MUMBAI: Equities are seen opening lower on Friday in line with Asian peers. The rally in oil prices will continue to weigh on investor sentiment. The street awaits inflation data, which is expected to remain at 3.5 year highs due to rising food and oil prices.
India's wholesale price index is forecast to have risen 7.61 per cent in the 12 months to April 26, the highest since Nov 13, 2004 when it stood at 7.68 per cent.
Oil, India's biggest import, hit a record high above $124 a barrel on Thursday, fueled by yet another rally in heating oil futures, which hit a new peak.
"The corrective phase has begun and is likely to continue for a few more days. The Sensex and Nifty will find support at 16800 and 4950 respectively," said Hitesh Sheth, head of technical research at Prabhudas Lilladher.
Equities across Asia remained subdued for the third day in a row. Japan's Nikkei fell 1 percent on Friday, dragged down by Toyota Motor after it forecast its first annual profit decline in seven years, while a stronger yen weighed on other exporters. Among other Asian markets, Hang Seng declined 0.37 per cent and Straits Times slid 0.1 per cent.
US stocks, on the other hand, posted modest gains overnight as retailers' monthly sales reports helped ease concerns about an economic downturn, taking the sting out of fresh record highs for crude oil prices.
On Thursday, Bombay Stock Exchange's Sensex, which lost over 500 points in the last three days, fell further by 258.68 points at 17,080.65. The index touched a low of 17,038.03 after opening at 17,212.61. National Stock Exchange's Nifty lost 53.80 points at 5,081.70. It touched the day's low of 5,062.45 and high of 5,143.05.
Foreign institutional investors were net sellers of equity worth Rs 724.49 crore while mutual funds net bought Rs 609.51 crore, according to provisional data on NSE.
India's wholesale price index is forecast to have risen 7.61 per cent in the 12 months to April 26, the highest since Nov 13, 2004 when it stood at 7.68 per cent.
Oil, India's biggest import, hit a record high above $124 a barrel on Thursday, fueled by yet another rally in heating oil futures, which hit a new peak.
"The corrective phase has begun and is likely to continue for a few more days. The Sensex and Nifty will find support at 16800 and 4950 respectively," said Hitesh Sheth, head of technical research at Prabhudas Lilladher.
Equities across Asia remained subdued for the third day in a row. Japan's Nikkei fell 1 percent on Friday, dragged down by Toyota Motor after it forecast its first annual profit decline in seven years, while a stronger yen weighed on other exporters. Among other Asian markets, Hang Seng declined 0.37 per cent and Straits Times slid 0.1 per cent.
US stocks, on the other hand, posted modest gains overnight as retailers' monthly sales reports helped ease concerns about an economic downturn, taking the sting out of fresh record highs for crude oil prices.
On Thursday, Bombay Stock Exchange's Sensex, which lost over 500 points in the last three days, fell further by 258.68 points at 17,080.65. The index touched a low of 17,038.03 after opening at 17,212.61. National Stock Exchange's Nifty lost 53.80 points at 5,081.70. It touched the day's low of 5,062.45 and high of 5,143.05.
Foreign institutional investors were net sellers of equity worth Rs 724.49 crore while mutual funds net bought Rs 609.51 crore, according to provisional data on NSE.
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