index, which measures the greenback against six other currencies, gained 0.4%, and was last at 98.07. Against the yen, the dollar slipped 0.35% to 143 per dollar, while the Swiss franc tumbled 0.39% to 0.807 per dollar.
Gold prices rose and were poised for a weekly gain, as Middle East tensions boosted demand for safe-haven assets. Spot gold price gained 0.8% to $3,412.29 an ounce. Bullion has gained 3.1% so far this week. US gold futures gained 1.2% to $3,384.40.
(With inputs from Reuters)
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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