Gift Nifty Signals Weak Open for Sensex, Nifty on Friday as Asia, Wall Street Slide; Oil Climbs

Mumbai, November 6: Gift Nifty points to a gap-down open for the Sensex and Nifty 50 on Friday, with the contract at a discount of about 85 points to the Nifty’s close. Weak Asian stocks, a sharp fall on Wall Street and climbing oil prices are weighing on sentiment. Iran has sent a nuclear proposal to the US via Qatar, but the mood remains cautious. 

Gift Nifty futures were at 24,452.00 at 7:45 am IST on Friday, down 28 points, or 0.11 per cent, from the previous close of 24,480.00. Against the Nifty 50’s close of 24,536.60, that is a discount of 84.60 points, or 0.34 per cent. 

Wall Street’s slide was led by AI stocks, with the S&P 500 falling 4.36 per cent and the Nasdaq 100 sinking 6.36 per cent on Thursday. The VIX jumped 69.66 per cent to 28.18. 

Asian stocks fell broadly on Friday morning. Japan’s Nikkei plunged 5.27 per cent and South Korea’s Kospi lost 3.85 per cent, while Taiwan fell 3.51 per cent. Hong Kong’s Hang Seng slipped 0.53 per cent. 

Brent crude rose 1.65 per cent to USD 99.91 a barrel, while WTI gained 1.25 per cent to USD 91.65. 

Iran sent the US a nuclear proposal via Qatar, to be discussed only after Washington meets Tehran’s seven demands, a senior Iranian official told Reuters. The US is reviewing it. 

Oil Prices 

Brent crude rose USD 1.62, or 1.65 per cent, to USD 99.91 a barrel, while West Texas Intermediate (WTI) gained USD 1.13, or 1.25 per cent, to USD 91.65. Murban crude was quoted at USD 95.89, down USD 5.00, or 4.96 per cent, on Thursday’s data. Brent is still about 15 per cent below the six-month high of USD 118 after a steep fall in recent days on bets that President Donald Trump may be less likely to restart US strikes. 

Asian Stocks 

Asian stocks fell sharply on Friday morning. Japan’s Nikkei plunged 5.27 per cent to 57,858.61, South Korea’s Kospi dropped 3.85 per cent to 5,176.68 and Taiwan lost 3.51 per cent to 40,117.44. Singapore’s Straits Times fell 2.36 per cent and Shenzhen slid 1.78 per cent. Australia’s ASX 200 declined 1.07 per cent to 8,968.10 and Hong Kong’s Hang Seng slipped 0.53 per cent to 24,666.69. 

US Markets 

Wall Street ended sharply lower on Thursday in a sell-off led by stocks tied to AI data centres, with the S&P 500 down 334.89 points, or 4.36 per cent, to 7,353.73, its worst day since April 2025. The Dow Jones Industrial Average fell 1,833.06 points, or 3.44 per cent, to 51,523.06, while the Nasdaq 100 sank 6.36 per cent and the Russell 2000 lost 4.45 per cent. The VIX surged 69.66 per cent to 28.18, erasing the previous session’s gains. 

Iran War 

Iran has sent the US a nuclear proposal via Qatar, to be discussed only after Washington meets Tehran’s seven demands, a senior Iranian official told Reuters on Thursday. Mohsen Rezaei said Iran would neither open the Strait of Hormuz nor hold talks until the demands are met, while Washington says nuclear issues must be part of initial negotiations. Iran reported three more tankers damaged in the Strait of Hormuz on Thursday, and UKMTO has logged incidents on at least five vessels since Sunday. Mediators fear the war could reignite after the US midterms, with Trump declining to rule out resuming combat operations and Iran planning wider retaliation, while neither side has announced a breakthrough. 

Thursday’s Close 

The Sensex jumped 2,008.61 points, or 2.60 per cent, to 79,310.01 and the Nifty 50 gained 576 points, or 2.40 per cent, to 24,536.60 on Thursday, a sixth straight gain and its first close above 24,500 since August 7. Both indices have risen more than 8 per cent in six sessions, the longest winning streak in a year, helped by easing crude and foreign buying of Rs 7,284 crore on Wednesday. Breadth was positive, with 2,868 shares advancing, 1,384 declining and 169 unchanged on the BSE, while Nifty Capital Market gained 4.24 per cent, Nifty Auto 4.14 per cent and Nifty Financial Services 4 per cent. Bajaj Finance, Shriram Finance and InterGlobe Aviation led the Nifty gainers, while Apollo Hospitals, ONGC and NTPC led the losers. 

Sources

•  Gift Nifty
• NSE data
• BSE data
• Reuters
• CNBC
• OilPrice.com
• Associated Press