The Indian stock market opened with a slight decline on Friday. Major benchmark indices declined. Bank Nifty opened with slight gains. Buying was also seen in the midcap index. Today will be an important day in terms of global cues, major listings and IT sector results. Continuous buying by foreign and domestic investors kept the market sentiment strong, while mixed signals were coming from the US and Asian markets.
Profit booking was seen in American markets. The Nasdaq and S&P 500 indexes closed down 18 points each after hitting record highs intraday, while the Dow Jones Industrial Average closed down nearly 250 points. Gift Nifty is trading near 25,250, down 35 points. Ahead of US employment data today, Dow futures are up by 70 points, while Nikkei is down by 250 points.
Buying by both FII and DII strengthened the market
Foreign investors (FIIs) continued buying in the Indian market for the third consecutive day. Yesterday, they invested a total of ₹3,305 crore across all three sectors – cash, index and stock futures. Meanwhile, domestic funds (DIIs) remained net buyers for the 32nd consecutive day, further boosting market confidence.
IT sector in focus: TCS announces investment, Alexi’s strong results
IT giant TCS reported mixed results for its second quarter, but announced a $6.5 billion investment in a 1 gigawatt capacity AI data center. Tata Elxsi’s results were better than expected, while Infosys and Wipro’s ADRs closed 2% higher in the US market.
Profit booking seen in gold and silver after reaching record high
Huge fluctuations were also seen in precious metals. Gold fell ₹3,000 after touching a new all-time high of ₹1,23,677, while silver fell ₹3,800 after touching an all-time high of ₹1,53,388. Pressure was also seen in the international market, where gold fell by $80 and silver by 2.5%. Crude oil fell 1.5% to $65 a barrel.
Dollar and metals continue to strengthen
The dollar index rose above 99 for the fourth consecutive day, its highest level in three months. Base metals also gained momentum. Copper is trading at a 16-month high and aluminum at a three-year high.
LG Electronics created history in the IPO market. LG Electronics’ IPO sets a new market record. With 54 times subscription, it received the highest ever bids worth ₹4.39 lakh crore. Anil Singhvi called it “an IPO that cannot be ignored”, and the market took his opinion with full confidence.
WeWork India’s listing today, Canara HSBC Life’s IPO opens
Today’s biggest event will be the listing of WeWork India. The issue price has been fixed at ₹648 and investors are eyeing the opening price. Canara HSBC Life Insurance’s IPO is also opening today, whose price band is ₹100-₹106.
Positive diplomatic signals from Prime Minister Modi-Trump talks
Prime Minister Narendra Modi called US President Donald Trump and congratulated him on the success of the Israel-Gaza peace plan. The two leaders also held important discussions on the India-US trade agreement and agreed to work together in the coming weeks.
