Indian benchmark indices are set to open lower on Friday, tracking weakness in global markets as a surge in crude oil prices stokes inflation fears and dampens investor sentiment.
The Gift Nifty, a key indicator of opening direction, was trading around the 23,681 level, representing a discount of nearly 192 points from the Nifty futures close on the previous session.
This gap-down signal suggests that the buying interest that drove a sharp rally late last week has been quickly overshadowed by macro headwinds.
The Nifty 50 had maintained firm support above the 24,000 level throughout the previous trading week, with Friday's session closing on a positive note amid renewed buying interest in Indian equities.
However, the overnight shift in global risk appetite, driven by energy market volatility, has reversed that momentum.
Traders are now focused on whether the index can hold its recent gains or if the oil-driven inflation narrative will force a deeper correction.