(Wiseova) - Indian shares are expected to start the day lower on Friday following a downturn in investor confidence, after reports indicated that Pakistani military forces conducted several assaults utilizing drones and various weaponry across all of India’s western frontier during the transition from Thursday to Friday night.
The Futures for the Nifty were being traded at 23,974.5 by 8:10 a.m. IST, suggesting that the Nifty 50 might start around 1.2% lower than Thursday’s closing mark of 24,273.8.
Explosions echoed throughout the Indian city of Jammu late Thursday amid a Pakistani drone and missile assault on military bases near the Kashmir area. This occurred on the second day of border skirmishes that have thus far resulted in almost 48 fatalities.
Indian stocks, currency, and bonds fell on Thursday, coming under pressure during the latter part of the day following reports that India had detected Pakistan’s efforts to target military sites.
Although the Nifty 50 finished down by 0.6%, the wider market saw larger declines with midcaps dropping 2% and smallcaps falling 1.4%.
In 16 trading sessions, foreign portfolio investors have purchased approximately 470 billion rupees ($5.5 billion) worth of Indian stocks, marking their longest continuous buying period since December 2020.
Many of the major Asian markets edged up during early trading on Friday, while U.S. stocks climbed the previous night fueled by positive sentiment regarding international trade. [MKTS/GLOB]
Globally, investors cheered a new trade agreement hammered out between the United States and Britain, with U.S. President Donald Trump signalling that upcoming talks with China would be more substantial than initially thought.
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(Reported by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Edited by Sherry Jacob-Phillips and Mrigank Dhaniwala)
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