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S&P 500 closes at record; Indian markets open lower
Indian equity benchmarks opened lower on Friday as persistent Middle East tensions offset a record close on the S&P 500. The S&P 500 gained 0.66 per cent to end at 7,799.73 after…
The Story in Brief
Indian equity benchmarks opened lower on Friday as persistent Middle East tensions offset a record close on the S&P 500. The S&P 500 gained 0.66 per cent to end at 7,799.73 after July US producer prices were unchanged, reinforcing expectations that the Federal Reserve will keep rates steady in September. Technology stocks led the rally: Sandisk and Micron surged, while Broadcom and Meta Platforms also rose. The Nasdaq added 0.81 per cent. Yet crude oil, though down from recent highs, remained elevated at around $87 a barrel. Brent had climbed above $91 after hopes of a US-Iran deal faded. The Sensex opened at 77,903.43, down 0.43 per cent, and the Nifty fell 0.35 per cent to 24,309.55. IT and consumer stocks offered limited support.
The Indian Opinion
Indian investors absorbed a strange split-screen this week: Wall Street cheered tame producer prices and kept the AI boom alive, while domestic traders stared at crude oil and the Iran blockade. The 'Fed pause' narrative is real, but it masks how US core PPI actually accelerated in July. The risk for India is not a rate hike in September, it is whether Brent crude stays below $90. Watch the Strait of Hormuz. If Tehran and Washington remain deadlocked, the inflation tailwind for oil importers could erase the Fed's dovish glow.
Sources (3): economictimes.indiatimes.com, livemint.com, indiatoday.in
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
