Nifty may lose around 170 points at open after sharp rally
Infosys ADR ends higher despite selloff in Nasdaq
After a strong rally on Thursday, Indian markets anticipate a weak opening following a surge in global sell-off. The Nifty's opening at 24,415 suggests a potential decline of around 170 points at market start. The sell-off in artificial intelligence stocks has had a significant impact on global markets, with the Nasdaq dropping 5.52 percent and the South Korean Kospi falling by nearly 9 percent at the opening bell on Friday, leading to a trading halt lasting about 20 minutes.
Despite the global sell-off, American Depository Receipts (ADRs) of Indian companies such as Infosys, Wipro, HDFC Bank, and ICICI Banks have shown resilience, with ADRs of Infosys jumping 4.6 percent and Wipro ending flat. Analysts remain optimistic about Indian markets remaining robust, as foreign portfolio investors have demonstrated strong buying trends, with Thursday's purchases totaling ₹14,974.68 crore, marking the largest single-day buying session in over six years.
Additionally, Indian Inc's Q2 financial performance has contributed to market resilience, with most companies' results exceeding expectations.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
