Indian Stock Markets Face Muted Start Following Previous Day Gains

Indian stock markets are likely to open on a negative note on Thursday, 12 November, as the GIFT Nifty signaled a muted start for both the Sensex and the Nifty 50. Gift Nifty traded around the 25,213 level, up nearly 12 points or 0.05 percent from the previous close.

Wednesday Market Rally

Indian equity benchmarks extended gains for a second consecutive session on Wednesday. The BSE Sensex surged 772.75 points, or 0.95 percent, to close at 81,879.40, marking its highest level since February 26. During the session, the index climbed as much as 1,413.75 points, or 1.74 percent, to reach an intraday high of 82,520.40. The NSE Nifty 50 gained 210.40 points, or 0.84 percent, to settle at 25,255.05. This rally was supported by foreign investor inflows, stronger-than-expected September-quarter earnings, and a continued decline in crude oil prices.

Expert Insights And Global Cues

Ajit Mishra, senior vice president of research at Religare Broking, noted that profit-taking in heavyweight stocks trimmed early gains where the Nifty crossed the 25,400 mark. Sachin Gupta, vice president of technical research at Choice Equity Broking Private Limited, stated that the Sensex formed a doji candle near higher levels, with the 82,500 zone attracting significant profit booking. Vatsal Bhuva, technical analyst at LKP Securities, added that the Nifty is trading in the overbought zone, indicating the possibility of a mild retracement towards 25,000 to 24,800 levels. Meanwhile, Wall Street indices recovered on Wednesday, backed by CoreWeave earnings and artificial intelligence optimism, while Asian markets showed mixed trends with South Korea's KOSPI up 0.2 percent and Taiwan's Taiex falling up to 0.75 percent.

Context

Stock market indices frequently experience profit-taking phases after major rallies as investors lock in short-term gains at higher resistance levels. Global cues, particularly movements on Wall Street and Asian exchanges, routinely influence early trading sentiment across Indian equity benchmarks.