Stock Market Today: Nifty, Sensex End Over 1% Lower; ICICI Bank & Trent Top Losers

The Nifty 50 ended 1.16% or 284.70 points down at 24,199.35, and the Sensex ended 836.34 points or 1.04% down at 79,541.79.

The NSE Nifty 50 and Sensex ended over 1% down on Thursday. ICICI Bank Ltd. and Trent Ltd. share prices dragged the Nifty 50 benchmark the most. 

The image is for representation. (Photo source Envato)

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Economic Data Releases And Events For Nov 7 & NoV 8

  • Europe: Retail sales — 3:30 p.m. IST

  • UK: Bank of England Monetary Policy Report — 5:30 p.m. IST

  • UK: BoE Monetary Policy Summary — 5:30 p.m. IST

  • UK: BoE MPC Official Bank Rate — 5:30 p.m. IST

  • UK: BoE Governor Andrew Bailey speaks — 6:00 p.m. IST

  • US: Weekly Unemployment Claims — 7:00 p.m. IST 

  • US: Non–farm productivity — 7:30 p.m. IST

  • US: Final Wholesale Inventories — 8:30 p.m. IST

  • US: Energy Information Administration weekly Natural Gas Storage Report — 9:00 p.m. IST

  • US: Federal Reserve Fund Rate — 12:30 a.m. IST 

  • US: FOMC Statement — 12:30 a.m. IST

  • US: FOMC Press Conference — 1:00 a.m. IST

  • Japan: Household Spending — 5:00 a.m. IST

  • Japan: Leading Indicators — 10: 30 a.m.  

US Futures Rise

At 3:30 p.m., Futures contract of Dow Jones was 0.2% higher at 43,967.00, that of S&P 500 was also up 0.2% at 5,968.00, and Nasdaq 100 rose 0.2% to 20,941.75.

Nifty, Sensex Snap Two–Day Rally As Focus Shifts To Fed Rate Decision: Market Wrap

The NSE Nifty 50 and BSE Sensex snapped a two–day rally and settled over 1% lower on Thursday tracking losses in ICICI Bank Ltd. and Reliance Industries share prices. Indian benchmarks were also one of the worst performing indices compared to Asian peers.

The Nifty 50 ended 1.16% or 284.70 points down at 24,199.35, and the Sensex ended 836.34 points or 1.04% down at 79,541.79.

Markets started pricing in effects of Donald Trump winning the US election to get a second term as president on emerging markets' financial assets, which weighed on the risk on sentiments. Trump's presidency is betted to be positive for safe–haven assets like the dollar index and US treasury yields.

The Nifty 50 declined 1.25% to the day's low of 24,179.05, and the Sensex declined 1.19% to a day's low of 74,419.

During the session Trent Ltd. share price slumped over 9% after delivering weaker than expected earning for July–September period.

The Sensex settled 1.04% down at 79,541.79.

The Sensex settled 1.04% down at 79,541.79.

The Nifty 50 ended 1.18% down at 24,194.60 on November 7, 2024. 

The Nifty 50 ended 1.18% down at 24,194.60 on November 7, 2024. 

Diverging from strong global equities, Indian markets started the weekly expiry trade on a tepid note and a sudden fall was seen in the opening trade followed by a range-bound trade before ending the session at 24,199.35 with a loss of 284.70 points, said Aditya Gaggar, director, Progressive Shares.

Barring PSU Banks, all the other sectors ended the day in red with Metal and Pharma being the major laggards. On the daily chart, the Index has formed a bearish engulfing pattern but it appears that it is forming a right shoulder of an Inverted Head & Shoulder formation with a neckline being placed at 24,500 which is also immediate resistance while on the lower side, psychological level of 24,000 will serve as a support, Gaggar said.

The NSE Nifty Bank ended 0.56%down at 51,916.50 on Thursday. 

The NSE Nifty Bank ended 0.56%down at 51,916.50 on Thursday. 

ICICI Bank Ltd., Reliance Industries Ltd., Trent Ltd., Hindalco Industries Ltd., and HDFC Bank Ltd. weighed on the index.

Apollo Hospitals Enterprise Ltd., State Bank of India, Tata Consultancy Services Ltd., and HDFC Bank Life Insurance Co. Ltd. added to the index.

Top contribution to the Nifty 50 index. 

Top contribution to the Nifty 50 index. 

On NSE, all 12 sectors ended lower with the NSE Nifty Metal declined the most. The NSE Nifty PSU Bank declined the least.

