The benchmark indices Nifty 50 and Sensex are set to see a quiet start to the Friday, May 23 session, echoing tepid global cues as investors remain cautious following the sharp sell-off seen in global equities in the previous session.
At 7.25 am, the GIFT Nifty index was quoting 24,686, higher by 31 points or 0.13 percent in trade.
Overnight, all three Wall Street indices settled nearly flat, amid growing caution related to concerns over spiking Treasury yields and a growing U.S. fiscal deficit. The country's 30-year note hit the highest level since October 2023, after the U.S. House of Representatives passed President Donald Trump's controversial tax and spending bill.
The Dow Jones Industrial Average edged down by 1.35 points, while he S&P 500 was 0.04 percent lower, and the Nasdaq Composite gained around 0.28 percent.
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Asian shares were off to a tepid start at the open Friday in a sign of calming US fiscal fears that rocked markets earlier in the week.
At 7.25 am IST, South Korea's Kospi index ticked upwards by 0.2 percent, while Japan's Nikkei 225 jumped nearly one percent in trade. The Hang Seng index rallied 0.4 percent, while China's Shanghai Composite and CSI 100 indices traded in the green, after reversing morning losses.
Nifty 50 and Sensex saw unabated selling throughout the previous session. While bulls tried to lead the charge during the morning trade, bears exerted selling pressure, leading the indices to settle with sharp losses.
"Key support is now pegged at 24,450, a breach below this could open the floodgates for deeper declines towards the 24,150 terrain. On the other hand, a sharp pull above 24,850 might force bears to cover, possibly lifting the index to test the psychological 25,000 mark and opening up brief long setups," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
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