On Friday, there appeared to be a break in the domestic stock markets after two days of gains. Markets opened with a decline. Sensex fell 140 points. Nifty was also trading with a decline of 50 points. There was pressure on the market due to selling in IT shares.
Foreign and domestic institutional investors bought heavily in early trading on Thursday. Meanwhile, gold and silver prices once again created history, while crude oil fell to a five-month low. There was a strong rise in the market, but today, on Friday, the last day of the week, there are mixed signals for the market. There was a decline in US futures and Nifty.
Major triggers for the market today
Dow fell 301 points, Nasdaq 107 points
Preparations for Trump-Putin meeting
Crude oil below $61, five-month low
Gold and silver at new all-time highs
India rejected Trump’s claim
FIIs bought ₹6,526 crore, DIIs remained buyers
Infosys, Jio Fin, LTIMindtree showed good results
13 results to come today including Reliance and JSW Steel
Strong buying by FII and DII boosted confidence
In yesterday’s session, foreign investors (FIIs) made significant purchases of about ₹6,500 crore in cash, index and stock futures. Domestic funds (DIIs) also pumped money into the market for the 37th consecutive day and bought about ₹4,100 crore. Continued support from FII-DII has further strengthened the market sentiment.
Unparalleled surge in gold and silver
Gold crossed ₹130,000 for the first time, while silver hit a new all-time high of around ₹168,000. In the international market, gold reached a record level of $ 4,390 and silver at $ 53.5. The demand for safe haven investments and a weak dollar index have led to a strong rise in the precious metals.
Crude oil at 5 month low, Trump-Putin meeting continues
Crude oil prices have fallen sharply amid expectations of an end to the Russia-Ukraine war. Brent crude fell below $61, a five-month low. Trump revealed he would meet Putin in Hungary to discuss a ceasefire. Meanwhile, Trump will meet with Ukrainian President Zelensky at the White House today.
India rejected Trump’s claim
India outright rejected Trump’s statement to stop purchasing oil from Russia. The Foreign Ministry clearly said that there was no conversation between Prime Minister Modi and Trump. The ministry also said that protecting the interests of Indian consumers is the priority of the government.
US market under pressure, recession in Asia
US markets fell due to concerns about bad loans in the banking sector. The Dow fell 301 points and the Nasdaq fell 107 points. Asian markets also remained weak. GIFT Nifty fell nearly 50 points to near 25,600, while Nikkei slipped 250 points.
On the domestic front, the results momentum continues. Infosys, Jio Financial and LTIMindTree performed better than expectations, while Wipro and Cyient’s results were weaker than expectations. Nifty giants Reliance Industries and JSW Steel will declare their second quarter results today. In the F&O segment, results of 13 companies including 360 One Vem, Dixon Technologies, AU Small Finance Bank, REC and Hindustan Zinc are due today. Apart from this, Canara HSBC Life Insurance will also be listed today. The issue price of the company has been fixed at ₹106.
