Indian stocks set for pullback after sharp rally on oil slide, foreign inflows

Indian equities could retreat on Friday after six straight sessions of gains, Business Recorder reported, as a broad selloff overseas weighed on sentiment. Futures pointed to a softer opening for the Nifty 50, which ended Thursday at 24,536.6, while the Sensex and Nifty had climbed 2.6% and 2.4% that day.

Thursday’s advance followed Brent crude dropping below $100 a barrel and foreign institutional investors buying about 150 billion rupees ($1.6 billion) of shares, their largest one-day net inflow in nearly six years. But technology stocks fell sharply in the United States, with the Nasdaq down 5.5%, and losses spread across Asian markets on Friday, including an 8% decline in South Korea’s Kospi and a 5% fall in Japan’s Nikkei. Analysts expected a volatile session, with consolidation and profit-taking possible after the run-up.