Gift Nifty Today: Indian Stock Market Set for a Tepid Start Despite Global Rally

The Indian equity market is expected to open on a subdued note on Tuesday, despite upbeat signals from global markets.

Gift Nifty Today

Early indications from the Gift Nifty also point to a flat start for domestic indices. Around 8:07 AM, the Gift Nifty was hovering near 26,152, about 19 points below the previous close of Nifty futures.

Asian Markets

Asian equities traded higher on Tuesday, taking cues from a strong rebound in US tech stocks and rising hopes of an upcoming US Federal Reserve rate cut. Japan’s Nikkei 225 climbed 0.65%, while South Korea’s Kospi rose 0.75%, leading the regional advance.

US Market Overnight

Overnight in the US, Wall Street rallied sharply, with the S&P 500 logging its strongest session in six weeks amid renewed optimism over potential Fed rate cuts. According to Bloomberg, futures markets now assign a probability of over 70% to a December rate cut. The S&P 500 jumped 1.55%, and the Nasdaq surged 2.69% by the close.

Indian Market Recap

Back in India, benchmark indices slipped on Monday. The BSE Sensex declined 331.21 points (0.39%) to finish at 84,900.71, while the Nifty50 dropped 108.65 points (0.42%), closing at 25,959.50.

Also Read: RBI Governor Hints at Scope for Further Rate Cuts as Inflation Drops to Record Low

IPO Watch

On the primary market front, Sudeep Pharma Ltd.’s mainboard IPO is set to close on Tuesday, November 25. The ₹8,000 crore offering saw strong investor interest, being subscribed to more than 5 times by the second day. There are currently no active IPOs in the SME segment.

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