Indian markets to start quietly with Gift Nifty at 24,314.5
Indian markets look set for a quiet start this Friday, with Gift Nifty barely budging at 24,314.5 in early trade.
This comes right after a small bounce-back yesterday: Nifty 50 and Sensex both made modest gains.
But with oil prices climbing and US Treasury yields jumping, investors might stay cautious for now.
Nikkei down 0.8% amid higher yields
Asian stocks are feeling the heat too: Japan's Nikkei dropped 0.8% today and is down over 4% this week.
In the US higher Treasury yields are making stocks less attractive, while Brent crude just touched a one-month high of $94.71 per barrel before dipping slightly.
For India, expensive oil could mean more inflation worries ahead, so analysts say Nifty could swing between support at 24,000 and resistance at 24,200-24,300 as everyone keeps an eye on global trends.