The benchmark equity indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weak cues from overnight global markets.

Asian markets traded mostly in the red, while US stocks declined overnight, with all three major Wall Street indices closing lower.

However, on Thursday, the Indian stock market closed higher, as both Sensex and Nifty 50 gained nearly 0.5% each, driven by broad-based buying across sectors.

Domestic Market Recap

On Thursday, Indian indices closed in the green:

• Sensex gained by 398.44 points (0.49%) to close at 82,172.10
• Nifty 50 moved up by 135.65 points (0.54%) to settle at 25,181.80

Gift Nifty

Gift Nifty was trading near 25,238, around 36 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

The US stock market closed lower on Thursday, as investors engaged in consolidation ahead of the third-quarter earnings season.

• The Dow Jones Industrial Average slumped by 243.36 points (0.52%) to close at 46,358.42.
• S&P 500 down by 18.61 points (0.28%), ending at 6,735.11.
• The Nasdaq Composite was trading lower by 18.75 points (0.08%), finishing at 23,024.63.

Crude Oil Prices

• Brent crude gained by 0.1% to $65.31/barrel
• US West Texas Intermediate (WTI) crude was trading 0.2% higher at $61.63/barrel

Gold Prices 

Gold prices dropped 2% on Thursday, slipping below the $4,000 per ounce mark that was breached for the first time in the previous session, while silver prices also retreated from their record high of $51.22 per ounce. 

• Spot gold was trading 2% lower at $3,959.48 per ounce.
• The US gold futures declined by 2.4% to $3,972.6.

Overnight Major Global Events Driving Sentiment

1. Israel-Hamas Ceasefire Deal: Israel’s government approved a ceasefire agreement with Hamas on Friday, paving the way to halt hostilities in Gaza within 24 hours and begin releasing Israeli hostages within the following 72 hours.
2. US Jobless Claims: Unemployment benefit claims in the US rose again last week, according to economists’ estimates. Initial jobless claims increased to a seasonally adjusted 235,000 for the week ending October 4, up from 224,000 the previous week, as projected by analysts at JPMorgan and Goldman Sachs. Official data releases remain suspended due to the ongoing US government shutdown, now entering its second week.
3. Russia-Ukraine War: A large-scale Russian missile strike early Friday ignited a fire in a high-rise apartment building in central Kyiv and targeted several energy facilities, Reuters reported. Ukraine’s Energy Minister Svitlana Grynchuk said Russian forces continued attacking energy infrastructure, while emergency crews worked to reduce the impact of the strikes.
4. Japan Wholesale Inflation: Japan’s wholesale inflation rose 2.7% year-on-year in September, matching August’s pace and exceeding market expectations of a 2.5% rise. The Corporate Goods Price Index (CGPI), which tracks prices companies charge each other for goods and services, shows that price pressures remain steady despite moderating global commodity costs.

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