Indian markets are likely to face pressure on Friday as a sharp sell-off in US stocks, led by technology shares, weighs on global investor sentiment. …
1/5US Markets | US stocks tumbled on Thursday, with technology shares leading the sell-off as investors pared their exposure to the sector following the post-election rally. The Nasdaq Composite plunged 3.9%, wiping out the previous session’s gains and slipping into correction territory, more than 10% below its record high set last month. The S&P 500 fell 2.8%, while the Dow Jones Industrial Average dropped 1,153 points, or 2.2%. Gains in Chevron and Johnson & Johnson failed to offset losses across technology stocks, leaving the Dow with most of its gains from Wednesday’s post-election surge erased.
2/5Second Quarter Results | Among the key companies scheduled to announce their second-quarter results on Friday are Hindalco Industries and Tata Steel.
3/5Crude oil | Brent crude rose as traders took stock of Wednesday’s sharp selloff, when the Democratic sweep in US midterm elections sent oil down almost 9%. The global benchmark traded near $97 a barrel, while West Texas Intermediate edged above $89 after falling the most since May in the previous session.
4/5Bitcoin | Bitcoin tumbled to a seven-week low as a rout in technology shares spilled into risky assets, hurting sentiment in digital assets already under pressure from industry-specific woes. The original cryptocurrency was trading below $76,000 after dropping as much as 5.8%. The selloff came as the Nasdaq 100 plunged 6.4%, led by chipmakers amid underwhelming earnings outlooks and concerns that Democratic control of Congress could bring tighter oversight of the artificial-intelligence industry.
5/5Announced Results | Following their Q2 results, stocks of Britannia, Titan and Bharti Airtel will be in focus after reporting strong performances, while Glenmark Pharma and ONGC may see a reaction to their year-on-year decline in net profit.