IGI Logo

 Indian markets are set for a flat start on Friday, as a U.S. tech sell-off and subdued Asian cues keep sentiment restrained, while the absence of fresh domestic triggers reinforces consolidation.

The Gift Nifty futures were trading at 25,547.5 points as of 8:09 a.m. IST, indicating the benchmark Nifty 50 will open near Thursday's close of 25,496.55.

India's beaten-down IT stocks, which have lost about 20% in February so far on artificial intelligence-linked disruption fears, will be in focus amid a drop in global tech stocks.

Asian markets fell 0.7%, while Wall Street equities slipped overnight, even as Nvidia, the world's most valuable company and AI bellwether, posted strong quarterly results. The stock nonetheless fell on valuation concerns.

Meanwhile, oil prices retreated from nearly seven-month highs, after the United States and Iran held indirect talks in Geneva over their long-running nuclear dispute to avert any conflict, easing supply disruption concerns. [O/R]

Back home, domestic benchmarks have been muted in the last two sessions, after Tuesday's sharp 1.1% drop.

Thursday's session implies "cautious sentiment and persistent pressure from the bears," said Sudeep Shah, head of technical and derivatives research at SBI Securities.

"The prolonged sideways movement reflects the absence of momentum in either direction, reinforcing the ongoing consolidation phase."

Meanwhile, foreign portfolio investors offloaded domestic equities worth 34.66 billion rupees ($380.96 million) on Thursday, while domestic institutional investors bought shares worth 50.32 billion rupees.

STOCKS TO WATCH

** Brigade Enterprises partners with Primus Senior Living to launch three senior living communities in South India with an estimated gross development value of 7.50 billion rupees

** Capacite Infraprojects gets letter of intent from TenX Realty for a project worth 5.37 billion rupees

** Aptus Pharma expands into life-saving injectables and ICU care product category

($1 = 90.9800 Indian rupees)