opened on a cautious note Thursday, with the slipping 507.90 points to 84,489.23 and the falling 154.15 points to 25,899.75 as of 9.55 am, following mixed global cues after the US ’s 25-basis-point rate cut. The Sensex had closed at 84,997.13 on Wednesday and opened at 84,750.90, while the Nifty closed at 26,053.90 and opened at 25,984.40.
The subdued opening came despite the widely expected Fed rate cut, as Chair Jerome Powell’s remarks that “further cuts in 2025 are not guaranteed” dampened global optimism. Ponmudi R, CEO of Enrich Money, said the Nifty 50 “slipped below the 26,000 mark in early trade” as “mixed global cues, selective profit-taking, and investor restraint ahead of key macroeconomic data kept sentiment in check.”
emerged as the top gainer on the Nifty50, surging 2.11 per cent to ₹4,041.60, followed by , which gained 0.98 per cent to ₹745.70. added 0.31 per cent to ₹310.70, while rose 0.29 per cent to ₹383.10 and Nestle India edged up 0.20 per cent to ₹1,275.60.
On the losing side, led the declines, plunging 4.59 per cent to ₹1,193.50. fell 1.99 per cent to ₹1,681.80, dropped 1.75 per cent to ₹748, declined 1.41 per cent to ₹2,071, and shed 1.28 per cent to ₹1,491.
On the institutional front, turned sellers on Wednesday, offloading equities worth ₹2,540.2 crore, while continued their support, purchasing equities worth ₹5,692.8 crore. Prashanth Tapse, Senior VP (Research) at Mehta Ltd, noted that “Indian equities are set for a modestly weak start this morning as FIIs turned net sellers in yesterday’s otherwise positive session.”
Technical analysts remained cautiously optimistic despite the weak opening. Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said “the Nifty continues to maintain a sideways-to-bullish bias as long as it sustains above the 25,900-26,000 support zone.” She added that immediate resistance is placed around 26,100-26,200, and a “sustained move above this range could pave the way for further gains toward 26,300-26,400.”
The Bank Nifty showed resilience after an initial dip. Ponmudi R noted the index “managed to recover after an initial dip” and continues to trade “firmly within its ascending channel, signaling that bullish momentum remains largely intact.” The zone of 58,400-58,500 is acting as key resistance, while 57,900-58,000 serves as crucial support.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, highlighted domestic positives, stating Chief Economic Adviser Anantha Nageswaran’s remark that “he won’t be surprised if GDP growth touches 7 per cent this year is a big positive.” He added that “leading indicators suggest a robust economy” reflected in the strength of domestic consumption-driven stocks.
The Fed’s decision has cleared the path for potential domestic rate action. Vishal Goenka, Co-Founder of IndiaBonds.com, said the Fed move is “a clear green lighting for RBI to cut repo rate in its next meeting in early December,” which would support transmission of rate cuts through the banking sector.
traded lower, with January Brent oil at $64.19, down 0.20 per cent, and December WTI crude at $60.33, down 0.25 per cent. November crude oil futures on MCX were at ₹5,353, down 0.35 per cent.
Market participants are now focused on the Trump-Xi summit in South Korea and upcoming corporate earnings from ITC, Pidilite, Cipla, and Maruti Suzuki later this week.