The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking the overnight global market rally driven by improved investor risk appetite.

Asian markets traded higher, while the US stock market surged overnight, supported by strong gains in technology stocks.

The Indian stock market remained closed on Wednesday, November 5, for the Guru Nanak Jayanti holiday.

However, on Tuesday, domestic equities ended lower due to profit booking, with the Nifty 50 slipping below the 25,600 mark.

Domestic Market Recap

On Tuesday, Indian indices closed in the red:

• Sensex slumped by 519.34 points (0.62%) to close at 83,459.15
• Nifty 50 moved down by 165.70 points (0.64%) to settle at 25,597.65

Gift Nifty

Gift Nifty was trading near 25,740, around 32 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, as strong corporate earnings and better-than-expected economic data boosted investor confidence and risk appetite.

• The Dow Jones Industrial Average gained by 225.76 points (0.48%) to close at 47,311.00.
• S&P 500 gained by 24.74 points (0.37%), ending at 6,796.29.
• The Nasdaq Composite was higher by 151.16 points (0.65%), finishing at 23,499.80.

Gold Prices 

Gold prices held steady on Thursday after recording their biggest daily gain in a week. The metal eased 0.2% to $3,973.15 an ounce, following a 1.2% surge on Wednesday, as traders assessed market cues and interest rate outlooks.

Overnight Major Global Events Driving Sentiment

1. MSCI Rejig: MSCI added Fortis Healthcare, One 97 Communications (Paytm), GE Vernova T&D India, and Siemens Energy India to the MSCI India Index, a component of the MSCI Global Standard Index. Meanwhile, Container Corporation of India and Tata Elxsi were removed from the index as part of the November reshuffle.
2. US Private Payrolls: According to the ADP employment report, US private payrolls rebounded sharply in October, adding 42,000 jobs after a revised decline of 29,000 in September. 
3. Japan Services PMI: Japan’s services sector maintained strong growth in October, with the S&P Global final Japan Services PMI easing slightly to 53.1 from 53.3 in September. The reading marked the seventh consecutive month of expansion, remaining comfortably above the 50.0 growth threshold.

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