Indian benchmark indices Sensex and Nifty are likely to open on a weak note on Friday, with GIFT Nifty trading with mild losses amid a sharp selloff across Asian markets and overnight losses on Wall Street. Renewed concerns over heavy artificial intelligence spending have triggered selling in global technology stocks, while a surge in crude oil prices amid fears of fresh US military strikes against Iran could weigh on sentiment. The weak global cues come after Indian equities staged a strong rebound in the previous session.
GIFT Nifty was trading at 23,005 around 7:55 am, down 38 points, or 0.16 percent. Indian equities rallied on Thursday, with the Sensex jumping 905.01 points, or 1.24 percent, to 74,151.04 and the Nifty gaining 237.90 points, or 1.05 percent, to 22,936.75. Foreign institutional investors snapped their two-day buying streak, selling equities worth Rs 943 crore, while domestic institutions bought shares worth Rs 1,924 crore for a second consecutive session.
Asian equities fell sharply on Friday as another round of disappointing technology earnings intensified concerns over the enormous investments being made in artificial intelligence, prompting investors to move away from AI-related stocks.
Share Markets Live Updates | Sensex, Nifty, GIFT Nifty Today
South Korea's Kospi plunged nearly 5 percent, dragged down by losses in semiconductor heavyweights Samsung Electronics and SK Hynix. Japan's Nikkei declined 2.7 percent; the Shanghai Composite slipped 0.8 percent; while Taiwanese equities also came under heavy selling pressure.