Firm opening on the cards

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 71 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Friday in an attempt to rebound from sharp losses previously. U.S. stock-index futures rose driven by solid earnings from Amazon and Intel.

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected. U.S. data overnight showed the U.S. economy grew almost 5% in the third quarter.

Overnight, the European Central Bank left interest rates unchanged as expected. ECB President Christine Lagarde told a press conference the euro zone economy was weak but stressed that price pressures remained strong and could be aggravated further if the Middle East conflict pushed energy costs higher.

All eyes were on U.S. data later in the session that may show core inflation growing 0.3% in September on a monthly basis, pushing the annual rate lower to 3.7% from 3.9% a month ago.

Domestic markets:

Back home, the stock market extended its decline for the sixth day on Thursday, driven by rising US bond yields and escalating tensions between Hamas and Israel. The barometer index, the S&P BSE Sensex slumped 900.91 points or 1.41% to 63,148.15. The Nifty 50 index declined 264.90 points or 1.39% to 18,857.25. In sixth consecutive sessions, the Sensex slipped 4.94% while the Nifty lost 4.82%.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,702.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,558.45 crore in the Indian equity market on 26 October, provisional data showed.

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