Indian Equity Markets Open Weakly Amid Mixed Global Cues

Indian equity markets opened on a weak note on Wednesday, with the Sensex and Nifty trading lower amid mixed global cues. Asian markets are under pressure as US indices snap 3-day rally on US Election day. Here are some key factors that investors should track during today’s trading session: Shares of NSE , MCX , Bajaj Holdings & Investment, Inox India and Lloyds Metals & Energy will remain in focus on November 4. Several stocks, including BSE, Lenskart Solutions , Zydus Lifesciences, Cummins India , Apollo Hospitals, Nykaa, Torrent Pharmaceuticals, Dabur India, Biocon, NHPC, Aurobindo Pharma, Dr Lal PathLabs and PhysicsWallah, will be in focus on Wednesday as investors track the companies’ September-quarter earnings announcements. The IPO allotment for HGS (India), Johnsoncab Electricals, Vectras Enprocon and Maxwell Engineering Solutions is scheduled to be finalised today, November 4. Meanwhile, Carver Roboweld, Ajwa Projects and M.K. Sons Fine Jewels are set to make their stock market debut on Dalal Street. Follow our live blog for all the latest updates on the Sensex and Nifty, key market triggers, IPO developments and Q2 earnings announcements throughout the trading session. Among the top gainers at this hour, Bharat Electronics (BEL) led the rally, rising 3.19% to Rs 391.90. ITC followed with a gain of 2.80% to Rs 281, while Adani Ports advanced 2.54% to Rs 1,911.55. Bajaj Finserv gained 2.48% to Rs 1,761.65, while Bajaj Finance rose 1.76% to Rs 987.10. Titan was also trading higher, up 1.60% at Rs 4,628. "COMEX Gold futures opened largely flat near $3,941 and edged up to around $3,947, gaining 0.16%, but continued to struggle below the $3,970–4,000 resistance zone. A sustained move above this range would be required to improve the technical outlook, with the next resistance zone placed at $4,070–4,100. On the downside, $3,900 remains immediate support, followed by the $3,770–3,800 zone," said Ponmudi R, CEO of Enrich Money. He noted, "Gold has remained confined to a relatively narrow $3,900–3,970 range since Monday, while another long upper shadow in today's session points to a fresh rejection near $3,970. The RSI, hovering around 35, reflects weak momentum, while the MACD histogram remains in negative territory." Furthermore he said, "Developments in US politics and the resulting decline in Treasury yields and the dollar index have offered some support to bullion. However, the metal's inability to reclaim $3,970 suggests that selling pressure remains evident at higher levels. With market expectations of a December Fed rate hike still elevated at around 73%, Friday's US payrolls report will be an important test for market direction. The near-term bias remains cautious, with a sustained recovery above $3,970–4,000 needed to stabilise prices. Conversely, a decisive break below $3,900 could expose gold to further downside towards $3,800." Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments said, "There is a distinct change in the market mood now. This has changed the market construct, too. The principal factor that has changed the market mood is the sudden reversal of the FII stance towards India. The sustained selling by FIIs have been weighing on the market for the last two years. This is changing now. In five out of the last six trading days, FIIs have been buyers in the market. They bought stocks for Rs 18,661 crores." He added, "Importantly, the buying volume is increasing. Good corporate earnings and the attractive valuations in large-caps is providing the fundamental support to the rally. Weakening of the AI trade also has facilitated the return of the FIIs." "Even though the market revival can have a widespread character, this rally is likely to be led by the large-caps which have the potential to attract big FII flows. The rally can be strong and can sustain since there will be short covering in many large-caps. Leading financials have more room to move up. Attention of the market today will be on the US election outcome. If the Democrats win both the House and the Senate, Trump will become a lame duck president who will be forced to use his veto power frequently. This can create even constitutional crisis with bad consequences for the US market. Perhaps India might gain from this confusion," added V K