The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note on Friday as weak overnight global market cues keep investors on the sidelines.

Asian markets traded lower, while the US stock market closed lower overnight as a sell-off in semiconductor stocks weighed on the major indices.

The Indian stock market ended flat on Thursday as investors remained cautious amid weak global cues and escalating tensions in the US-Iran conflict, which continued to weigh on market sentiment.

Domestic Market Recap

On Thursday, Indian indices ended flat:

• Sensex gained by 1.44 points (0.00%) to close at 77,186.87.
• Nifty 50 moved down by 5.75 points (0.02%) to settle at 24,072.75

Gift Nifty

Gift Nifty was trading near 24,113, around 17 points higher than the previous Nifty futures close, hinting at a lackluster start for Indian markets.

Overnight Wall Street Performance

The US stock market closed lower on Thursday as a broad sell-off in semiconductor stocks dragged the major indices into negative territory.

• The Dow Jones Industrial Average slumped by 105.32 points (0.20%) to close at 52,553.32.
• S&P 500 was down by 38.63 points (0.51%), ending at 7.533.77.
• The Nasdaq Composite was lower by 387.28 points (1.47%), finishing at 25,881.95.

Crude Oil Prices

• Brent crude surged by 1.27% to $85.30/barrel
• US West Texas Intermediate (WTI) crude was trading 1.23% higher at $79.92/barrel

Overnight Major Global Events Driving Sentiment

1. US-Iran War: The United States intensified its airstrike campaign against Iran early Friday by expanding attacks to include key bridges. In response, Iran launched fresh missile strikes on US-allied nations across the Middle East and warned that it would further escalate its military operations.
2. US Retail Sales: US retail sales edged higher in June, reflecting steady consumer spending. Retail sales increased 0.2% during the month after an upwardly revised 1.0% gain in May.
3. US Jobless Claims: Fewer Americans filed new unemployment benefit claims last week, pointing to continued strength in the labor market. Initial jobless claims fell by 8,000 to a seasonally adjusted 208,000 for the week ended July 11.

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