Stock Market Updates

Opening Bell - Morning CommentaryMajor stock indexes jumped, and U.S. Treasury yields declined as the Fed delivered the expected rate cut. The Fed lowered the target range for the federal funds rate by 25 basis points to 3.50–3.75 per cent. While a majority of Fed officials voted for the quarter-point cut, three dissented—the first dissenting votes since September 2019.Wall Street surged following the decision, with the S&P 500 closing just shy of a new record high as investors priced in a soft-landing scenario and steady earnings growth. Projections released after the two-day meeting showed the median policymaker expects just one additional quarter-point cut in 2026, unchanged from September's outlook.Investors remained hopeful about future reductions despite signals that the central bank will likely pause further cuts for now.Markets interpreted the move as dovish but not the start of an aggressive easing cycle, tempering expectations for risk assets and rate-sensitive sectors.The Fed announced it will begin purchasing approximately $40 billion worth of short-term Treasury bills per month starting December 12 to maintain ample reserves in the banking system. The move effectively ends quantitative tightening and marks a modest balance-sheet expansion, easing money-market liquidity and reducing the risk of future funding stress.Silver futures hit a record high, touching $62 per troy ounce.Most Asia-Pacific markets opened higher on Thursday following the Fed's third rate cut of the year, but failed to sustain those gains.The Nifty extended its losing streak to three consecutive sessions, declining 81 points to close at 25,758 yesterday, near its intraday low.On the upside, the 20-DEMA at 25,955 is expected to act as immediate resistance.Indian markets are likely to open with a flourish on short covering but may face selling pressure at higher levels.

Opening Bell - Morning CommentaryPre-Fed Jitters Drive Global Market Decline, Indian Markets Tumble as Rupee breaches past 90Wall Street's main indexes fell on Monday, with most S&P 500 sectors declining and Treasury yields rising as investors awaited Wednesday's Federal Reserve policy decision.Traders are pricing in 89% probability of a 25-basis-point rate cut. While the cut is widely expected, markets will focus on the Fed's statement for signals about 2026 rate policy. The Fed will release its policy statement, updated economic projections, and Chair Jerome Powell will hold a press conference. Investors expect 2–4 additional cuts in 2026 unless economic data shifts significantly.Treasury selling pushed the 30-year yield to a three-month high. This week's central bank decisions begin Tuesday with the Reserve Bank of Australia, followed by Canada, Brazil, and Switzerland, culminating in the Fed announcement on Wednesday.The United States will allow Nvidia's H200 processors, its second-best artificial intelligence chips, to be exported to China and collect a 25% fee on such sales.Rising Japanese government bond yields sparked fears of a partial unwind of the yen carry trade, while a stronger dollar ahead of the Fed meeting kept foreign investors cautious. Nifty dropped over 200 points yesterday in a broad-based sell-off.The rupee breached 90 per dollar as foreign portfolio investors remained net sellers in recent sessions, fueling volatility and profit-taking in Indian equities.The broader market suffered sharper losses. Market breadth remained weak for a seventh straight session. The Nifty Midcap 100 fell 1.83%, while the Nifty Small Cap 100 plunged 2.61%—its steepest single-day drop since April 7, 2025, and a six-month low. By closing below its prior swing low of 25,986, Nifty confirmed a lower bottom following a lower top, reinforcing the short-term corrective structure. A decisive break below 25,891 would likely accelerate selling and expose support zones of the 50-day exponential moving average at 25,722. Indian markets are poised to open subdued on the back of weak global cues.

