European Markets Steady on US Thanksgiving Holiday; India's Q2 GDP Growth in Focus

European stocks edged higher on Thursday while the dollar held steady, as investor confidence in a December Federal Reserve rate cut supported market sentiment and helped bitcoin stabilise above recent lows.

The holiday-shortened week led to muted trading activity across markets. Equities maintained a broadly positive tone and currencies traded with reduced volatility as investors set aside earlier concerns about an AI bubble that had unsettled markets in November.

US stock futures are flat following the Thanksgiving holiday.

The US dollar was on track for its steepest weekly decline in four months on Thursday, as investors anticipated further monetary easing amid President Donald Trump’s pressure on the Fed to lower rates.

India’s Q2FY26 GDP data is scheduled for release today. Economists broadly expect GDP growth to be between 7% and 8%, though nominal GDP growth—economic expansion before inflation adjustments—may have decelerated further.

Crude oil traded around $58.95, remaining steady after a mid-week rebound as traders weighed upcoming OPEC+ policy decisions against potential supply shifts stemming from Ukraine-related negotiations.

Nifty finally registered a fresh all-time high at 26,310, surpassing its previous peak of 26,277, hit on 27 September 2024 after a gap of 289 trading sessions or 14 months of consolidation.

Expectations of high GDP growth and emerging signs of earnings recovery fueled Nifty.

The narrowing of valuation premiums versus other Asian markets, coupled with robust domestic mutual fund inflows and relatively limited AI sector exposure, is rekindling investor interest in Indian equities. The next resistance is placed near 26,500, while support for the index is positioned in the 26,000–26,050 band.

GIFT Nifty is trading marginally higher, signalling a modestly positive opening for the Nifty.