Stock market live updates: The Sensex and Nifty benchmarks are likely to start Friday’s session on an upbeat note following a relief rally in the US markets overnight.
At 8 am, the SGX Nifty futures were quoting at 16,800 levels, hinting at an opening gain of around 200 points for the Nifty.
Market action will continue to be stock specific, however, the weekend factor may also keep investor sentiment subdued.
That said, the price action in commodity market will be keenly monitored after the OPEC+ announced it will increase oil production by 648,000 barrels per day in both July and August, steering away from its previous levels of around 4,00,000 only.
This comes as pressure on oil prices has mounted after the EU announced banning oil imports from Russia, pledging to cut them down by 90 per cent by the year-end.
On Tuesday, Brent Crude advanced 1.1 per cent to $117.61 a barrel and WTI Crude futures jumped 1.4 per cent to $116.87 a barrel.
Back home, Aether Industries will debut on the bourses today. The company had raised Rs 808 crore from its IPO, which was subscribed 6.3 times, with strong demand from institutional investors. The issue price is fixed at Rs 642.
Castrol India will also be in focus as MG Motor India and the company are set to collaborate with Jio-bp to explore mobility solutions for electric cars.
On Thursday, Wall Street ended with solid gains led by a rally in tech stocks. Dow Jones surged 1.3 per cent, the S&P 500 rallied 1.8 per cent and Nasdaq soared 2.7 per cent.
Mirroring the positive US cues, major markets in Asia had opened on an optimistic note, with Nikkei up almost a per cent.
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