Opening Bell - Morning CommentaryUS Equities Advance on Softer Inflation, Fed Cut Expectations. Indian Equities Hold Steady Following RBI Rate CutAmerican equities posted modest, broad-based gains last week, supported by softer inflation data and resilient macroeconomic indicators that sustained expectations of Federal Reserve rate cuts.Investors positioned cautiously ahead of the upcoming FOMC meeting, additional inflation releases, and year-end portfolio adjustments.Beyond Wednesday's Fed decision, central banks in Australia, Brazil, Canada, and Switzerland also meet this week, though no rate changes are expected outside the Fed.US stock futures are trading slightly subdued after two weeks of gains that pushed the S&P 500 to record weekly closes. Oil prices hovered at two-week highs on Monday as investors expect a Federal Reserve interest rate cut this week that will lift economic growth and energy demand while eyeing geopolitical risks that threaten oil supplies from Russia and Venezuela.Indian stock markets delivered a flat weekly performance, closing near record highs despite mid-week volatility. The Reserve Bank of India's 25 basis-point policy repo rate cut on December 5—its first reduction in six months—buoyed sentiment, alongside an upgraded FY26 GDP forecast to 7.3% and a lowered inflation projection. Broader markets underperformed significantly, with the BSE Mid-Cap and Small-Cap indices declining 1.25% and 1.84% respectively last week, as foreign portfolio investors continued their selling streak. Nifty resumed its uptrend on Friday after reclaiming levels above its near-term resistance placed near 26,100. Immediate resistance is now seen around 26,300, followed by 26,500, while on the downside, the 25,950–26,000 band is expected to act as a crucial support zone.

U.S. Stocks Finish Choppy Trading Day Little Changed, All eyes are on the RBI's MPC decision. Wall Street's major indices closed nearly flat on Thursday as a surprisingly strong labour market report raised doubts about the pace of future Fed rate cuts. The dollar and Treasury yields rose on the data.Amazon.com's 1.4% decline weighed on the S&P 500, limiting gains despite investor optimism ahead of next week's expected Fed rate cut.Initial jobless claims dropped to 191,000—the lowest since September 2022—contrasting sharply with this week's weak ADP private payrolls report.WTI crude is headed toward a 2% weekly gain on Friday, supported by anticipated Fed rate cuts, U.S.-Venezuela tensions, and stalled Moscow peace talks.Trading remained subdued as markets awaited fresh inflation data and the December 10 FOMC decision, where a 25-basis-point cut is widely expected.Speculation that Kevin Hassett may replace Jerome Powell as Fed chair is driving expectations of lower long-term rates. The White House economic advisor is viewed as potentially ushering in a more dovish Fed policy, aligned with President Trump's push for aggressive rate cuts.The Indian Rupee reversed its six-day losing streak, appreciating by 22 paise against the US Dollar to close at 89.97. This pullback is attributed mainly to suspected central bank intervention and to the unwinding of speculative long-dollar positions.RBI Governor Sanjay Malhotra will announce the MPC decision at 10 AM today, with the economists divided over the likely outcome. Some are expecting a 25 basis points cut while many believe hopes of a rate cut have faded due to strong GDP growth. We believe there is room for a 25-basis-point cut, pre-empting the FOMC rate cut on 10th December. Nifty snapped its four-session losing streak, gaining 47 points to close at 26,033 yesterday. On the Sensex weekly derivative expiry day, bulls managed to hold a slight edge. On the downside, the recent swing low at 25,842 remains a crucial support level, while the 26,150–26,200 zone is expected to act as strong resistance.RBI's decision will drive the markets in the short run, primarily financial stocks.

