Nifty set for a firm start amid positive global cues - key levels to track on Nov 6

Indian equities likely to open firm on upbeat global sentiment

Indian equities are set to resume trading after the mid-week holiday, with benchmark indices Sensex and Nifty poised for a positive start on the back of strong global cues. As of 8:05 am, the GIFT Nifty was hovering around 25,730, up 77 points or 0.3 percent, indicating a firm opening for domestic markets.

Thursday will also mark the first weekly expiry of Sensex contracts for the November series, which could add some volatility to intraday trade. Investors will also be reacting to a slew of corporate earnings reported after market hours on Tuesday and during Wednesday’s trading break. Among the companies announcing their September quarter results today are Bajaj Housing Finance, Godrej Properties, LIC, Lupin, and NHPC.

Market participants expect near-term moves to hinge on technical levels. Ponmudi R, CEO of Enrich Money, said, “For sentiment to turn constructive, the index needs to reclaim and hold above 25,720 on an hourly close, which could trigger short covering and pave the way for a rebound toward 25,850–26,000. However, a decisive break below 25,450 may dampen sentiment further, inviting renewed selling pressure and potentially extending the decline toward 25,130.”

Global market cues are lending support to domestic sentiment. Asia-Pacific equities traded higher this morning, tracking overnight gains on Wall Street after AMD’s third-quarter earnings beat lifted artificial intelligence-linked stocks. Japan’s benchmark Nikkei 225 index climbed 1.45 percent, while the Topix index gained 1.11 percent. South Korea’s Kospi index, however, pared early gains to trade near the flatline.

In the US, markets closed higher overnight, buoyed by tech and chip stocks. The Dow Jones Industrial Average gained 225 points, while the S&P 500 rose 0.37 percent and the Nasdaq Composite advanced 0.65 percent.

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