Indian equity markets are likely to face a cautious start on Friday, November 6, after a strong six-session rally. GIFT Nifty futures indicated a weaker opening as investors reacted to a sharp sell-off in global technology shares. The Nifty 50 and Sensex had gained 2.4% and 2.6%, respectively, on Thursday, supported by lower crude oil prices and strong foreign institutional buying.
Global markets came under pressure after technology stocks declined on Wall Street amid concerns about artificial intelligence-related spending and weaker corporate outlooks. Japan’s Nikkei and South Korea’s Kospi also recorded steep losses in early trading, adding to concerns about near-term volatility in Asian markets.
Despite the possibility of profit booking, lower crude oil prices and recent foreign fund inflows may provide some support to Indian equities. Investors are expected to track global market movements, corporate earnings and foreign investment activity during the session.
Source: Reuters – Indian Stocks Set for Pullback After Sharp Rally; Business Standard – Market Updates, November 6.
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