Indian equities are set for a cautious start on Thursday after Wednesday’s strong close. GIFT Nifty was at 25,246.50 at 7:38 AM IST, down 0.05%, indicating a flat to slightly weak opening compared with the Nifty 50’s previous close of 25,255.05.
The global picture is mixed. Wall Street rallied strongly overnight, led by technology and semiconductor shares, while Asian markets traded unevenly. Foreign institutional buying provided support in the previous Indian session, but elevated crude prices and West Asia tensions remain risks.
Wall Street rally and global cues
US markets closed higher on Wednesday, with technology and semiconductor shares leading the advance. The Dow Jones gained 0.49% to 52,486.49, the S&P 500 rose 1.31% to 7,619.38, and the Nasdaq climbed 1.60% to 25,466.19.
The AI trade regained momentum after CoreWeave surged 24.7% on stronger-than-expected results and an improved outlook. Semiconductor stocks also rallied, with the Philadelphia Semiconductor Index gaining around 5%.
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Nvidia recovered during the regular US session but fell roughly 7% in after-hours trading following a media report concerning its CEO. The contrasting moves show that technology sentiment remains sensitive to both earnings and company-specific developments.
Anthropic’s proposed IPO is also attracting strong investor interest. The offering could raise up to approximately $90.4 billion, including related private investment, at a proposed valuation of around $1.4 trillion. Reports of strong demand and a possible increase in the price range have added to the attention around AI-related companies.
Asian markets were mixed in the latest session. Japan and South Korea advanced, while Hong Kong declined and Shanghai edged higher. This gives Indian equities a mixed regional backdrop despite the strong US close.
Crude oil, dollar and rupee
Brent crude is trading around $91–92 per barrel. Oil prices remain sensitive to developments in West Asia, where attacks on commercial shipping have offset some optimism around possible progress in efforts to ease tensions involving Iran. Any fresh escalation could push crude higher and put pressure on oil-importing economies such as India.
The rupee was around ₹93.68–₹93.69 per US dollar in early market indications. The dollar and US bond yields remain important external variables. The US Treasury market was closed for Veterans Day on Wednesday; the 10-year Treasury yield had ended November 10 near 5%, following stronger-than-expected US inflation data. Expectations of a possible Federal Reserve rate hike in December could keep currency and emerging-market sentiment sensitive to US rate developments.
Sectors and stocks to watch
Technology and semiconductor stocks: The US technology rally could support sentiment in Indian IT shares, although Nvidia’s after-hours weakness and continuing uncertainty around AI valuations may create stock-specific volatility.
Banking and financials: Strong FII buying and Wednesday’s strength in PSU banks make banking shares important to watch. Investors will look for follow-through buying rather than assuming the previous session’s momentum will automatically continue.
Auto and PSU banks: These sectors were among Wednesday’s stronger performers. Their ability to sustain buying interest could influence broader market breadth.
Oil-sensitive sectors: Aviation, paints and chemicals may react to crude movements. Oil marketing companies could also remain in focus as investors assess the balance between crude prices and refining or marketing margins.
FII/DII activity
Foreign institutional investors made substantial net purchases on Wednesday, while domestic institutional investors were net sellers.
- FII/FPI: Net buying of ₹12,563.33 crore.
- DII: Net selling of ₹8,434.53 crore.
The combined institutional activity remained positive. The key question for Thursday is whether foreign buying continues and whether domestic institutions return as buyers after Wednesday’s selling.
Key Nifty levels for Thursday
The Nifty closed at 25,255.05 on Wednesday, extending its recent advance. However, technical indicators suggest that the index is approaching an overbought zone, increasing the possibility of consolidation or intermittent profit booking.
- Immediate support: 25,100–25,050.
- Stronger support: 24,850–24,750.
- Immediate resistance: 25,250–25,300.
- Next resistance zone: 25,450–25,500.
The immediate resistance band is particularly important because it sits close to the previous close. A sustained move above it could help extend the rally, while failure to clear it may keep the index range-bound.
What to watch today
- India CPI inflation: October inflation data is scheduled for release at 4 PM IST. The reading will be important for expectations around inflation and monetary policy.
- West Asia developments: Watch for any escalation involving Iran or disruption to commercial shipping, which could quickly affect crude prices.
- FII buying: Continuation of Wednesday’s strong foreign inflows could support domestic sentiment.
- Technology stocks: Follow-through from Wall Street’s semiconductor rally may influence Indian IT and technology-related shares.
- Market breadth: Check whether buying spreads beyond heavyweight stocks and the sectors that led Wednesday’s advance.
- Corporate results: Alkem Laboratories, Amber Enterprises, Bharat Dynamics, HAL, Vodafone Idea, Manappuram Finance, NMDC, Oil India, Page Industries, Hitachi Energy India and RVNL are among the companies scheduled around the results calendar.
Market outlook
The opening indication is close to flat, but the global backdrop is not entirely weak. Wall Street’s technology-led rally and strong FII buying offer support, while mixed Asian markets, elevated crude prices and West Asia risks call for caution.
For Thursday, the Nifty’s response around the 25,250–25,300 resistance area will be an important early signal. Investors should also track the October CPI release, currency movement and market breadth before drawing conclusions from the opening move.
Disclaimer: This article is for informational and educational purposes only. It does not constitute investment advice or a recommendation to buy or sell any securities. Onetrader is not a SEBI-registered investment adviser or research analyst. Investors should conduct their own research or consult a qualified financial adviser before making investment decisions.
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