Sectoral Indices ended lower on November 7.

Sectoral Indices ended lower on November 7.

Broader indices outperformed. BSE Midcap closed 0.7% lower and BSE Smallcap closed 0.4% lower.

All 21 sectoral indices on the BSE ended lower. BSE Metal fell the most.

Market breadth was skewed in the favour of sellers. As many as 2,134 stocks fell, 1,823 rose, and 96 remained unchanged on the BSE.

Rupee Ends At Record Closing Low

Rupee closed nine paise lower at 84.376 against the US dollar. It closed at 84.28 on Wednesday, according to data on Bloomberg.

The Indian rupee ended 0.11% down at 84.37

The Indian rupee ended 0.11% down at 84.37

Market At Close 

  • The NSE Nifty 50 and Sensex reversed a two–day rally Thursday. Both the Nifty 50 and Sensex ended over 1% lower.

  • ICICI Bank Ltd., Reliance Industries Ltd., and Trent Ltd. share prices were top dragger in the benchmark Nifty 50 index.

  • Apollo Hospitals Enterprise Ltd., State Bank of India, and Tata Consultancy Services were top contributor to the Nifty 50 index.

  • The NSE Nifty Metal was the top loser sectoral index. It ended 2.72% down at 9,393.85.

  • The NSE Nifty PSU Nifty Bank emerged as the top performing sectoral index with least gain. It ended 0.07% down at 6,977.45.

  • The NSE Nifty Midcap 150 ended 0.55% lower at 21,182.20.

  • The NSE Nifty Smallcap 250 ended 0.67% down at 17,906.55.

Stock Market Live Updates Today: G R Infraprojects Lowest Bidder For A Project In Karnataka 

G.R. Infraprojects Ltd. share price emerged as the lowest bidder for transmission project in Karnataka, it said in an exchange filing.

Stock Market Live: Bernstein Keeps 'Outperform' On Trent

  • Bernstein maintained Outperform on Trent at Rs 8,100 target, which implied an upside.

  • The second quarter earnings was soft on growth

  • The store additions were lower YoY

  • Bernstein retain FY25 target of 1000 network

  • The gross margins lower YoY due to higher Zudio contribution to revenues

  • The gross margins slipped on account of conversion of stores to FOCO model

  • It expects same store sales growth improvement in H2FY25

  • The positive outlook on continued network expansion, improving margin profit at Zudio

Europe FX Update: Pound Sterling & Euro Rise Before BoE Rate Decision

The Euro and Pound Sterling rose against the US dollar on Wednesday before the Bank of England's rate decision, due to be published later today. The central bank is expected to reduce the interest rate.

The Pound sterling was trading 0.31% higher at 1.2919 a dollar as of 3:03 p.m. IST. The Euro was 0.27% higher at 1.0758.

Page Industries Q2 Earnings Highlights (YoY)

  • Revenue up 11% at Rs 1,246 crore versus Rs 1,122 crore.

  • Ebitda up 22.1% at Rs 282 crore versus Rs 231 crore.

  • Ebitda margin at 22.6% versus 20.5%.

  • Net profit up 30% at Rs 195 crore versus Rs 150 crore.

Stock Market Live Updates: Caplin Point Share Price Jumps After Net Profit Rises 

  • Revenue up 18% at Rs 483 crore versus Rs 410 crore.

  • Ebitda up 20% at Rs 165 crore versus Rs 137 crore.

  • Ebitda margin at 34.2% versus 33.4%.

  • Net profit up 13% at Rs 131 crore versus Rs 116 crore.

For faster updates on earning releases click here.

Caplin Point Laboratories share price rose 1.83% to Rs 2,133.85 a piece. 

Caplin Point Laboratories share price rose 1.83% to Rs 2,133.85 a piece. 

European Market Update: Most Stocks Advance 

Most stocks in the Europe advanced on Thursday, in contrast to downward moves in the Asia, as the news of Donald Trump winning a second term as US President settles in.

Market participants now shift their focus to the Bank of England and the US Federal Reserve's rate decisions, scheduled for later today.

Stock Market Live: Bajaj Electricals Share Price Tumbles After Net Profit Falls

  • Revenue up 0.5% at Rs 1,118 crore versus Rs 1,113 crore.

  • Ebitda down 31.4% at Rs 51.6 crore versus Rs 75.3 crore.

  • Margin at 4.6% versus 6.8%.

  • Net profit down 52.7% at Rs 12.9 crore versus Rs 27.3 crore.

