Negative cues from Asian peers may give a dull opening to Indian equities markets
Indian equity markets may open lower on Friday as the cues from Asian markets are negative. The negative trend in the SGX Nifty, which was trading lower by 37 points at 9,350, indicated that domestic bourses may open lower.
Nifty50, after trading sideways for the past 3-4 trading sessions, scaled higher on Thursday and closed 7-point shy of the all-time high level of 9,367. Now, going forward, if Nifty50 sustains above the level of 9,370, it is likely to scale up to the level of 9,400. On the downside, immediate support for Nifty50 is placed around the level of 9,320, and if it slips below this level, the next support is placed around the level of 9,270.
Back home, Indian market closed higher on Thursday, courtesy strong rally in index pivotal such as ICICI Bank, SBI, Grasim Industries, Axis Bank and HUL. Hectic buying was witnessed in banking stocks as the BSE Bankex gained over 2%.
On Thursday, the US stocks closed mixed, the S&P 500 and the Nasdaq ended with modest gains, while the Dow slipped in rangebound trading as energy shares were the biggest losers as oil prices fell to their lowest since November 2016. The Dow Jones Industrial Average shed 6 points to end at 20,951. The Nasdaq Composite index gained 2 points to close at 6,075. The S&P 500 gained 1 point to close at 2,389.
Asian markets are trading in the negative territory on Friday. Japan’s stock market is closed. Hong Kong’s Hang Seng has slipped 209 points, while China’s Shanghai Composite has shed 17 points.