Opening Bell - Morning CommentaryU.S. Stocks Buoyed by Rally in BitcoinU.S. stocks advanced on Tuesday, with the S&P 500 rising 0.2%, the Dow Jones gaining 0.4%, and the Nasdaq climbing 0.6%. Technology stocks, led by companies like Apple, Nvidia, and Microsoft, were among the main drivers of the gains, while major corporate stalwarts such as Boeing and Intel also contributed to the S&P 500's advance.The recovery was supported by a rebound in bitcoin and crypto-related stocks, which helped shift market sentiment away from Monday's risk-averse mood.Bitcoin surged about 6% back above $91,000 after Monday’s plunge below $84,000, its sharpest one-day drop since March, which was driven by forced liquidations, thin liquidity and a broad risk-off move.Rebound is helped by steadier equity markets, expectations of a Fed rate cut next week, and fresh institutional interest.Markets now price a ~90% chance of a 25 bp Fed cut on December 10 and an imminent end to quantitative tightening, a backdrop that historically supports bitcoin and other risk assets.Payroll processor ADP is scheduled to release its report on private sector employment in the month of November.Economists currently expect private sector employment to edge up by 10,000 jobs in November after rising by 42,000 jobs in October.Crude was down around 1% near $59 WTI and $63 Brent after OPEC+ confirmed it will hold output steady through Q1 2026, following this year’s supply increases, while demand signals remain uneven.Nifty declined for the third consecutive session yesterday. The Indian Rupee extended its losing streak for a fifth session, hitting a historic low of 89.95 against the US dollar amid risk aversion and strong importer demand.Persistent pressure from a widening trade deficit and limited central bank intervention contributed to the rupee closing 32 paise weaker at 89.88.Nifty is now eyeing the 20-day EMA support at 25,968 as a critical level to maintain the broader uptrend. A decisive break down below 25,968 could trigger further downside toward 25,842, while resistance on any rebound remains around the 26,300 mark.

Opening Bell - Morning CommentaryGlobal Markets Retreat on Rate Uncertainty and Carry Trade Concerns, Indian Markets Cautious Ahead of MPCUS stocks weakened on Monday as investors rotated out of risk assets, with US indices and the FTSE 100 closed lower despite historically supportive seasonality for December.U.S. stocks were weighed down by a jump in Treasury yields and by economic data showing that tariffs remained a drag on the manufacturing sector, as investors looked toward the Federal Reserve's policy announcement next week.Stocks have recently benefited from renewed optimism about the outlook for interest rates following dovish comments from leading Federal Reserve officials.Markets have largely priced in a Fed rate cut at the conclusion of its two-day policy meeting on December 10. They are pricing in an 87% chance of a 25 basis-point cut.Hawkish hints from the Bank of Japan about a possible rate hike have stoked worries about an unwind of yen-funded carry trades, amplifying selling across crypto and growth stocks.Bitcoin slumped on Monday, with the world's largest cryptocurrency down about 6%, as risk aversion drove investors out of digital and other assets.Coinbase, which ended down 4.8%, and U.S.-listed shares of Bitfarms, off 5.7%, were among the crypto stocks that showed significant weakness, as bitcoin stumbled nearly 6% and at one point dropped below $85,000. The crypto market has lost more than $1 trillion in value since hitting a record of around $4.3 trillion.Oil prices climbed in early trade on Tuesday for a second consecutive session as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites and mounting U.S.-Venezuela tensions.Gold pushed back toward recent highs above $4,200/oz, and silver hit fresh records near $58 amid aggressive December rate-cut pricing and tight physical supply. Nifty consolidated for the third straight session yesterday, ending with a marginal loss of 27 points at 26,175.The Indian Rupee extended its losing streak to a fourth consecutive session, hitting a fresh record low against the US Dollar amid strong dollar demand and tight supply. A wider trade deficit is driving the persistent weakness, delays in the India–US trade agreement and relatively limited central bank intervention, with the rupee closing about 10 paise lower at 89.56 against the greenback.The RBI’s MPC meets December 3–5 amid expectations of a possible 25-bps rate cut due to low inflation, though some economists anticipate no change. The Nifty's positional trend remains bullish, with strong support at the 26000-26050 zone. On the higher side, 26300 could offer resistance on a closing basis.Markets are expected to open on a muted note, as traders may exercise caution ahead of the Reserve Bank of India's monetary policy meeting.

