Sensex Today Live: Stock Market Highlights: Nifty could be in overbought zone

Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner.

Crude prices were little changed at 1248 GMT. Brent crude futures gained 8 cents to $93.78 a barrel while West Texas Intermediate (WTI) was up 14 cents at $90.3.

Brent hit a 10-month high of $94.63 earlier in the session and has seen its biggest quarterly increase since Russia’s invasion of Ukraine.

Wall Street’s main indices opened lower on Friday as shares of Ford and General Motors as well as chip-equipment makers fell, though optimism over a likely pause in US interest-rate hikes supported investor sentiment.

The Dow Jones Industrial Average fell 5.07 points, or 0.01%, at the open to 34,902.04. The S&P 500 opened lower by 7.12 points, or 0.16%, at 4,497.98, while the Nasdaq Composite dropped 36.85 points, or 0.26%, to 13,889.20 at the opening bell.

Grocery delivery app Instacart raised its proposed price range for its initial public offering (IPO) on Friday, revising its terms to target a fully-diluted valuation of up to $10 billion following a stellar debut for Arm Holdings.

The price hike signals robust investor demand for the San Francisco-based company, which is looking to list its shares this month after years of waiting in the wings.

September is gearing up to be one of the busiest spells for new listings.

The U.S. dollar was just below a six-month high on Friday, having strengthened overnight following U.S. economic data, while the yen fell to 10-month lows.

Markets were adjusting to a new outlook for central bank rate hikes after the European Central Bank on Thursday raised rates to a record high of 4% but signalled the hike was likely to be its last. Euro zone bond yields and the euro fell as investors bet the central bank would start cutting rates next year.

For currency markets, the focus is on the divergence between the ECB and U.S. Federal Reserve’s monetary policy plans, said Joel Kruger, a currency strategist at LMAX Group.

Gold recovered from three-week lows on Friday aided by the dollar’s retreat after better-than-expected Chinese data and a stronger euro, while traders focussed on the Federal Reserve’s guidance on interest rates next week.

Spot gold was up 0.4% at $1,917.60 per ounce by 1220 GMT, after hitting its lowest since Aug. 23 in the previous session. U.S. gold futures gained 0.4% to $1,940.

“We are seeing a consolidation in the euro and the slightly-recovering yuan against the U.S. dollar. This is positive for gold, which is strongly holding above $1,900 per ounce,” said Carlo Alberto De Casa, analyst at Kinesis Money.

The British public’s predictions for inflation in the coming years were broadly stable during August, according to a Bank of England survey that will reassure its officials that expectations are not de-anchoring.
The BoE’s inflation attitudes survey, conducted by polling firm Ipsos, showed inflation expectations for the coming year rose to 3.6% in August from 3.5% in May.

For five years ahead, expectations eased to 2.9% from 3.0% in May, the lowest reading since May 2021.