Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open in the red on Friday, tracking a sell-off in global markets after technology and artificial intelligence (AI) stocks came under selling pressure. The domestic stock market is likely to witness volatility today ahead of the Bihar assembly results, which will be declared today.
Indian stock market ended flat on profit booking at higher levels on Thursday
Sensex added 12.16 points or 0.01% to end at 84,478.67 while Nifty 50 closed the day’s trade 3.35 points or 0.01% higher at 25,879.15.
“Going ahead, some consolidation cannot be ruled out after the recent rally. But, the overall bias remains constructive supported by the resilience in the key sectors such as banking and IT. Meanwhile, traders can remain stock specific and can focus on sectoral outperformers like banking, auto, and metals while maintaining a disciplined risk management strategy amid possibility of volatility,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Asian Markets
Asian market traded in the red on Friday, tracking late losses on Wall Street, as a sell- off in technology stocks. Japan’s Nikkei 225 was down 1.31, while the Topix was 1.03 lower.
South Korea’s Kospi was down 2.51% and the Kosdaq was 1.42% lower. Hong Kong’s Hang Seng Index futures were down for a lower open.
Gift Nifty Today
Gift Nifty was trading around 25,848 level, a discount of nearly 106 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
Wall Street
US stock market ended sharply lower on Thursday as investors scaled back expectations of interest rate cuts due to inflation.
The Dow Jones Industrial Average was down 1.65 to 47,457.22. S&P 500 dropped 1.66 to end the session at 6,737.49, while Nasdaq Composite closed 2.29 lower at 22,870.36. .
Bihar Election Results
Bihar elections were held in two phases on November 6 and 11, registering one of the loftiest- ever namer turnouts in the state.
