Indian markets poised lower as global cues turn mixed ahead of trade
Indian benchmarks may open lower on November 4, while foreign investors buy and domestic investors sell equities, and global markets show mixed movements.
Indian benchmark indices are expected to open with a negative bias on November 4, as the GIFT Nifty trades around 23,714 points, down from the previous session. The Nifty had risen above 23,800 on November 3, driven by strong second-quarter earnings and buying in auto, FMCG, realty and private banking stocks, while the Sensex closed up 1.62 percent at 76,917.85. Broader mid-cap and small-cap indices also posted gains, though at a slower pace.
Overnight, global markets delivered mixed signals. Asian equities were uneven, with South Korea’s Kospi slipping 1 percent after earlier gains, and Japan’s Nikkei falling nearly 2 percent. Taiwan’s Taiex posted a modest 0.4 percent rise. In the United States, the Nasdaq rose 0.83 percent as AI-focused stocks recovered, while the S&P 500 gained 0.36 percent and the Dow Jones Industrial Average slipped 0.38 percent. Apple’s shares fell after its quarterly results disappointed investors.
The U.S. dollar index declined to 101.57 as markets await the outcome of the midterm elections, and yields on the 10-year and 2-year Treasury notes slipped to 4.9 percent and 4.57 percent respectively. Asian currencies moved variably, with the Japanese yen gaining 0.29 percent and the Chinese renminbi weakening 0.36 percent.
Commodities showed divergent trends: Brent crude rose toward $105 a barrel, while spot gold edged up 0.2 percent to $3,934.75 per ounce.
In fund flows, foreign institutional investors bought equities worth Rs 6,836 crore for the third straight day on November 3, whereas domestic institutional investors sold Rs 3,678 crore for the same period.