| The headline equity indices ended with decent gains today, extending their rally for the second consecutive session. Investor sentiment was buoyed by positive global cues after AI leader Nvidia reported robust earnings, along with steady FII inflows into domestic markets. Market volatility was observed due to the weekly expiry of the Sensex derivatives, but both the Sensex and Nifty managed to hit 52-week highs during the session. However, investors remain cautious, keeping a close eye on movements in crude oil prices and other global developments that could influence market direction in the near term. The Nifty ended above the 26,150 mark.
In the barometer index, the S&P BSE Sensex jumped 446.21 points or 0.52% to 85,632.68. The Nifty 50 index advanced 139.50 points or 0.54% to 26,192.15. The Nifty hit a 52-week high of 26,246.65, while the Sensex also reached a record high of 85,801.70 in mid-afternoon trade. In two consecutive trading sessions, the Sensex rose 1.13% while the Nifty added 1.08%.
In the broader market, the S&P BSE Mid-Cap index rallied 0.13% and the S&P BSE Small-Cap index declined 0.17%. The market breadth was negative.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.35% to 12.14.
Among the sectoral indices, the Nifty Financial Services index (up 0.79%), the Nifty Oil & Gas index (up 0.55%) and the Nifty Auto index (up 0.44%) outperformed the Nifty 50 index.
Meanwhile, the Nifty Media index (down 1.54%), the Nifty PSU Bank index (down 0.89%) and the Nifty Consumer Durables index (down 0.53%) underperformed the Nifty 50 index.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.17% to 6.543 as compared with previous close 6.523.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.7100 compared with its close of 88.4800 during the previous trading session.
MCX Gold futures for 5 December 2025 settlement shed 0.28% to Rs 1,22,710.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 100.18.
The United States 10-year bond yield added 0.05% to 4.135.
In the commodities market, Brent crude for January 2025 settlement gained 49 cents or 0.77% to $64 a barrel.
Global Markets:
Dow Jones futures are up by 205 points, signaling a positive start for US stocks today.
European market advanced, while most Asian markets ended higher on Thursday, as chip shares rallied after Nvidia’s stronger-than-expected earnings and bullish forecast appeared to reinforce confidence in the global AI trade and boost the broader market.
Shares of the chip giant jumped more than 4% in extended trading after its fiscal third-quarter earnings beat earnings and revenue expectations. The AI chip maker also gave a stronger-than-expected fourth-quarter sales forecast, with CEO Jensen Huang saying demand for its current-generation Blackwell chips is “off the charts.”
U.S. equity futures edged higher in early Asian hours after Nvidia’s upbeat guidance, which likely lifted investor sentiment around the AI trade, following recent sessions that reflected fears about elevated valuations, debt financing, and potential chip depreciation.
On Wall Street, stocks closed mostly higher on Wednesday as Wall Street recovered some ground from tech-led sell-off.
The S&P 500 gained 0.38% to close at 6,642.16, snapping a four-day losing streak, while the Nasdaq Composite advanced 0.59% to settle at 22,564.23. The Dow Jones Industrial Average climbed 47 points, or 0.1%, to finish at 46,138.77.
Latest meeting minutes released on Wednesday showed that the Federal Reserve officials were at odds during their October meeting over cutting interest rates, divided over whether a stalling labor market or stubborn inflation were bigger economic threats.
While the Federal Open Market Committee approved a cut at the meeting, the path forward looks less certain. Disagreements stretched into the outlook for December, with officials expressing skepticism about the need for an additional reduction that markets had been widely anticipating, with “many” saying that no more cuts are needed at least in 2025.
The minutes did note that “most participants” saw further cuts likely in the future, though not necessarily in December.
The minutes also discussed the balance sheet aspect of policy. The FOMC agreed to stop the reduction of Treasury and mortgage-backed securities in December, a process that has shaved more than $2.5 trillion off the balance sheet, which is still around $6.6 trillion. There appeared to be widespread approval for the halting of a process known as quantitative tightening.
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