To note: The company has inventory write-back of Rs 95.5 crore in current quarter

IPO Update: ACME Solar IPO Subscribed 58%

The IPO was subscribed 0.58 times, or 58%, as of 1:09 p.m. on Thursday.

  • Qualified institutional buyers: 0.28 times, or 28%.

  • Non-institutional investors: 0.40 times, or 40%.

  • Retail investors: 1.74 times.

  • Portion reserved for employees: 0.87 times or 87%.

Abbott India Q2 Earning Highlights (Consolidated, YoY)

  • Revenue up 9% at Rs 1,633 crore versus Rs 1,494 crore.

  • Ebitda up 15% at Rs 439 crore versus Rs 381 crore.

  • Margin at 26.9% versus 25.5%.

  • Net profit up 14.7% at Rs 359 crore versus Rs 313 crore.

Stock Market Live: Tata Power In Pact With Noida Airport

Tata Power Ltd. is in pact with Noida Airport. The company will invest Rs 550 crore in solar and wind power supply, the company said in an exchange filing.

Stock Market Live: Trent Share Price Tumbles Over 7%

Shares of Trent Ltd., a Tata-owned retail company, tumbled over 7% on the back of their financial earnings release for the quarter ended September on Thursday. The results majorly missed street expectations.

Trent share price was 6.91% down at Rs 6,475.00 apiece. 

Trent share price was 6.91% down at Rs 6,475.00 apiece. 

Also Read: HDFC Life Insurance Q2 Results: Net Profit Rises 15%, Misses Estimates

Tata Steel Earning Concall Highlights

  • Hope to cut fixed cost by 100 sterling per ton in UK over two quarters

  • Next year would be capex light

  • To spend Rs 19,000 crore as capex over next few months

  • Would be comfortable with Rs 75,000-80,000 crore gross debt

Source: Informist

Stock Market Live: Aurionpro Solutions Gets Contract From Chennai Metro Phase II

Aurionpro Solutions Ltd. received contract for Chennai Metro Phase II automated fare collection system, it said in an exchange filing.

Stock Market Live: Mumbai GST Authority Runs Check Brainbees Solution's Head Office 

Mumbai GST Authorities initiated search operations at the Brainbees Solutions Ltd.'s head office In Pune, and Warehouse in Bhamboli on Wednesday.

The company is cooperating with GST Authorities. The financial impact cannot be ascertained at this stage, Brainbees Solutions said in an exchange filing.

IPO Update: Sagility India IPO Subscribed 66% So Far On Day Three

The IPO was subscribed 0.66 times, or 66%, as of 11:15 a.m. on Wednesday.

  • Qualified institutional buyers: 0.07 times, or 7%.

  • Non-institutional investors: 0.38 times, or 38%.

  • Retail investors: 2.79 times.

  • Portion reserved for employees: 2.87 times.

Also Read: Sagility India IPO: GMP Nil After Modest Day 1 Subscription

Stock Market Live: TCS Signs Pact With Air France–KLM

Tata Consultancy Services Ltd. signed a multi–year deal with Air France-KLM for data solutions, it said in an exchange filing.

Stock Market Live Updates Today: HCLTech In Pact With New Zealand Tasman District Council 

HCLTech Ltd. is in pact with New Zealand's Tasman District Council for digital solutions, it said in an exchange filing.

Stock Market Live: India Volatility Index Off Highs

The NSE India Volatility index pared most of the gains from early trade. The index rose as much as 4.41% to 15.52. The index was trading 0.13% higher at 14.89 as of 11:05 a.m., as compared to 0.97% decline in the NSE Nifty 50 index.

The India VIX was trading 0.30% higher at 14.91 as of 11:06 a.m. 

The India VIX was trading 0.30% higher at 14.91 as of 11:06 a.m. 

Hindalco Industries Share Price Slumps Almost 8%

Hindalco Industries Ltd. share price declined 7.81% to Rs 652.90 apiece, the lowest level since Sep 12. The share price was trading 7.39% down at Rs 655.45 apiece as of 10:48 a.m., as compared to 1.13% decline in the NSE Nifty 50.

Hindalco Industries share price declined 7.66% to Rs 653.95 apiece. 

Hindalco Industries share price declined 7.66% to Rs 653.95 apiece. 

Also Read: Hindalco Share Price Tumbles On Negative Cues From Constellium Q3 Result

Stock Market Live Updates: Bharat Global Developers Gets Rs 120 Crore 

Bharat Global Developers received Rs 120 crore infra engineering order from Reliance Industries Ltd., it said in an exchange filing.

