India’s benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday as overnight global market cues remain mixed.

Asian markets traded in a mixed pattern, while US equities closed higher overnight on growing expectations of an interest rate cut by the US Federal Reserve next week.

Investors will closely track Russian President Vladimir Putin’s two-day state visit to India beginning today, December 4, 2025, with particular focus on his meeting with Prime Minister Narendra Modi and any major defence-related agreements that may emerge.

However, on Wednesday, the Indian stock market extended its decline for the fourth consecutive session, pressured by a weaker rupee.

Domestic Market Recap

On Wednesday, Indian indices closed in the red:

• Sensex slumped by 31.46 points (0.04%) to close at 85,106.81
• Nifty 50 moved down by 46.20 points (0.18%) to settle at 25,986.00

Gift Nifty

Gift Nifty was trading near 26,093, around 43 points lower than the previous Nifty futures close, hinting at a negative start for Indian markets.

Overnight Wall Street Performance

The US stock market closed higher on Wednesday after a series of economic data releases strengthened expectations that the Federal Reserve will cut interest rates next week.

• The Dow Jones Industrial Average gained by 408.44 points (0.86%) to close at 47,882.90.
• S&P 500 up by 20.35 points (0.30%), ending at 6,849.72.
• The Nasdaq Composite was higher by 40.42 points (0.17%), finishing at 23,454.09

Gold Prices 

Gold prices moved higher as growing expectations of a US Federal Reserve rate cut lifted demand for precious metals. Spot gold rose 0.2% to $4,213.38 per ounce, while silver edged up 0.1% to $58.5415 per ounce, extending its winning streak into a ninth straight session after hitting a record high of $58.98 on Wednesday.

Overnight Major Global Events Driving Sentiment

1. US Private Payrolls: US private payrolls recorded their sharpest decline in more than two and a half years in November. Private employers cut 32,000 jobs last month, which is the biggest drop since March 2023, following an upwardly revised gain of 47,000 jobs in October.
2. US Services PMI: US services sector activity remained stable in November. The Institute for Supply Management reported that its non-manufacturing PMI edged up to 52.6 last month from 52.4 in October. 
3. Japanese Bond Yields: Yields on long-term Japanese government bonds climbed to new highs ahead of a scheduled auction. The 30-year JGB yield surged to a record 3.445%. The benchmark 10-year yield rose 1.5 basis points to 1.905%, its highest level since July 2007. The 20-year yield advanced to 2.94%, the strongest since June 1999, while the five-year yield edged up 1 basis point to 1.395%.

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