Indian equity markets are likely to make a negative start on Friday, tracking losses in global markets as technology and chip stocks crashed amid renewed concerns over artificial intelligence (AI) stocks. Investors may also resort to profit booking after six straight days of rally. However, some support may come from foreign institutional investors (FIIs), who remained net buyers in Indian equities for the fifth straight session on Thursday, purchasing shares worth Rs 14,974.68 crore.
Some of the key factors to be watched:
US midterm outcome offers limited relief to India: A report by CareEdge Ratings said the outcome of the US midterm elections is likely to offer only marginal near-term relief to India, with crude oil prices, the risk of tariffs linked to Russian oil purchases and uncertainty over trade policy continuing to pose challenges.
Jaishankar meets Antigua and Barbuda PM; discusses trade, renewable energy: External Affairs Minister S Jaishankar has met Antigua and Barbuda Prime Minister Gaston Browne and discussed ways to deepen bilateral cooperation in trade, investment and renewable energy.
India's farms offer 116 GW solar manufacturing opportunity: A report by the Indian Solar Manufacturers Association (ISMA) said India's agricultural sector could generate demand for an additional 116 GW of solar modules, creating a major market opportunity for domestic manufacturers as the government expands efforts to solarise irrigation pumps and reduce the sector's dependence on conventional electricity and diesel.
Global tech partnerships, resilient supply chains essential for India semiconductor: Additional Secretary in the Ministry of Electronics and IT (Meity) Amitesh Kumar Sinha, has said India’s semiconductor ecosystem is gaining from the availability of a skilled talent pool and government schemes, but global technology partnerships and a resilient supply chain are a must for its growth.
Centre releases Rs 1.09 lakh crore tax devolution to States early: The finance ministry said the Centre has released a regular instalment of tax devolution to state governments amounting to over Rs 1.09 lakh crore in advance in view of the festive season.
Global front: The U.S. markets ended sharply lower on Thursday as investors accelerated their move away from technology stocks on fears of a data-center buildout slowdown. Asian markets are trading in red on Friday following a sharp sell-off on Wall Street overnight.
Back home, Indian equity benchmarks extended their gains to the 6th straight session, with Sensex rallied nearly 2,009 points and the Nifty surged 576 points on Thursday, amid a sharp decline in crude oil prices and hopes of a resolution to the West Asia conflict after the results of the midterm elections, where American voters gave the opposition Democratic Party control of the US Congress. Sustained foreign fund inflows and a sharp rally in the US markets also elevated optimism. Finally, the BSE Sensex rose 2008.61 points or 2.60% to 79,310.01 and the CNX Nifty was up by 576.00 points or 2.40% to 24,536.60.
Some of the important factors in trade:
India, Poland discuss ways to boost bilateral trade, investments, technology cooperation: The commerce ministry has said that India and Poland have discussed ways to boost bilateral trade, investments and technology cooperation between the two countries. The matters were discussed during the two-day visit of Minister of State for Commerce and Industry Jitin Prasada to the central European nation.
India, Nepal discuss expanding cooperation in energy sector: Foreign Secretary Vikram Misri and Nepal’s Energy and Water Resources Minister Biraj Bhakta Shrestha have discussed ways to broaden cooperation in the energy sector during a meeting in Nepal.
Cabinet clears Rs 14,500 crore for 92 GWh energy storage systems: The Union Cabinet has approved Rs 14,500 crore in viability gap funding for 92 GWh of grid-scale energy storage systems between FY27 and FY31. This development is significant given India's ambitious target of 500 GW of renewable energy by 2030.