Stock Market Live: Nifty IT Falls Over 1% As Infosys, TCS Share Prices Drag

The NSE Nifty IT index declined 1.29% to 41,492.65. The index was trading 1.25% down at 41,525.65 as Infosys Ltd. and Tata Consultancy Services share prices dragged.

The Nifty IT was trading 1.29% down at 41,495.80. 

The Nifty IT was trading 1.29% down at 41,495.80. 

Trump's Win Augurs Well For US–India Strategic Ties, Says Envision Capital's Shah

Donald Trump's win in the US election augured well for US–India strategic ties, Envision Capital Founder Nilesh Shah said in an interview to NDTV Profit. India is expected to get a larger share for the import basket of US.

Trump administration is likely to see a significant spike in tariffs, trade barriers against China. Most important impact of a Trump win will be on geopolitics, Shah said. He expects that the world will likely see a lot more normalcy on the geopolitical front, and less disruptions on trade post.

Max Healthcare Institute To Invest Rs 6,000 Crore In Capex, Says MD Soi

Max Healthcare Institute Ltd. will invest Rs 6,000 crore in capital expenditure in next three to five years using internal accruals, said Abhay Soi, chairman and managing director. Second quarter and Q4 are the strongest quarters from occupancy level. Average revenue per occupied bed in Nagpur is at Rs 37000 while Lucknow has ARPOB of around Rs 55,000, Soi said in an interview to the NDTV Profit.

Stock Market Live Updates: Avalon Technologies Share Price Jumps Nearly 18%

Avalon Technologies Ltd. share price jumped 17.85% to Rs 694.95 apiece, the highest level since July 17. It was trading 13.11% higher at Rs 666.5 apiece as of 09:52 a.m, as compared to 0.57% decline the NSE Nifty 50 index.

The stock gained as Avalon Technologies reported that its consolidated net profit more than doubled in the July–September. Its net profit jumped 141.67% to Rs 17.2 crore from Rs 7.2 crore.

Avalon Technologies Ltd. share price was trading 13.44% higher at Rs 668.95 apiece.

Avalon Technologies Ltd. share price was trading 13.44% higher at Rs 668.95 apiece.

Stock Market Live: Kalyan Jewellers Share Price Gains 9% In Two Days

Share price of Kalyan Jewellers India Ltd. rose for a second consecutive session on Thursday when MSCI in a statement announced the company's upgrade to mid-cap from small-cap segment.

Apollo Hospitals Share Price Jumps Nearly 7% After Q2 Net Profit Increases 

Apollo Hospitals stock rose as much as 6.68% to Rs 7433.65 apiece on the NSE. The stock price rose after it reported that its consolidated net profit rose nearly 60% for July–September.

Apollo Hospitals Enterprise share price was 6.205 higher at Rs 7,400 apiece. 

Apollo Hospitals Enterprise share price was 6.205 higher at Rs 7,400 apiece. 

Also Read: Apollo Hospitals Enterprise Q2 Results: Profit Surges 59%, Beats Estimates

Stock Market Live: Nifty, Sensex Fall After Flat Open As RIL, Hindalco Industries Share Prices Drag

The NSE Nifty 50 and BSE Sensex declined after opening flat as index heavyweight Reliance Industries Ltd., and Hindalco Industries Ltd. share prices dragged. As of 09:17 a.m., the Nifty 50 was trading 60.35 points 0.25% lower at 24,423.70, and the Sensex was 75.53 points or 0.1% lower at 80,302.60.

From a technical perspective, if the market remains above 24,400/80,000, the indices may rise to 24,700-24800/80,900-81,200 in the near future. However, if the market fails to sustain above 24,500/80,300, it could correct and retest the earlier resistance levels, which were at 24x,300-24,200/79,700-79,400, said Shrikant Chouhan, head, equity research, Kotak Securities.

The Sensex was 0.09% down at 80,302.71.

The Sensex was 0.09% down at 80,302.71.

The Nifty 50 was 0.22% down at 24,503.35.

The Nifty 50 was 0.22% down at 24,503.35.

The Nifty Bank was 0.22% down at 52,377.15.

The Nifty Bank was 0.22% down at 52,377.15.

ICICI Bank Ltd., Reliance Industries Ltd., Hindalco Industries Ltd., Trent Ltd., and Adani Enterprises Ltd. weighed on the Nifty 50 index.

