The Indian stock market is likely to open on a cautious note on Friday, tracking mixed global cues, rising crude oil prices, and escalating geopolitical tensions linked to the US-Iran conflict in the Middle East. Despite the underlying caution, early indicators suggest a mildly positive bias. Gift Nifty was trading around the 24,230 mark, reflecting a premium of nearly 67 points over the previous close of Nifty futures, signalling a potentially firm start for benchmark indices.
Recent Market Performance
Domestic equities ended sharply lower in the previous session, extending losses for a second straight day. The Sensex declined 852.49 points, or 1.09%, to close at 77,664.00, while the Nifty 50 fell 205.05 points, or 0.84%, to settle at 24,173.05. The selloff reflected
a risk-off sentiment driven by global uncertainties and rising oil prices.
Ajit Mishra, SVP, Research at Religare Broking Ltd., noted that while broader sentiment remains cautious, select sectors and themes continue to show resilience. He advised market participants to stay focused on stock-specific opportunities and manage trades prudently.
Asian Markets Trade Mixed
Asian markets displayed a mixed trend on Friday as investors remained wary of geopolitical developments and elevated crude prices. Japan’s Nikkei 225 advanced 0.47%, while the Topix gained 0.30%. In contrast, South Korea’s Kospi slipped 0.23%, and the Kosdaq traded flat. Futures for Hong Kong’s Hang Seng index संकेत a weaker opening, underscoring the cautious tone across the region.
Wall Street Ends Lower
US equities closed in the red on Thursday amid rising tensions in the Middle East and mixed corporate earnings. The Dow Jones Industrial Average fell 180.70 points, or 0.37%, to 49,309.33. The S&P 500 declined 29.60 points, or 0.41%, to 7,108.30, while the Nasdaq Composite dropped 219.06 points, or 0.89%, to end at 24,438.50.
Technology stocks led the decline, with Nvidia falling 1.41%, Microsoft plunging 3.97%, IBM dropping 8.25%, Meta declining 2.31%, and Tesla losing 3.56%. However, in after-hours trading, Intel shares surged 20%, offering some optimism.
Geopolitical Developments: US-Iran Tensions
Geopolitical developments remained in focus as US President Donald Trump stated that Israel and Lebanon have agreed to extend a ceasefire involving the Hezbollah militant group by three weeks. He also asserted that US measures against Iran remain firmly in control and effective, although broader tensions in the region continue to keep markets on edge.
US Jobless Claims Edge Higher
Economic data from the US showed a slight uptick in unemployment claims. Initial claims for state unemployment benefits rose by 6,000 to a seasonally adjusted 214,000 for the week ended April 18, slightly above economists’ expectations of 210,000, indicating a marginal softening in the labour market.
Japan Inflation Trends
In Japan, inflation data showed that core consumer prices rose 1.8% year-on-year in March, staying below the central bank’s 2% target for the second consecutive month. This followed a 1.6% increase in February and matched market expectations, suggesting subdued price pressures.
Currency Market Update
The US dollar remained steady and was on track for its first weekly gain in three weeks. The dollar index hovered around 98.81, poised for a weekly rise of 0.59%. Meanwhile, the euro edged up 0.02% to $1.1685, and the British pound dipped 0.01% to $1.3466. The Japanese yen weakened slightly to 159.75 per dollar, marking its fifth straight day of decline.
Crude Oil Prices Surge
Crude oil prices continued their upward trajectory amid fears of renewed military escalation in the Middle East. Brent crude futures climbed 1.17% to $106.3 per barrel, while West Texas Intermediate (WTI) rose 1.12% to $96.92. Elevated oil prices remain a key concern for inflation and global growth.
Gold Prices and Precious Metals
Gold prices were largely steady but remained on track for a weekly decline, pressured by rising oil prices and expectations of prolonged higher interest rates. Spot gold edged up 0.1% to $4,697 per ounce but has fallen 2.6% this week after a four-week rally. US gold futures for June delivery slipped 0.2% to $4,712.50, while spot silver declined 0.1% to $75.36 per ounce.
Stocks to Watch on April 24
Several stocks are expected to be in focus, including Reliance Industries, Infosys, Cyient, Indian Energy Exchange, United Breweries, and Hindustan Zinc, following key earnings announcements and business updates.
Key Earnings Announcements
Corporate earnings released after market hours presented a mixed picture across sectors. Adani Energy Solutions reported a 16.8% rise in revenue to Rs 7,443 crore, while EBITDA declined 4.7% and margins contracted significantly. However, net profit grew 5.7% year-on-year.
LTIMindtree posted a 4.7% sequential increase in revenue to Rs 11,292 crore, though EBIT declined slightly and margins narrowed. Net profit surged 43.4%, and the company announced a final dividend of Rs 53 per share along with the appointment of Vipul Chandra as Whole-Time Director and CFO.
Tata Capital reported a modest 2.3% rise in total income and a strong 19.5% increase in net profit on a sequential basis.
Infosys recorded a 2% increase in revenue and a 27.8% jump in net profit. The company declared a final dividend of Rs 25 per share and guided for FY27 revenue growth of 1.5–3.5% in constant currency terms, with operating margins expected between 20–22%.
Cyient saw revenue growth of 4.2%, but profitability weakened significantly, with net profit dropping 40.3%. The company announced a buyback worth Rs 720 crore and plans to expand internationally with a new branch in Saudi Arabia.
Mahindra Logistics delivered a strong turnaround, with revenue rising 14.1% and net profit shifting to Rs 20.2 crore from a loss last year. It also declared a dividend of Rs 2.5 per share.
UTI Asset Management Company reported a sharp decline in income and posted a net loss of Rs 67 crore, compared to a profit in the previous quarter, while announcing an interim dividend of Rs 40 per share.
Indian Energy Exchange delivered robust performance with revenue rising 22.5% and net profit increasing 10.8%, alongside a final dividend declaration.
Himadri Speciality Chemical posted steady revenue growth and a 29.1% increase in net profit, although margins softened.
Blue Stone Jewellery reported strong growth, with revenue surging 47.7% and profitability turning positive.
Choice International recorded healthy gains in both revenue and profit, despite a slight dip in margins.
Business Updates and Corporate Developments
United Breweries reported that Heineken India saw low single-digit revenue growth with mid-single-digit volume expansion. Premium beer continued to gain traction, driven by the Ultra brand, and the company launched ‘Kingfisher Smooth’ in India.
Aditya Birla Real Estate reported strong momentum in its Birla Estates arm, achieving booking values of Rs 8,136 crore for FY26, with collections rising 23.5% year-on-year.
Gujarat Gas ensured uninterrupted supply to Morbi’s ceramic industry, helping stabilise prices and revive operations. Gas consumption in the region rebounded to around 2.70 Mmscmd in April after temporary disruptions in March affected nearly 2 lakh workers.
Stocks in News
Dabur India appointed Herjit S. Bhalla as CEO for its India business, signalling a leadership transition.
InterGlobe Aviation received a warning from the DGCA regarding airfare practices in December but has since implemented corrective measures, including issuing refunds.
SPML Infra approved the issuance of warrants worth Rs 177 crore and increased capital expenditure plans to Rs 238 crore to expand its battery energy storage capacity.
HG Infra Engineering divested its subsidiary HG Raipur to Neo Infra Income Opportunities Fund for Rs 282 crore, reflecting strategic portfolio restructuring.