Vijayakumar. Anand James, Chief Market Strategist, Geojit Investments said, "The nearest peak is 24378, seen during August. However, having moved closer to the upper band of 23500-800, target range pencilled in on Monday, we prefer to go in today with expectations of volatility. While we retain a fair possibility of seeing 23990, within this construct, slippage past 23700 will be taken as a weakening signal." Jefferies says NSE results are in line with their estimates and the valuations do not reflect NSE's moats. They have a Buy on the stock with target price of Rs 2,125 per share. Jefferies stated that "We have kept our FY27-29e EPS estimates largely unchanged, as higher equity options ADTO in Dec, 2026 qtr. is offset by lower other income." According to the global investment bank, "with regulatory headwinds in the past, we expect a 15.6% revenue CAGR over FY27-29e. Further, NSE is adding new growth levers, which could add 15% to FY30 EPS. Along with 200bps margin expansion, we est. 17.6% EPS CAGR through FY29." They believe that the "15% premium to BSE due to better diversification, margins, and dividend yield." The domestic benchmark indices traded in the red in early trade on Wednesday. The Sensex slipped 137.98 points, or 0.18%, to 76,779.87, while the Nifty 50 declined 15.90 points, or 0.07%, to 23,794.95. Among Nifty 50 stocks, IndiGo, Sun Pharma, State Bank of India, Asian Paints and Trent were among the top gainers, rising up to 0.46%. On the other hand, Hindustan Unilever, UltraTech Cement, TCS, HCL Technologies and Eternal were among the major losers, falling up to 1.51%. MK Sons Fine Jewels will make its stock market debut on the BSE and NSE on Wednesday. Meanwhile, Carver Roboweld and Ajwa Projects are set to list on the SME platform. The US dollar traded lower against major currencies on Wednesday as markets positioned for the outcome of the US midterm elections. The euro gained 0.2% to $1.12, while the yen rose to 158.30 against the dollar. The dollar index, which tracks the greenback against six major currencies, declined 0.2% to 101.7. US bond yields also eased, with the 10-year Treasury yield falling 4 basis points to 4.9%, as investors remained cautious ahead of the election outcome. Several major companies, including BSE, Lenskart Solutions, Zydus Lifesciences, Cummins India, Apollo Hospitals, Nykaa, Torrent Pharma, Dabur India, Biocon, NHPC, Aurobindo Pharma, Dr Lal PathLabs and PhysicsWallah, will announce their September-quarter earnings on Wednesday, November 4. Several stocks will be in focus on Wednesday after reporting their September-quarter results. NSE reported a 22.8% rise in net profit to Rs 2,577.6 crore, while Lupin's profit declined 22.2% to Rs 1,155.3 crore. Metropolis Healthcare posted a 42.7% growth in profit, while Lloyds Metals reported an 88% jump. MCX India, Awfis Space Solutions, Aarti Drugs, Global Health and Vijaya Diagnostic also remain in focus. Lupin has launched a generic drug in the US with 180-day exclusivity. JNK India secured an order worth Rs 300-600 crore for a project in Nigeria, while Highway Infrastructure received a Rs 198.3-crore CPWD order. Hindustan Zinc launched two new value-added products. MK Sons Fine . will also make its market debut Crude oil prices edged lower in early trade on Wednesday. Brent crude futures slipped 0.48% to $103.11 per barrel, while US crude oil futures declined 0.68% to $95.43 per barrel. US markets ended Tuesday's session on a mixed note, with technology stocks helping the Nasdaq recover some of its recent losses. The Nasdaq Composite gained 0.83% to close at 25,372.01, while the Nasdaq-100 advanced 0.7% to 28,180.26. The S&P 500 rose 0.36% to 7,568.92. In contrast, the Dow Jones Industrial Average declined 197.26 points, or 0.38%, to settle at 51,786.72. In the last trading session, the Edible Fat sector led the gains, rising 5.7%, followed by Sugar, which advanced 4.91%. Food Processing stocks gained 4.19%, while Tea and Coffee shares climbed 3.94%. The Glass sector also ended higher, rising 3.91%. Asian markets began Wednesday's session on a mixed note, with South Korean equities leading gains. The Kospi surged nearly 3%, while the Kosdaq advanced 1.85%. Japan's Nikkei 225 started the day on a flat note, although the broader Topix edged up 0.43%. In contrast, Australia's S&P/ASX 200 slipped 0.45%.