Global Cues, Gift Nifty Signal Muted Start for Sensex, Nifty on Friday
- Gift Nifty trades near flat, indicating a muted opening for Indian markets
- Global cues are mixed; US markets remained closed on Thursday
- Tech stocks could be in focus after a strong rally in the previous session
Indian equity benchmarks are likely to open on a cautious note on Friday, with Gift Nifty signalling a flat start. After a strong rally on Thursday that saw the Sensex jump 800 points, traders are now watching global cues and domestic triggers for direction.
Gift Nifty Points to Tepid Opening
Gift Nifty, which trades on the NSE International Exchange, was hovering near the flat line early Friday. This suggests that the BSE Sensex and NSE Nifty 50 may open without a strong bias.
On Thursday, the Sensex surged over 800 points, led by a sharp rally in technology stocks. The Nifty also closed firmly in the green, breaking above key resistance levels.
Global Cues Mixed, US Markets Closed
Global cues remain mixed for Friday's trade. US equity markets were closed on Thursday for a public holiday, leaving Asian markets to take cues from overnight futures and European closes.
Investors are also tracking movements in crude oil prices and the dollar index. A weaker dollar and stable oil prices could support emerging markets like India.
Tech Stocks in Focus After Rally
Technology stocks are likely to remain in focus after leading Thursday's rally. The Nifty IT index jumped over 3% in the previous session, driven by strong buying in heavyweights like Infosys and TCS.
Analysts expect the momentum to continue if global sentiment remains supportive. However, profit-booking at higher levels cannot be ruled out.
What to Watch on Friday
- Opening trend in Gift Nifty and Asian markets
- Movement in banking and IT stocks
- Foreign institutional investor (FII) flows
- Crude oil and currency market trends
Investors will also keep an eye on any domestic macroeconomic data or corporate announcements scheduled for the day. The market remains in a consolidation phase, with resistance around the 24,500 level on the Nifty.
For the rest of Friday's session, traders will watch whether the benchmark indices can hold on to Thursday's gains or if selling pressure emerges in the afternoon.