GIFT Nifty is pointing to a nervous start, perfectly in sync with our “Call of the Day” — suggesting volatility is likely to be the hallmark for benchmark Nifty.
Blame it on overnight drubbing at Wall Street which witnessed its worst day of the month amidst broad sell-off amidst fading odds of a Federal Reserve rate cut in December.
Traders now eye the Bihar elections results to be declared on Friday, November 14th .
Bottom-line: Nifty shall look to consolidate, as bullish traders shall prefer to stay on the sidelines and hope for NDA’s landslide victory in Bihar.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (-91, 25833)
Dow Futures: (+111, 47568)
Nasdaq 100 Futures (+43, 25037)
Nikkei (-716, 50564)
Hang Seng (-413, 26660)
Dow Jones (-798, 47457)
Nasdaq Composite (-536, 22870)
Bovespa (-470, 157162).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
In Thursday’s trade, US stocks tumbled hard, with the S&P 500 down 1.5%, the Nasdaq off 1.9% and the Dow giving back its recent record after losing 1.5% amid a broad sell-off in AI-linked names and cooling expectations for near-term Fed easing.
The Negative Catalysts:
1) Several Fed officials voiced caution over further easing amid persistent inflation. Markets have sharply reduced the probability of a December 25 basis point cut to roughly 50% from about 95% a month ago.
2) Overbought conditions and questions about whether we’re in an AI bubble.
Meanwhile, President Donald Trump signed a short-term spending bill that reopens the federal government through January 30.
Gold prices ($4175 per ounce) are consolidating, hovering now near its highest level since October 24, driven by growing expectations of a Federal Reserve’s imminent interest rate cut in December, despite policymakers’ efforts to downplay the likelihood of such a move.
WTI crude oil futures ($59.50) are consolidating, as OPEC revised its outlook to show a supply surplus in the third quarter. The group now estimates global supply exceeded demand by about 500,000 barrels per day, reversing its prior deficit forecast.
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