Opening Bell - Morning CommentaryMarkets Rally Near Record Highs Amid Rate-Cut OptimismUS equity markets rallied strongly during the Thanksgiving-shortened week, with all major indices posting solid gains as risk appetite improved. Dovish remarks from several Federal Reserve officials, coupled with softer-than-expected economic data, reinforced growing expectations of a rate cut in December.Indian equities traded resiliently last week, with benchmarks hovering near record highs amid optimism over prospective rate cuts and solid domestic growth.India's real GDP growth surged to 8.2% in Q2 FY26—a six-quarter high that comfortably exceeded both last year's 5.6% and consensus forecasts. The upside surprise was driven by robust manufacturing and services output, firmer private consumption, and healthy investment activity, even as government capital expenditure remained relatively muted.Near-term catalysts for our markets include the RBI policy meeting (3–5 December) and the US Federal Reserve decision (18–19 December), both likely to deliver rate cuts supportive of Indian equities.Russian President Vladimir Putin will be in New Delhi on December 4-5, 2025, for the annual India-Russia Summit. This is his first visit to India since the Ukraine war altered global alignments and defence supply chains. Progress on Russia-Ukraine ceasefire negotiations would benefit emerging markets broadly, while clarity on US tariff policy would provide tailwinds to Indian capex and financials.The next resistance for the Nifty is placed near 26,500, while support for the index is positioned in the 26,000–26,050 band. Indian markets are poised to open modestly higher on better-than-expected growth numbers and optimism over prospective rate cuts.

Opening Bell - Morning CommentaryEuropean Markets Steady on US Thanksgiving Holiday; India's Q2 GDP Growth in FocusEuropean stocks edged slightly higher on Thursday while the dollar held steady, as investor confidence in a December Federal Reserve rate cut supported market sentiment and helped bitcoin stabilise above recent lows.The holiday-shortened week led to muted trading activity across markets. Equities maintained a broadly positive tone and currencies traded with reduced volatility as investors set aside earlier concerns about an AI bubble that had unsettled markets in November.US stock futures are flat following the Thanksgiving holiday.The US dollar was on track for its steepest weekly decline in four months on Thursday, as investors anticipated further monetary easing amid President Donald Trump's pressure on the Fed to lower rates.India's Q2FY26 GDP data is scheduled for release today. Economists broadly expect GDP growth to be between 7% and 8%, though nominal GDP growth—economic expansion before inflation adjustments—may have decelerated further.Crude oil traded around $58.95, remaining steady after a mid-week rebound as traders weighed upcoming OPEC+ policy decisions against potential supply shifts stemming from Ukraine-related negotiations.Nifty finally registered a fresh all-time high at 26,310, surpassing its previous peak of 26,277, hit on 27 September 2024 after a gap of 289 trading sessions or 14 months of consolidation.Expectations of high GDP growth and emerging signs of earnings recovery fueled Nifty. The narrowing of valuation premiums versus other Asian markets, coupled with robust domestic mutual fund inflows and relatively limited AI sector exposure, is rekindling investor interest in Indian equities.The next resistance is placed near 26,500, while support for the index is positioned in the 26,000–26,050 band. GIFT Nifty is trading marginally higher, signalling a modestly positive opening for the Nifty.

Opening Bell - Morning CommentaryAI Stocks and Rate Cut Bets Power Wall Street's Pre-Holiday MomentumWall Street extended its rally on Wednesday as revived tech strength and the increasing probability of a December interest rate cut from the U.S. Federal Reserve put investors in a buying mood the day before the Thanksgiving holiday.All three major U.S. stock indexes notched their fourth consecutive daily gains, as investors looked past concerns about inflated tech valuations that dragged all three into losses last week.Alphabet continues to trade near record highs as investors position for its AI chips and Gemini platform, while Nvidia rebounded around 2% after recent scrutiny over its financing practices. Dell, Oracle and other AI-levered names rose on signs of strong server and cloud demand.Dell Technologies jumped 5.8% in the wake of its better-than-expected earnings and upbeat forecast.The markets have recently benefited from renewed optimism about the outlook for interest rates following dovish comments from some Federal Reserve officials.Financial markets are currently pricing in an 84.9% probability that the central bank will reduce its key Fed funds target rate by 25 basis points at the conclusion of its December policy meeting.The US stock market will be closed for the Thanksgiving holiday today. Wall Street is scheduled to reopen on Friday, 28 November 2025, for a shortened trading session due to Black Friday.Asian stocks rose on Thursday, and the dollar was soft on growing expectations of an interest rate cut from the Federal Reserve next month, while the yen stayed in the spotlight, with traders weighing the prospect of a rate hike before the end of the year.Gold is hovering around $4,160 per ounce after climbing nearly 1% Wednesday, supported by a softer dollar and expectations of easier Fed policy. Looser policy reduces the opportunity cost of holding non-yielding bullion.Firm gains across US and Asian markets, backed by softer US retail sales and producer prices and expectations of a December Fed cut, created a supportive backdrop for Indian equities and helped trigger short-covering.Indian markets broke their three-session losing streak with a strong 320-point rally to close at 26,205, marking their second-highest close on record. Nifty found support near its 20-day exponential moving average (20 DEMA) and resumed its primary uptrend after a brief correction. Above 26,277, the next resistance for Nifty comes in at the psychologically crucial round number mark of 26,500. On the downside, immediate support has now shifted higher to the 26,000–26,050 zone, which is likely to act as a near-term demand area on any pullback.Indian markets are poised to open higher today on positive global cues.

