Indian stock market benchmarks Sensex and Nifty 50 are set to open higher on Thursday, driven by positive cues from overnight global markets.

Asian markets traded in the green, and US equities continued their upward momentum overnight on rising expectations of a US Federal Reserve rate cut.

However, on Wednesday, Indian markets surged sharply, supported by strong buying across sectors, and the Nifty 50 closed above the 26,200 mark.

Domestic Market Recap

On Wednesday, Indian indices closed in the green:

• Sensex skyrocketed by 1,022.50 points (1.21%) to close at 85,609.51
• Nifty 50 moved up by 320.50 points (1.24%) to settle at 26,205.30

Gift Nifty

Gift Nifty was trading near 26,430, around 49 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed higher on Wednesday, driven by gains in technology stocks, as expectations grew for a potential interest rate cut by the US Federal Reserve in December.

• The Dow Jones Industrial Average gained by 314.67 points (0.67%) to close at 47,427.12.
• S&P 500 up by 46.73 points (0.69%), ending at 6,812.61.
• The Nasdaq Composite was higher by 189.10 points (0.82%), finishing at 23,214.69.

Gold Prices 

Gold prices held steady after reaching their highest level in more than a week during the previous session.

• Spot gold was trading steady at $4,162.98 per ounce.
• The US gold futures slumped by 0.1% at $4,158.60.

Crude Oil Prices

• Brent crude slumped by 0.3% to $62.92/barrel
• US West Texas Intermediate (WTI) crude was trading 0.4% lower at $58.44/barrel

Overnight Major Global Events Driving Sentiment

1. IMF on India’s GDP: The International Monetary Fund estimates that India’s economy will grow 6.6% in FY26, noting that GST reforms will help soften the impact of the 50% tariffs imposed by the US. The IMF said India continues to show strong performance, with GDP growing 6.5% in FY25 and expanding 7.8% in the first quarter of FY26.
2. Cabinet Decisions: The Union Cabinet approved a Rs7,280 crore scheme to boost the production of rare earth permanent magnets (REPM). Union Minister Ashwini Vaishnaw said the incentives in the scheme will help India achieve self-reliance in rare earth magnet manufacturing within the next three to four years.
3. China Industrial Profits: China’s industrial firms recorded a 1.9% rise in profits during the first 10 months of the year compared to the same period last year, following a 3.2% increase in the January–September period, according to data from the National Bureau of Statistics.

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