The domestic markets are likely to open strong on the last trading day of the week, going by positive cues from the global front. Wall Street had a buoyant session of trade overnight, Asian markets have rebounded in early trading and trends on SGX Nifty indicate a gap-up opening for the broader index in India. At 7:30 am, the Nifty futures were trading at 14,684, higher by 176.50 points on the Singapore Stock Exchange from May 12 closing, while they were trading higher by 59 points from May 13 closing of 14,628.
The domestic stock markets were shut on Thursday due to Id-Ul-Fitr.
Japanese shares led a rebound in Asian markets on Friday, building on the overnight lead from investors on Wall Street. Japan's Nikkei jumped 1.3 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.6 per cent and Australia's benchmark rallied 0.7 per cent.
Wall Street advanced in a broad rally on Thursday, bouncing back from three straight days of selling, as upbeat labor market data prompted investors to buy shares that stand to gain most from economic revival. All three major U.S. The Dow Jones rose 1.38 per cent, S&P 500 gained 1.27 per cent and Nasdaq Composite added 0.7 per cent.
Meanwhile, oil prices fell on Friday after dropping about 3 per cent a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5 per cent, at $66.70 a barrel and West Texas Intermediate (WTI) was down 28 cents, or 0.4 per cent, at $63.54 a barrel.
On the earnings front, Larsen & Toubro, Dr Reddy's Laboratories, Cipla and Aditya Birla Capital will declare their Q4 earnings during the day.
The BSE Sensex declined 471.01 points or 0.96 percent to close at 48,690.80, while the NSE Nifty50 slipped 154.30 points or 1.04 percent to 14,696.50.