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GIFT Nifty futures, an early indicator of the headline Nifty 50 index, were down 304 points, or 1.3 per cent, at 23,885 at the last count in the early hours of Friday, as India continued its retaliatory action across major cities in Pakistan following the neighbouring country's failed attempts to target bordering regions on the Indian side, including UT Jammu and Kashmir. The contract is tracked widely for predicting the nature of trade in the coming session on Dalal Street, though readings closer to the opening bell tend to offer a clearer scenario. According to analysts, the GIFT Nifty reading might change significantly closer to the opening bell followed by Friday's opening bell on the Street.

So far, Dalal Street has staged a limited reaction to the evolving geopolitical situation, with market experts not ruling out the possibility of a stronger reaction in the next few days prior to the eruption of the war-like situation in the late hours on Thursday.

Here are 10 key things to know about the market, as of 3:30 am on Friday: 

The rupee slumped by 84 paise to settle at 85.61 against the US dollar amid the weakness in equities and strength in the greneback overseas. 

The dollar index—which measures the US currency against six major peers other than the rupee—rose 1.0 per cent to 100.6. 

Brent crude futures, a global benchmark for oil rates, gained 2.8 per cent to close at $62.8 a barrel. Lower oil prices augur well for India, which meets four-fifths of its oil requirement through imports, settling payments in dollars.

Later in the day, most European markets also held on to gains, with the pan-continental Stoxx 600 gauge rising 0.4 per cent though the UK's FTSE declined 0.3 per cent. Germany's DAX and France's CAC rose 1.0 per cent and 0.9 per cent, respectively.

ALSO READ: Kargil War and Stock Market Recovery: When Sensex bounced back 37% defying 1999 conflict impact, Indo-Pak tensions

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