The Indian stock market is likely to start Friday’s session on a weaker note as global cues turned negative overnight. Early trends from GIFT Nifty and a sharp sell-off in US technology stocks signal pressure on benchmark indices after Thursday’s record-setting close.
On Thursday, the Sensex jumped 446 points to end at 85,632.68, while the Nifty 50 gained 139.50 points to settle at 26,192.15, both notching fresh 52-week highs.
Motilal Oswal’s Siddhartha Khemka said the market’s momentum will depend on “domestic cues, global macro numbers, FII flows and any update on the India–US trade agreement.”
Here are the 10 key global cues investors must track today:
1. GIFT Nifty signals weak start
GIFT Nifty hovered around 26,154, trading nearly 66 points below Thursday’s Nifty futures close, hinting at a negative opening for Indian equities.
2. Asian markets slip in early trade
Asian peers opened sharply lower following the Wall Street sell-off.
Nikkei 225 plunged 2.25%
Topix slipped 0.72%
Kospi crashed 3.4%
Kosdaq lost 3.01%
Hang Seng futures pointed to a soft start
3. Wall Street reverses gains; tech tumble drags indices
US markets turned sharply lower despite a strong start driven by Nvidia’s earnings.
Dow Jones fell 0.84%
S&P 500 dropped 1.56%
Nasdaq Composite sank 2.15%
Major tech stocks cracked:
Nvidia (-3.15%), AMD (-7.84%), Amazon (-2.49%), Microsoft (-1.6%), Intel (-4.42%), Palantir (-5.85%), Tesla (-2.21%).
4. US jobs data: Payrolls rise, unemployment climbs
US nonfarm payrolls increased by 119,000 in September, while the unemployment rate climbed to a four-year high of 4.4%, pointing to a cooling labour market but avoiding recession signals.
5. Japan PMI contracts again
Japan’s manufacturing PMI stood at 48.8 in November — below the 50 threshold for the fifth straight month, signalling continued contraction.
6. India’s core sector output stagnates
Core sector growth remained flat (0% YoY) in October — the weakest in 14 months. September growth was revised to 3.3%, while August stood at 6.5%.
7. Dollar heads for best weekly gain in 5 weeks
The dollar index traded near a 5.5-month high at 100.20.
Euro at $1.1528
Sterling at $1.3084
Yen at 157.33, near a 10-month low
8. Gold prices remain steady
Gold held firm at $4,082.90/oz, supported by mixed US jobs data and steady expectations around US Fed rate cuts.
9. Crude oil retreats
Oil prices softened after Ukraine agreed to work on a peace plan.
Brent: down 0.66% at $62.97/barrel
WTI: down 0.69% at $58.59/barrel
10. Market view: Bias remains positive but volatility ahead
Despite weak global cues, analysts believe India’s domestic flows and strong economic data may cushion declines. However, sharp moves in global tech stocks, currency fluctuations and geopolitical headlines could keep volatility elevated.
