Stock market live updates: After cracking over 2 per cent each the previous day, the Sensex and Nifty are likely to open higher on Friday tracking gains in US equity futures and firm Asian markets.
At 8:10 am, the SGX Nifty futures were quoting at 15,980 levels, indicating a likely gap-up opening of over 150 points on the Nifty.
High inflationary pressures continue to sting investor confidence and prospects of strong corporate earnings.
On Thursday, domestic retail inflation for April came at a 8-year high of 7.8 per cent, paving the way for more policy rate hikes by the central bank even as factory output growth remained lacklustre at 1.9 per cent in March.
That apart, Fed Chairman Jerome Powell on Thursday said that there could be some pain for the economy as the central bank raises interest rates to tame near 40-year high inflation.
He also reaffirmed likely interest rate hikes of half percentage points each at its next two meetings, adding that the Fed could do more if needed.
Back home, among stocks, SBI, Bank of Baroda, Tech M, Eicher Motors will be in focus ahead of their Q4 earnings. Investors will also react to results of Tata Motors and L&T, announced on Thursday.
In the US, the Dow slid 0.33 per cent, the S&P 500 fell 0.13 per cent, and the Nasdaq closed 0.06 per cent higher.
Asian markets were higher this morning. Hang Seng and Nikkei fell up rose 1.8 and 2.4 per cent, respectively. Strait Times and Kospi gained up to 1.6 per cent. Shanghai Composite and Shenzhen Component advanced 0.97 and 0.7 per cent, respectively.
Brent Crude rose 1.4 per cent to $104 a barrel, and WTI was up 1.2 per cent to $107/bbl.
CATCH ALL THE LIVE UPDATES