Global Market Cues

The global sentiment remains cautious after the US Federal Reserve kept its benchmark interest rates unchanged in the range of 3.5% to 3.75%. While the decision was widely expected, the lack of clear guidance on the timing of future rate cuts led to a muted reaction on Wall Street. Overnight, the Nasdaq Composite edged up 0.17%, supported by a rally in chip stocks like Intel and Nvidia, while the S&P 500 and Dow Jones Industrial Average ended virtually flat.

In Asia, markets are trading mostly lower this morning. Japan's Nikkei 225 fell 0.46%, and South Korea's KOSPI dropped 0.58%, tracking the lack of momentum from the US. Commodities are seeing significant action, with Gold prices hitting record highs above $5,500 per ounce due to dollar stabilization and safe-haven demand, while Brent crude remains steady around $63 per barrel.

GIFT Nifty and Domestic Cues

As of 7:30 AM IST, the GIFT Nifty is trading around the 25,370 level, indicating a gap-down start of approximately 60-80 points for the Nifty 50. Despite this weak start, domestic sentiment is supported by a landmark "in-principle" Free Trade Agreement (FTA) between India and the European Union, which is expected to boost long-term export prospects.

Crucially, Foreign Institutional Investors (FIIs) turned net buyers on Wednesday, injecting ₹480 crore after a 15-session selling streak. Domestic Institutional Investors (DIIs) also remained aggressive buyers, adding ₹3,360 crore to the cash market.

Key Stocks in Focus

The corporate earnings season is at its peak, with several heavyweights set to report their Q3 results today.

• ITC & Vedanta: Both companies will be in focus as they report quarterly numbers today; investors will watch for dividend announcements and margin guidance.
• Adani Power & NTPC Green: Energy stocks remain in the limelight amid sector-wide buying and upcoming earnings reports.
• Larsen & Toubro (L&T): Expected to react to its mixed Q3 performance and management's outlook on infrastructure orders.
• Swiggy & One97 Communications (Paytm): New-age tech stocks will be monitored following their respective earnings disclosures.
• Ambuja Cements & Canara Bank: Other major entities scheduled to announce results today.

Key Events to Watch Today

Today is a high-stakes day for the Indian markets with multiple macro and technical triggers:

• Economic Survey 2025-26: Union Finance Minister Nirmala Sitharaman will present the Economic Survey in Parliament today, providing the official growth outlook and fiscal roadmap ahead of the Union Budget.
• Weekly F&O Expiry: High volatility is expected as traders square off weekly derivative contracts for the Nifty 50 and Bank Nifty.
• Budget Positioning: Investors will continue to rebalance portfolios ahead of the upcoming Union Budget, focusing on sectors like Agriculture, Infrastructure, and Defense.

TAGS: Pre-Market, Stock Market, Nifty, Sensex, Market Update

Tags: Pre-Market Stock Market Nifty Sensex Market Update