Gift Nifty Upbeat; Markets Set for Positive Open on Friday 

Mumbai, June 5: Domestic equity markets are set for a positive open on Friday, tracking upbeat cues from Gift Nifty futures, even as geopolitical uncertainty stemming from the ongoing US-Iran war continues to cast a shadow over global investor sentiment.

Gift Nifty futures were trading at 23,571.50, up 33 points or 0.14% as of 8:03 am on June 5, pointing to a firm start for the Nifty 50, which had closed at 23,416.55 on Thursday.

Iran War

The Iran-Israel conflict remained in sharp focus after Lebanon’s Hezbollah militia rejected a fresh US-brokered ceasefire proposal, while Israel’s defence minister ruled out any troop withdrawal from Lebanon, which Israeli forces invaded in March. Iran’s Revolutionary Guards Quds Force demanded Israel retreat to pre-war positions as a minimum condition, and Iranian and US forces traded fire in the Gulf on Wednesday in one of the fiercest confrontations since an April ceasefire had briefly paused large-scale hostilities.

Asian Markets on Friday Morning

Across Asia on Friday morning, sentiment was mixed. Japan’s Nikkei 225 fell 1.20% to 66,661.47, while Hong Kong’s Hang Seng dropped 0.61% to 25,100.32 and Indonesia’s JSX Composite slid 1.70% to 5,839.78. On the positive side, Malaysia’s FTSE Bursa KLCI Index rose 1.45% to 1,696.95, Pakistan’s KSE 100 gained 0.58% to 171,175.51, and China’s Shanghai Composite edged up 0.21% to 4,066.20.

US Markets

On Wall Street, US markets closed on a mostly firmer note on Thursday. The Dow Jones Industrial Average surged 1.73% to 51,561.93 and the S&P 500 gained 0.41% to 7,584.31, while the NYSE Composite rose 1.27% to 23,572.77. However, the Nasdaq Composite slipped 0.09% to 26,830.96, dragged by weakness in technology shares.

Oil Prices

Oil prices held near flat in early Asian trade on Friday after steep losses in the previous session, with Brent crude slipping 0.22% to $95.24 a barrel and WTI easing 0.11% to $92.94, following declines of 2.84% and 3.1% respectively on Thursday. Both benchmarks remained on course for their first weekly gain in three weeks, with WTI up over 6% for the week, as fighting in the Middle East and restricted traffic in the Strait of Hormuz kept supply concerns alive.

Thursday Session of Indian Markets

On Thursday, Indian benchmark indices ended virtually unchanged after a volatile session, with the Sensex rising just 13.84 points or 0.02% to 74,360.01 and the Nifty 50 adding 10.95 points or 0.05% to close at 23,416.55. IT stocks were the biggest drag, with Infosys among the top Nifty losers, while weakness in metals names such as Hindalco Industries also capped gains. Market breadth remained positive, with 2,156 stocks advancing against 1,852 declines.

Source:

• nseindia.com