Tata Consultancy Services Ltd., Apollo Hospital Enterprise Ltd., Bharti Airtel Ltd., HCLTech Ltd., and Tata Steel Ltd. added to the Nifty 50 index.

Top contribution to the Nifty 50 index. 

Top contribution to the Nifty 50 index. 

On NSE, seven sectors declined, three advanced, and two remained largely flat out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty IT index rose the most.

Most sectoral indices opened lower at open on Nov 7

Most sectoral indices opened lower at open on Nov 7

Broader markets outperformed benchmark indices. The BSE Midcap was 0.08% down, and the BSE Smallcap was 0.05% higher.

On BSE, out of 21 sectors, 14 sectors declined, two advanced, and five remained flat. The BSE Consumer Durables declined the most, while the BSE IT rose the most.

Market breadth was skewed in favour of buyers. Around 1,853 stocks advanced, 1,123 stocks declined, and 114 stocks remained unchanged on BSE.

Stock Market Live: Nifty, Sensex Trade Higher At Pre–Open

At pre–open, the NSE Nifty 50 was trading 5.55 points or 0.02% higher at 24,489.60, and the BSE Sensex was trading 0.23% higher at 80,563.42.

Yield On The 10-Year Bond Opens Flat

The yield on the 10-year bond opened flat at 6.82%. It closed at 6.83% on Wednesday, according to data on Bloomberg.

Rupee Strengthens Against US Dollar

Rupee strengthened by 2 paise to open at 84.26 against the US dollar. It closed at a record low of 84.28 on Wednesday, according to data on Bloomberg.

Stock Market Live: Macrotech Developers To Acquires Platform Entities From Bain Capital 

Macrotech Developers Ltd. will acquire digital infrastructure platform entities from Bain Capital for Rs 307 crore, it said in an exchange filing.

Emkay Global Research On JK Tyre

  • Retain Buy with TP 650 vs 700 earlier, Upside 66%

  • Q2 results down with sales impacted in Mexico and Latin America

  • The company is leader in domestic CV segment which has been weak in H1

  • The brokerage cut FY25E/26/27 PAT by ~18%/10%/8% factoring in Q2 miss, gradual margin recovery

  • The commercial vehicle outlook improving amid expected pickup in infra/capex activity and a favorable base

  • Softening rubber prices, pricing action OF 3-3.5% YTD and better mix should aid margin recovery Q4FY25E onwards

  • Maintained Buy amid attractive valuations of 8.5x Sep-26E P/E vs 17.3x peer average

Morgan Stanley On Amara Raja

  • Retain Underweight with TP 1057, Downside 21%

  • Strong growth in the replacement market offset by slower growth in new energy segment

  • Industrial volumes declined by 10% YoY due to lower telecom demand.

  • New energy segment experienced slower offtake from 3W OEMs

  • 2GWh NMC cell plant expected to commence operations by the end of CY26.

  • Tubular battery plant projected to improve margins starting F25.

  • A 1.5% price hike was implemented in early F2Q25 to offset commodity costs.

  • Anticipated EBITDA margins of 14-14.5%, with a target of 11-12% for the new energy segment.

  • Exports projected to grow at a 15% CAGR over the next 3-4 years.

Gold Prices Extend Losses To Second Session As Dollar Index Hovers Near Four–Month High

The Gold spot and future prices extended losses to a second session on Thursday as the dollar index continued to trade near four–month high it hit on Wednesday. A rise in the greenback makes the bullion expensive for other currency holders, subsequently weigh on the demand.

Moreover, the US Treasury yield also continued to trade around four–month high, which reduced the charm of the precious metal as a safe–haven asset.

As of 8:18 a.m., the Gold future trading 0.46% down at $2,664.10 an ounce. The Bloomberg spot Gold was trading 0.06% down at $2,657.46 an ounce.

Stock Market Live: Solar Energy Corp Bars Reliance Power From Bidding 

Solar Energy Corp of India barred Reliance Power Ltd. and its subsidiaries from bidding in future tenders for three years. The debarrment is due to fake bank guarantees submitted in last round of bidding.

SECI had cancelled last bidding round owing to discrepancies in bank guarantees submitted by Reliance Power subsidiary.

Also Read: Reliance Capital to list proposed bank in three years: Anil Ambani

Asia FX Update: Yen Rebound Against US Dollar 

The Japanese yen rebound to start recovery from steep losses against the US Dollar on Thursday. The Japanese unit was trading 0.14% higher at 154.42 a dollar as of 8:04 a.m.