Opening Bell - Morning CommentaryRate Cut Optimism Lifts U.S. Markets as Retail Stocks ShineAmerican stocks rose substantially on Tuesday, with the Nasdaq recovering from an early decline to join the Dow and S&P 500 in positive territory.Alphabet surged nearly 3% on reports that Meta may adopt its AI chips, boosting sentiment around its Gemini platform. Nvidia and AMD fell 3% and 4% respectively, amid competitive concerns.Weaker-than-expected retail sales and producer price data fueled expectations of continued Fed rate cuts, driving a multi-day equity rally. Retailers outperformed - Kohl's jumped over 40% and Abercrombie 18% after beating profit expectations and raising guidance, while Best Buy gained 5%.The rally reflected growing optimism about lower rates, fueled by dovish Fed commentary and recent economic data. Markets now price in an 80.2% probability of a 25-basis-point December rate cut, up sharply from 43.4% last week.Asian stocks rose today, following Wall Street higher as weaker U.S. economic data reinforced expectations of a Federal Reserve rate cut next month.Oil prices fell over 1% on Tuesday after Ukraine suggested intensive U.S. diplomatic efforts to end the war with Russia may be progressing. Natural gas plunged nearly 6% on forecasts of milder winter weather and strong U.S. production.Bitcoin traded around $87,800, recovering from recent lows alongside modest gains in altcoins.The Nifty 50 extended its losing streak to a third consecutive session yesterday, on November 25, declining by 74 points to close at 25,884Nifty has closed very near to its previous swing low of 25856 and near to its 20 DEMA placed at 25838.On the upside, the zone between 26,000 and 26,050 is likely to act as a strong resistance area in the near term.Gift Nifty signals a positive start today, pointing toward a gap-up open on the back of positive global and Asian cues.

Opening Bell - Morning CommentaryIndian Markets Eye Recovery as Global Sentiment StabilisesFriday brought welcome relief to major US indices, fuelled by renewed speculation that the Federal Reserve may cut rates in December after dovish remarks from policymakers. Technology and communication services lagged amid profit-taking that hit AI and cloud leaders, despite strong earnings from Nvidia and Amazon. Homebuilding stocks rallied sharply on rate optimism, while discount retailers such as Ross Stores surged on strong earnings.Defensive sectors like consumer staples held up better, cushioning overall losses. The VIX remained elevated in the low-20s as investors weighed Fed easing hopes against growth, tariffs, and labour-market uncertainties.Back home, the rupee hit an all-time low of 89.67 against the dollar, pressured by subdued risk sentiment, global uncertainties, and delays in the US-India trade deal.Indian markets drew support from the RBI's export relief measures, though sentiment was dampened by October's widening trade deficit and sharp export contraction. PMI data showed continued expansion despite moderating manufacturing momentum. Healthy Q2 earnings, robust macro indicators, and reviving FPI inflows—aided by easing inflation and stable crude prices—provided a liquidity cushion for large caps.Broader markets underperformed.Nifty fell sharply on Friday, though it remains above its nearest moving average support at 26038. Below 26038, the recent swing low at 25856 is expected to act as a crucial support level, while 26277 remains short-term resistance. Indian markets have demonstrated resilience in weathering recent setbacks and now appear poised to challenge previous peaks. Markets are likely to open buoyantly and attempt to break out of the recent consolidation phase today.

