Gift Nifty Signals Flat Open for Sensex, Nifty on Thursday

Mumbai, November 12: Indian markets are set for a flat opening on Thursday, with Gift Nifty about 10 points below the Nifty 50’s last close. Easing oil, firm Asian stocks and a Wall Street rally support sentiment, but a volatile Iran war keeps traders cautious.

The near-month Gift Nifty contract was at 25,245.50 at 7.19 am on Thursday, down 14.00 points, or 0.06 per cent, from its previous close of 25,259.50. Against the Nifty 50’s Wednesday close of 25,255.05, that is a discount of 9.55 points, or 0.04 per cent.

Brent crude is at USD 92.09 a barrel, down 0.72 per cent, and West Texas Intermediate (WTI) is at USD 85.90, down 0.73 per cent. Cheaper crude helps India, a major importer.

Asian stocks are mostly higher, with the Kospi up 1.50 per cent, the Nikkei up 0.76 per cent and Taiwan up 0.51 per cent, while the Hang Seng is down 1.25 per cent. The steady tone supports a stable start in Mumbai.

Wall Street rallied on Wednesday, with the Nasdaq up 1.60 per cent, the S&P 500 up 1.31 per cent and the Dow Jones up 0.49 per cent. The VIX volatility index plunged 10.12 per cent to 17.49.

US Treasury Secretary Scott Bessent has moved to a military base after Iranian threats, Reuters reported. President Donald Trump has said he will hold off on fresh strikes for now, but the naval blockade stays.

Oil Prices

Brent crude fell USD 0.67, or 0.72 per cent, to USD 92.09 a barrel, while WTI slipped USD 0.63, or 0.73 per cent, to USD 85.90. The OPEC basket dropped 6.49 per cent to USD 86.02 on delayed data, while WTI Midland lost 0.53 per cent to USD 86.62 and gasoline eased 0.54 per cent to USD 2.593. Natural gas rose 2.18 per cent to USD 3.285 and heating oil slipped 0.19 per cent to USD 4.204.

Asian Stocks

Asian stocks were mostly higher on Thursday morning, with South Korea’s Kospi up 1.50 per cent at 5,456.23 and Japan’s Nikkei up 0.76 per cent at 61,714.16. Taiwan gained 0.51 per cent to 44,482.76, Shenzhen rose 0.53 per cent and Shanghai added 0.29 per cent to 3,691.24. Singapore’s Straits Times inched up 0.07 per cent to 5,293.27, while Thailand’s SET was flat. Hong Kong’s Hang Seng fell 1.25 per cent to 24,012.98, while Malaysia dropped 0.50 per cent and Australia’s ASX 200 slipped 0.37 per cent to 9,119.10.

US Markets

US stocks rallied on Wednesday, with the Nasdaq Composite up 400.31 points, or 1.60 per cent, at 25,466.19 and the S&P 500 up 98.45 points, or 1.31 per cent, at 7,619.38. The Dow Jones Industrial Average gained 254.60 points, or 0.49 per cent, to 52,486.49, while the Nasdaq 100 jumped 2.28 per cent. The Russell 2000 small-cap index rose 0.88 per cent and the VIX fell 10.12 per cent to 17.49.

Iran War

US Treasury Secretary Scott Bessent moved from his Washington residence to a US military base after Iranian threats against his life, sources told Reuters on Tuesday. A senior intelligence official warned in a memo that Iranian plots against US personnel had reached an advanced stage, though Iran has denied plotting such attacks.

Bessent leads Operation Economic Outcast, a sanctions campaign to push Tehran to reopen the Strait of Hormuz, largely closed since the US and Israel attacked Iran on February 28. On Monday, Trump said he plans to hold off on new strikes for now but will keep the naval blockade, while officials see no imminent deal.

Wednesday’s Close

Indian equity benchmarks extended their November rally on Wednesday, with the Sensex up 772.75 points, or 0.95 per cent, at 81,879.40 and the Nifty 50 up 210.40 points, or 0.84 per cent, at 25,255.05, after Tuesday’s holiday.

Breadth was firmly positive, with 2,756 shares advancing, 1,555 declining and 162 unchanged, while the Nifty Smallcap index rose 1.6 per cent and the Nifty Midcap index gained 0.8 per cent. Mahindra & Mahindra (M&M), InterGlobe Aviation (INDIGO), Eicher Motors (EICHERMOT), Trent (TRENT) and Tata Steel (TATASTEEL) led the Nifty 50 gainers, while Tech Mahindra (TECHM), ICICI Bank (ICICIBANK), Nestle India (NESTLEIND), HCL Technologies (HCLTECH) and Titan Company (TITAN) were among the laggards.

Foreign investors have bought USD 5.68 billion of Indian shares in November, their biggest monthly buying since September 2024.

Sources

•  nseix.com
• NSE data
• BSE data
• CNBC
• OilPrice.com
• Reuters.