Nifty extends consolidation, Sensex opens flat amid cautious global cues, muted earnings

In the previous session. Nifty 50 and Sensex closed with mild gains.

India's equity benchmarks Nifty 50 and Sensex kicked off the November 4 session on a muted note, shifting between mild gains and losses, following tepid cues from Asian markets. Nifty’s record peak may stay out of reach as investors turn cautious amid the Fed’s uncertain stance on a December rate cut, unclear U.S.–India trade talks, and muted Q2 earnings, noted experts.

At 09:15 a.m., the Sensex was up 24.63 points or 0.03 percent at 84,003.12, and the Nifty was up 5.20 points or 0.02 percent at 25,768.55.

On the sectoral front, the Nifty Consumer Durables led the gainers with a 0.46 percent rise, followed by Nifty Metal, Oil & Gas, Media, and Realty, which added up to 0.12 percent. On the other hand, Nifty Auto slipped 0.38 percent, while FMCG, IT, Pharma, PSU Bank, and Private Bank indices also traded lower. The Healthcare index was largely flat, opening with a marginal 0.02 percent dip.

The Nifty 50 showed resilience in the previous session, opening on a flat note but maintaining an upward bias throughout, indicating steady buying interest at lower levels. For today,  Amruta Shinde, Technical & Derivative analyst, Choice Broking said that the immediate resistance is placed at 25,850, followed by 25,900 and 26,000. "On the downside, support levels are seen at 25,600 and 25,650, which may serve as potential accumulation zones for positional traders," Shinde added.

Overnight, the S&P 500 and the Nasdaq closed higher, with artificial intelligence-related deals driving much of the gains even as the Federal Reserve's near-term monetary policy grew increasingly foggy due to scarcity of official U.S. economic data.

The Dow Jones Industrial Average fell 0.48 percent, the S&P 500 gained 0.17 percent and the Nasdaq Composite gained 0.46 percent. Asian stocks opened lower Tuesday after weaker US economic data and uncertainty over the Federal Reserve’s policy outlook weighed on sentiment.

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