The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, taking cues from mixed overnight global market cues.

Asian markets traded lower, while the US stock market closed on a mixed note overnight. The Dow Jones extended its winning streak to a fourth consecutive week, marking its longest run of weekly gains since October 2024.

Investors lifted the Indian stock market higher on Thursday, with broad-based buying across sectors supporting the gains.

Domestic Market Recap

On Thursday, Indian indices ended green:

• Sensex gained by 579.48 points (0.75%) to close at 77,502.12.
• Nifty 50 moved up by 169.85 points (0.71%) to settle at 24,175.70

Gift Nifty

Gift Nifty was trading near 24,447, around 182 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed on a mixed note on Thursday, with the Dow Jones reaching a record closing high after a weaker-than-expected US jobs report eased investor concerns over potential interest rate hikes.

• The Dow Jones Industrial Average soared by 594.83 points (1.14%) to close at 52,900.07.
• S&P 500 was up by 0.01 points, ending at 7.483.24.
• The Nasdaq Composite was lower by 207.36 points (0.80%), finishing at 25,832.67.

Crude Oil Prices

• Brent crude slipped by 0.31% to $71.58/barrel
• US West Texas Intermediate (WTI) crude was trading 0.35% lower at $68.45/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran Peace Talks: Iranian Foreign Minister Abbas Araghchi criticized the US Central Command (CENTCOM) after it hosted a regional security conference in Bahrain. He argued that Western intervention has failed to bring stability to West Asia and said Iran’s armed forces have demonstrated that external powers cannot even protect themselves. Araghchi also called for lasting regional peace, emphasizing that it can only be achieved without foreign interference.
2. US Nonfarm Payrolls: The US labor market lost momentum in June as job growth slowed more than expected and authorities revised payroll gains for the previous two months lower. Nonfarm payrolls increased by 57,000 jobs in June after May’s figure was revised down to 129,000 from 172,000. Economists surveyed by Reuters had expected payrolls to rise by 110,000 jobs.
3. Russia-Ukraine War: Russia launched a wave of drones and missiles targeting Ukraine’s capital, Kyiv, overnight, killing 27 people. Ukrainian President Volodymyr Zelenskyy vowed that Ukraine would “definitely” respond to the attacks while inspecting a partially destroyed residential apartment building.
4. Japan Services PMI: Japan’s services sector returned to growth in June after stagnating in May. The S&P Global Japan Services Purchasing Managers’ Index (PMI) climbed to 52.2 in June from 50.0 in May, indicating a renewed expansion in business activity.

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