Indian equity markets are preparing for a cautiously optimistic start to Friday's trading session, with benchmark indices expected to open slightly higher despite mixed signals from international markets. This comes after domestic indices closed nearly flat in the previous session after touching fresh record highs.
Market Performance and Expert Outlook
On Thursday, the Sensex gained 110.87 points, or 0.13%, to settle at 85,720.38. The Nifty 50 added 10.25 points, or 0.04%, closing at 26,215.55. Both indices had reached new intraday records before paring some gains.
Market experts maintain a positive medium-term view. Ajit Mishra, SVP of Research at Religare Broking Ltd, advised, "We expect the positive momentum to continue, with the Nifty 50 gradually advancing toward the 26,500 mark. Traders should maintain a 'buy-on-dips' approach, focusing on sectoral rotation and strong stock-specific setups."
Key Global Influences
Asian markets presented a mixed picture on Friday. Japan's Nikkei 225 declined 0.25%, while the Topix remained flat. South Korea's Kospi plunged 0.95%, though the Kosdaq rallied impressively by 1.66%. Hong Kong's Hang Seng index futures pointed toward a lower opening.
The Gift Nifty was trading around the 26,420 level, representing a premium of nearly 29 points compared to the Nifty futures' previous close. This indicates a mildly positive opening for Indian indices.
Commodity Markets and Economic Data
In the United States, markets were closed on Thursday for Thanksgiving, with shortened trading hours scheduled for Friday. US stock futures traded largely flat during the holiday week.
Gold prices rose 0.3% to $4,171.18 per ounce, positioning the precious metal for its fourth consecutive monthly gain amid growing expectations of Federal Reserve rate cuts.
Crude oil prices continued their downward trend, heading for the longest monthly losing streak in over two years. Brent crude edged up 0.06% to $63.38 per barrel, while US West Texas Intermediate futures gained 0.63% to $59.02.
Internationally, Russian President Vladimir Putin indicated that draft peace plan outlines discussed by the US and Ukraine could form the basis for future agreements to end the conflict, though he emphasized Russia's readiness to continue fighting if necessary.
In economic data from Asia, Tokyo's core consumer price index rose 2.8% in November compared to a year earlier, holding steady from October's reading and remaining well above the Bank of Japan's 2% inflation target.
