Indian stocks opened softer on Friday amidst mixed global cues, with traders weighing steady oil prices against geopolitical concerns and a busy earnings calendar ahead of IPO listings.
The GIFT Nifty pointed to a softer opening for Indian equities on Friday, slipping 30 points to 24,438 as traders weighed steadier oil prices against renewed geopolitical concern after the US threatened an open-ended naval blockade. Business Standard reported that the signal came as Asian markets lost momentum after an earlier rise, while Wall Street continued to defy the gloom with fresh records.
Across the region, Japan’s Nikkei 225 rose 0.7% and South Korea’s Kospi gained 0.9%, but Hong Kong’s Hang Seng fell 0.51%. In the US, the S&P 500 closed at a new high, adding 0.65% to finish at 7,799.19, while the Dow Jones Industrial Average and Nasdaq Composite also ended higher. Oil held steady in early trade, with Brent crude quoted at $86.84 a barrel on ICE, down 0.26%, after a six-day climb was broken in the previous session. Gold and silver futures also weakened, according to Business Standard.
Investors in Mumbai were also looking ahead to a busy earnings calendar. Companies due to report first-quarter numbers included 3M India, Ashok Leyland, Bharat Dynamics, Cochin Shipyard, Natco Pharma, NMDC, Patanjali Foods, Reliance Infrastructure, Voltas and several other listed firms. The day was likewise active on the primary market, with Technocrats Plasma Systems, ENS Enterprises and Skytech Infinite Platform opening SME offerings, while Credent Connect entered its second day of subscription. Behari Lal Engineering and Shiprocket were in their final day, along with Q&T Foods and Pramodini Medicare.
Listing optimism was visible in the grey market as well. Business Standard said Technocraft Ventures was implying a potential debut gain of 19.81%, while LEAP India was signalling an 8.18% premium. Against a backdrop of firm global equities, lower precious metals and a still-sensitive crude oil market, traders were set for a session shaped as much by earnings and IPO flows as by broader risk appetite.
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