10 Key Updates for Indian Stock Market Today: Gift Nifty, Maharashtra Exit Polls, Nvidia Results & More

The Indian stock market is set to open cautiously on Thursday, November 21, amid global uncertainties. Here’s everything you need to know before markets open:

1. Global Market Trends

• Asian Markets: Mixed performance as Japan’s Nikkei 225 dropped 0.67%, while South Korea’s Kospi gained 0.13%. Hong Kong’s Hang Seng is expected to open weaker.
• Wall Street: US markets closed mixed. The Dow Jones gained 0.32%, S&P 500 was flat, and Nasdaq slipped 0.11%.
• Gift Nifty: Trading at 23,575, indicating a mildly positive start, 40 points higher than the last Nifty futures close.

2. Russia-Ukraine Tensions Escalate

Ukraine launched British and US-made missiles into Russia, intensifying geopolitical risks. Russia responded by lowering its nuclear action threshold, further raising global concerns.

3. Maharashtra Exit Poll Results

Most exit polls predict a win for the BJP-led ‘Mahayuti’ alliance in Maharashtra’s 2024 state elections. The market will closely watch for official results today.

4. Tuesday Market Recap

Indian markets snapped a seven-day losing streak:

• Sensex: Up 239.37 points (+0.31%) to 77,578.38.
• Nifty 50: Rose 64.70 points (+0.28%) to 23,518.50.

Prashanth Tapse of Mehta Equities noted that geopolitical tensions may limit market gains despite a temporary relief rally.

5. Nvidia Earnings

Nvidia’s stock dropped 0.76% during regular trading and another 2.5% after hours. The company’s forecast for slowest revenue growth in seven quarters disappointed investors, despite shares being up ninefold over two years.

6. US Federal Reserve Update

Fed Governor Michelle Bowman stressed a cautious approach to cutting interest rates, citing stubbornly high inflation and a strong labor market.

7. Adani Group Controversy

Gautam Adani has been charged in the US for alleged bribery and fraud involving billions. This has caused Adani Group’s dollar bonds to tumble in Asia trade.

8. RBI Economic Outlook

The Reserve Bank of India predicts faster economic growth in the current quarter, driven by festive spending. GDP growth is forecast at 7.6% for Q3, up from 6.7% in Q2. However, rising core inflation remains a concern.

9. Gold Prices Surge

Safe-haven demand pushed gold prices higher for the fourth consecutive session amid Russia-Ukraine tensions. Spot gold is trading at $2,654.50 per ounce.

10. Dollar Trends

The US dollar remains strong, with the dollar index steady at 106.56. The euro is stable at $1.0547, while the dollar weakened slightly against the yen at 154.91.

Key Takeaway: Expect a cautious market opening as geopolitical risks and global cues dominate. Watch Gift Nifty levels, Maharashtra election results, and developments around Nvidia and Adani Group for further market direction.