Indian benchmarks may open little changed on Friday after two sessions of gains, but the sentiment will likely be downbeat, tracking other Asian stocks, ahead of the U.S. labour market data.
The GIFT Nifty futures were trading at 22,549.50 as of 07:43 a.m. IST, indicating that the blue-chip Nifty 50 will likely open near Thursday’s close of 22,544.70.
The Nifty 50 and BSE Sensex rose about 2% each in the last two sessions on hopes of some relaxation in U.S. tariffs on Canada and Mexico, a drop in oil prices and bargain hunting after the recent fall.
After Indian market hours on Thursday, U.S. President Donald Trump suspended the 25% tariffs on most goods from Mexico and Canada, marking another twist in a fluctuating trade policy that has whipsawed the global financial markets.
Reliance Industries, metals buoy Indian shares; weaker oil prices aid sentiment
Uncertainty will prevail until clarity emerges on reciprocal tariffs, which will directly impact India, analysts said.
Despite the last two sessions’ gains, foreign investors have remained sellers, taking the total year-to-date sell-off in Indian equities to $15.6 billion.
Investors will be particularly cautious as they await key U.S. jobs data and Federal Reserve Chair Jerome Powell’s speech, both scheduled for after-market hours. Most Asian markets fell in early trades, with the MSCI Asia ex Japan losing 0.8%.
Overnight, Wall Street equities slipped, with Nasdaq Composite index (.IXIC), opens new tab confirming a correction.
A global bond market sell-off continued, a day after the 10-year German Bund yield saw its biggest rise since the 1990s after Germany’s spending pledge.
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