Sensex, Nifty Set To Follow Global Peers Lower

(RTTNews) - Indian shares look set to open lower on Friday, tracking weak cues from global markets after new data indicated that U.S. job cuts are rising, especially in technology and warehousing sectors.

Concerns about high tech valuations and a divided Federal Reserve on the path for December rate decision also dented investors' appetite for riskier assets.

Meanwhile, U.S. President Donald Trump on Thursday hinted at increasing alignment between Washinton and New Delhi on energy imports and said that he would visit India next year.

Benchmark indexes Sensex and Nifty swung between gains and losses before ending modestly lower on Thursday amid widespread profit booking after recent gains to record highs.

The rupee appreciated 7 paise to close at 88.63 against the U.S. dollar as lower crude oil prices offset concerns about continued foreign outflows.

Asian markets were mostly lower this morning, with tech-heavy Kospi and Nikkei leading regional losses.

The dollar weakened after the release of soft U.S. labor market data. Gold ticked higher but held below $4,000 an ounce as comments from several Federal Reserve officials tempered rate-cut hopes.

Oil edged higher but was set for a second weekly drop on heightened concerns about a global supply glut.

U.S. stocks tumbled overnight as weak private sector jobs data from Challenger, Gray & Christmas added to concerns about an AI bubble and the possibility of a near-term correction.

The tech-heavy Nasdaq Composite slumped 1.9 percent to hit a two-week low, while the S&P 500 shed 1.1 percent and the Dow gave up 0.8 percent.

The survey from the global outplacement firm showed that last month was the worst October for U.S. layoffs since 2003 as companies cut jobs and imposed hiring freezes.

It was said that employers announced 153,074 job cuts in October, up 183 percent from the 54,064 job cuts announced in September and up 175 percent from the 55,597 cuts announced in the same month a year ago.

U.S. firms terminated 1.09m roles during the first 10 months of this year, up 44 percent from the 761,358 cuts in 2024 and marking the highest level of year-to-date job cuts since 2020.

Separate data from Revelio Labs indicated that U.S. nonfarm payrolls decreased by 9,100 in October, compared to an increase of 33,000 in the previous month.

European stocks ended notably lower on Thursday on concerns about stretched valuations and economic uncertainty.

The pan-European Stoxx 600 fell 0.7 percent while the German DAX lost 1.3 percent and France's CAC 40 tumbled 1.4 percent.

The U.K.'s FTSE 100 dipped 0.4 percent as the Bank of England kept borrowing costs on hold in a tight vote but signalled a possible cut as soon as next month.