Sensex, Nifty opening: Will stock market fall or rise today?
India Today
Early indicators suggest a positive start. GIFT Nifty futures were trading at 23,250.5 at around 08:24 am, indicating that the Nifty 50 may open above Thursday's close of 23,002.15.
Stock markets are likely to open higher on Friday, after seeing their sharpest fall in two years in the previous session. The expected recovery comes as oil prices have eased from recent highs, offering some relief to global markets amid the ongoing Middle East conflict.
Early indicators suggest a positive start. GIFT Nifty futures were trading at 23,250.5 at around 08:24 am, indicating that the Nifty 50 may open above Thursday’s close of 23,002.15.
Oil prices had surged sharply on Thursday, with Brent crude rising to as high as $119.13 per barrel after attacks on energy infrastructure in the Middle East. This triggered a global market sell-off and wiped out around $139.5 billion in market value from NSE-listed companies in a single session.
However, prices have since eased to around $105 per barrel. This moderation comes after European nations and Japan offered support to ensure safe passage of ships through the Strait of Hormuz, and the United States outlined steps to boost oil supply.
US President Donald Trump also said he had urged Israeli Prime Minister Benjamin Netanyahu not to repeat attacks on Iranian energy infrastructure, which had led to further escalation earlier.
Recent developments have raised hopes of some de-escalation in the conflict, which has helped calm markets slightly.
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The global brokerage has cut its Nifty target to 27,000 from the earlier estimate of 28,500. Even after the reduction, the new target still suggests a possible upside of about 17% from the Nifty's last closing level.
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Early signals from the derivatives market suggest a positive start. GIFT Nifty futures were trading at 23,257 at around 08:11 am, indicating that the Nifty 50 may open above Friday's closing level of 23,151.10.
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Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.