Opening Bell - Morning CommentaryTech Retreat Deepens Amid AI Bubble Concerns, Nvidia Results AwaitedWall Street stocks closed sharply lower on Tuesday as technology shares retreated amid concerns about AI valuations, and bitcoin briefly dipped below $90,000, signalling reduced risk appetite.All three major U.S. stock indexes ended deep in negative territory, while crude, bitcoin, and gold advanced, and Treasury yields dipped. Nvidia shares tumbled as traders braced for results that could significantly impact markets, given recent AI bubble fears. Outside tech, Home Depot slipped after missing earnings and cutting its full-year outlook.European shares hit a one-month low, with German stocks at near five-month lows, as investors grew wary of tech valuations and dimming prospects for a December Fed rate cut.A strong Nonfarm Payrolls report on Thursday could trigger repricing for further easing next month. According to the CME FedWatch Tool, markets now assign a 50% probability to a December rate cut—up from 46% earlier in the day but below last week's 67%.Oil prices slipped 0.5% to around $60, as supply concerns rose and a modest U.S. inventory build has kept oil relatively stable despite broader market selling.Nifty snapped its six-session winning streak yesterday, slipping 103 points to close at 25,910 as broad-based selling dominated the session.A breakdown below the low of 25,876 could open the door for further declines toward the next support zone of 25,700–25,750. On the upside, Nifty needs to reclaim the 26030 high. Indian markets are likely to open mildly higher on the back of positive Asian cues. Nvidia's Wednesday earnings report will test whether the AI boom has staying power amid mounting valuation concerns.

Opening Bell - Morning CommentaryTech Selloff Deepens as Nvidia Results LoomUS stocks closed sharply lower on Monday, with the S&P 500 and Nasdaq falling below key technical levels for the first time since late April. The selloff intensified throughout the session, dragging major indices to one-month lows as valuation concerns resurfaced ahead of Nvidia's earnings.The world's largest company by market cap fell 1.9%, leading declines and acting as the biggest drag on both the Nasdaq and S&P 500. Wednesday's after-hours earnings report looms large — results and guidance could significantly impact markets amid growing concerns about the AI bubble. Weakness spread across big tech, with Microsoft, Apple, and Amazon all declining as retail investors showed diminished appetite for buying dips.Concerns over US consumer health and sector rotation pressures combined with tech valuation anxiety to drive broad-based weaknessCrude oil dropped 0.68% to below $60/barrel following the resumption of Russian exports at Novorossiysk. Oversupply concerns now overshadow geopolitical risks. Gold retreated 1.8% to near $4,011/oz as reduced Fed rate cut expectations and dollar stabilisation outweighed central bank buying support.Japan's Q3 GDP contracted 1.8%, its first decline in six quarters, though better than the expected 2.5% drop. US markets await delayed jobs data and key retail earnings later this week.Japanese bond yields have climbed to 17-year highs, intensifying concerns about tightening global liquidity.Nifty rose for the sixth consecutive session yesterday with a rise of 103 points to close at 26013, marking its highest close since October 29, 2025. This gain was supported by optimism over a potential U.S.-India trade deal, highlighted by a recent LPG import contract, and improved domestic risk sentiment following a strong election performance by the ruling party.Nifty is marching towards the crucial resistance of 26100 with a gradual rise in bullish momentum. Above 26100, Nifty could extend the rally towards a fresh all-time high above 26277. On the lower side, 25800 could offer short-term support.Indian markets are poised to open slightly subdued today on weak global cues.

