The Indian markets looked set for an uncertain start on Thursday after taking a trading break for Guru Nanak Jayanti on November 5. The BSE Sensex opened the session today above 83,700, climbing close to 250 points, while the NSE Nifty50 crossed 25,600, jumping 36 points, around 9:15 AM.
Notably, the GIFT Nifty took a hit of over 60 points and breached 25,750 around 8:38 AM, indicating a heavy sentiment prevalent among investors. In the pre-open session, the Sensex bled 77 points and breached 83,400, while the Nifty tanked more than 150 points and neared 25,400, around 9:02 AM.
Notably, in the previous trading session on Tuesday, both benchmarks registered major losses. The Sensex crashed over 500 points and the Nifty settled the session under 25,600.
The market dip was influenced by a combination of global uncertainty and domestic factors. Vinod Nair, Head of Research at Geojit Investments, noted, “Investor sentiment remained subdued ahead of the holiday-shortened week. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,883.78 crore on Monday, as rising US bond yields and waning expectations of a near-term Fed rate cut curbed risk appetite.”
Share markets remained closed for trading on Wednesday as the country celebrated Guru Nanak Jayanti. This was the only festive holiday for traders this month. Further, markets will observe typical weekend closures during November.