Other Asian currencies were trading on a mixed note against the greenback. The South Korean Won was 0.29% higher at 1,396.78 a dollar, while the Taiwanese Dollar declined 0.26% against the US unit.

The dollar index continued to gain strength after touching a four–month high on Wednesday after early vote count showed Donald Trump is winning the race to the Oval Office. The dollar index was trading flat at 105.1 as of 08:01 a.m.

Oil Prices Rise As Traders Analyse Likely Impact Of Trump Presidency

Crude oil futures prices rose in early Asian trade as traders try to analyse beforehand the impact of the Donald Trump's second presidency in the US for the commodity market.

The January future contract of the brent crude was trading 0.75% higher at $75.48 a barrel as of 7:43 a.m.

Stock Market Live Updates Today: Citi Research On Midspace Business Parks Reit 

  • Maintain Buy with a target price Rs 405, which implied a 6.6% upside

  • Portfolio grown by ~5msf to ~34msf in Sep'24 since listing

  • Portfolio growth to be driven by acquisitions from sponsor group

  • Expects occupancy stabilizing at ~96% in next 12 months

  • Company expects organic NOI growth of Rs9-10bn over next 4 years

Stock Market Live: Citi Research On Jindal Steel & Power 

  • Maintain Sell with a target price Rs 850, which implied a 10.9% downside

  • Q2 standalone adj EBITDA fell ~29% qoq on lower volumes and realization

  • Despite Chinese optimism, believe not enough to swing demand

  • Expect EBITDA/t to rise vs Q2 but valuations price in fair bit of optimism

  • Sees lack of visibility on volume growth despite the HSM commissioning

  • Cut FY25/26/27 EBITDA by 7%/9%/8% on lower steel volumes and trends

The Yield On 10–Year US Treasury Note Hovers Around Four–Month High

The yield on the benchmark 10–year US Treasury note was hovering around four–month high it hit on Wednesday. The yield rose as early vote count showed Donald Trump winning a second presidency at the White House.

The yield on the benchmark 10–year US Treasury note was at 4.43% as of 7:18 a.m. IST.

Asia Market Update: Stock Gauges Off Highs On Concerns Over Trump's Victory

Asia–Pacific erased opening gains as market participants become concerned about the impact of Donald Trump's presidency, which is likely to impose higher tariffs, Bloomberg reported.

The Nikkei 225 was trading 338.58 points or 0.86% down at 39,142.09, and the S&P ASX 200 was trading 36.70 points or 0.45% down at 8,162.80 as of 07:07 a.m.

Also Read: Most Asian Stocks Gain As Trump's Second Term Powers Wall Street

US Market Update: Share Indices Hit Fresh Highs As Trump Wins US Presidential Election

The S&P 500 and Nasdaq 100 rose to fresh highs with the former posting the best post-election day in history, Bloomberg reported citing Birinyi Associate Inc. The rally was fuelled as markets bet that Donald Trump's presidency will be good for the world's largest economy.

The S&P 500 ended 2.53% higher at 5,929.04, and the Nasdaq 100 ended 2.74% higher at 20,781.34.

The Dow Jones Industrial Average ended 3.57% higher at 43,729.93.

Also Read: S&P 500 Hits All-Time Highs As Trump Wins Election

GIFT Nifty Above 24,400; RVNL, Tata Steel, UltraTech Cement Share Prices May react

The GIFT Nifty was trading above 24,400 in early trade Thursday. Rail Vikas Nigam Ltd., Tata Steel Ltd., and UltraTech Cement Ltd. share prices are likely to be in focus.

The GIFT Nifty was trading 0.06%, or 14 points, down at 24,472.50 as of 06:34 a.m.

Indian benchmark indices ended with over 1% gain on Wednesday, with Infosys Ltd., Tata Consultancy Services Ltd. and overall technology stocks contributing to the benchmark indices' rally.

The Nifty 50 ended 270.75 points, or 1.12%, higher at 24,484.05, and the Sensex closed 901.50 points, or 1.13%, up at 80,378.13.

"Markets rallied today as Donald Trump took a comfortable lead in US presidential polls crossing the 270 majority mark. Markets will be reacting on Friday to US Fed and BoE interest rate decision tomorrow. There is an expectation of 25 bps rate cut by the Fed committee. We expect markets to see a near term bounce back due to positive sentiments globally," said Siddhartha Khemka, head, research, wealth management, Motilal Oswal Financial Services.

Also Read: Sensex, Nifty Extend Rally, Tracking Global Gains On Trump Win: Market Wrap

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