Opening Bell - Morning CommentaryNvidia Earnings Take Centre Stage this week, PSU Buying and Political Clarity Support Indian Markets.The Nasdaq and the S&P 500 climbed well off their lows and into positive territory before eventually ending the day roughly flat.Recent comments from Federal Reserve officials, as well as indications that key U.S. economic data may never be released due to the government shutdown, have reduced confidence that the central bank will continue lowering interest rates next month.Overall results remained well above analysts’ expectations relative to forecasts before the release of third-quarter numbers.S&P 500 companies’ earnings are expected to rise by an average of 13.1% versus a forecast for about 8.0% growth entering earnings season.Bond market traders dialled back their expectations of an interest rate cut at the U.S. Federal Reserve meeting scheduled to conclude on December 10.Investors in recent days have fretted about the pace of rate cuts and the pricey valuations of heavyweight artificial intelligence stocks that have fueled much of the U.S. stock market's gains over the past few years.The most important earnings release this week will be from Nvidia. Nvidia carries an 8% weight in the S&P 500 and a roughly 10% weight in the widely followed Nasdaq 100.Nvidia is the "epicentre" of AI build-out, so its results after the bell on Wednesday will be significant for the tech sector.Indian equity markets ended last week on a positive note, buoyed by late buying in PSU stocks, despite volatility from global factors and sector-wide profit booking.Midcap and smallcap indices underperformed, with market breadth staying negative—profit-taking dominated, as advances lagged declinesThe NDA’s decisive victory in the Bihar assembly elections boosted sentiment and drove late buying, especially in PSU banks.Despite sustained foreign selling, strong domestic inflows and resilient macro data kept the rupee off record lows.Nifty partially filled the upward gap between 25,715 and 25,781 recorded on November 12, underscoring the importance of this region as a key support zone. The sharp rebound from this level reaffirms the prevailing uptrend, suggesting strong buying interest at lower levels. Immediate resistance lies at 26,100, followed by 26,277, while the 25,715–25,740 range now serves as a crucial support band.Indian markets are poised to open mildly higher on positive cues.

Opening Bell - Morning CommentaryWall Street Sells Off Sharply Amid Fed Rate Cut Uncertainty, Bihar Election results in focus.Wall Street ended sharply lower on Thursday, with steep losses in Nvidia and other AI heavyweights, as investors scaled back expectations of interest rate cuts amid inflation worries and divisions among central bankers over the U.S. economy's health.All three major U.S. stock indexes posted their steepest daily percentage declines in over a month.The Nasdaq plummeted 2.3% to 22,870, the S&P 500 plunged 1.7% to 6,737, and the Dow tumbled 797 or 1.7% to 47,457.The U.S. government reopened after a record 43-day shutdown that had worried investors and disrupted the flow of economic data.The weakness on Wall Street may also have reflected uncertainty about whether key U.S. economic indicators would be released after the most extended government shutdown in U.S. history.White House press secretary Karoline Leavitt told reporters on Wednesday that the October jobs and consumer price inflation reports are "likely never being released" as a result of the shutdown.A growing number of Federal Reserve policymakers in recent days have signalled hesitation about further interest rate cuts, pushing financial market-based odds of a reduction in borrowing costs in December to near even. Fed officials who spoke recently cited worries about inflation and signs of relative stability in the labour market after two U.S. interest rate cuts this year.Asian shares joined a global selloff on Friday as hawkish comments from Federal Reserve officials doused hopes for a U.S. rate cut next month.Crude oil jumped 2.71% to $60.28 per barrel, supported by a drawdown in US inventories and ongoing output restraint among non-OPEC+ producers. Forecasts for tighter near-term supply continue to buoy prices despite global risks and longer-term demand questions.India’s retail inflation fell to a historic low of 0.25% in October, the third consecutive month below the RBI’s 2–6% target range. Easing inflation supported rate cut hopes and domestic resilience, aiding overall market stability despite global volatility.Nifty remains in an ongoing uptrend, with immediate resistance at 26,100 and support near 25,715.Market sentiment is cautious ahead of the Bihar election results, with increased volatility. Indian markets are poised to open subdued today on weak global cues.