Nifty’s Opening Cues Ahead of India CPI: Dow, S&P Drop, Japan Shares Up

By Malvika Gurung

Investing.com -- The Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator for Nifty50 , traded 0.34% or 62.5 points lower at 8:46 am on Friday, indicating a lower opening on Dalal Street. 

Further, the Dow Jones Futures advanced 0.08% and Nasdaq 100 Futures rose 0.22%.

India is set to release its CPI inflation data for April 2023 in the evening on Friday. 

Major US indices ended mixed on Thursday amid Walt Disney 's (NYSE: DIS ) stock falling almost 9% as the company lost 4 million subscribers in the March quarter, while PacWest Bancorp (NASDAQ: PACW ) shares crashed 22.7% on reporting a nearly 10% drop in deposits last week, rekindling worries about the US banking industry’s health.

Nasdaq Composite gained 0.18%, Dow Jones fell 0.66% and S&P 500 lost 0.17%.

Asian shares mostly declined on Friday, while Japanese stocks outperformed after the US released its initial jobless claims number in the overnight session, hitting a 1.5-year-high last week, while the producer price index rose slower than expected in April.

At 8:48 am, South Korea’s KOSPI declined 0.58%, Japan’s Nikkei 225 rose 0.8%, Hong Kong’s Hang Seng index dropped 0.32%, China’s Shanghai Composite fell 0.43% and Australia’s ASX 200 dipped 0.19%.

Oil prices declined on Friday, disappointing economic signals from China and concerns over a potential U.S. recession cast doubts over crude demand this year, wiping out gains for this week.

Brent crude lost 0.3% to $74.7/barrel and WTI Futures dropped to $70.77 a barrel. Natural Gas Futures declined 0.78%.