Dow Futures Jump Over 350 Points; Nifty Gains for Second Straight Session, Broader Market Outperforms

Indian benchmark indices ended on a mixed note on Thursday as selective buying in beaten-down stocks supported the market recovery, while investors remained cautious after the US Federal Reserve’s latest policy decision. Gains in Nifty Pharma, Realty and broader market stocks helped the Nifty 50 extend its positive momentum for the second straight session, although selling pressure in banking heavyweights limited the upside.

The Nifty 50 opened at 23,195.25 and witnessed volatility in early trade before gaining momentum during the first half of the session. The index moved above the 23,300 mark and touched an intraday high of 23,363.55. However, profit booking at higher levels in the second half trimmed some gains.

At the close, the Nifty 50 settled at 23,294.35, gaining 76.75 points or 0.23%. The Sensex ended marginally lower by 0.03% or 21.85 points at 74,314.60 amid weekly expiry volatility, while the Bank Nifty underperformed the broader market and declined 0.42%. India VIX, the market volatility gauge, dropped sharply around 6.67% to around 12.3 levels.

Nifty Midcap and Smallcap Index Outperformed

Overall market breadth was positive amid outperformance by the broader markets. The Nifty Midcap 100 and Smallcap 100 index gained 0.92% and 0.76%, respectively.

Out of 3,651 stocks traded on the NSE, 2,262 advanced, 1,279 declined and 110 remained unchanged.

Pharma Leads Sectoral Gains; Bank Nifty Under Pressure

Among sectoral indices, nine out of the 11 major NSE sectoral indices ended higher.

The Nifty Pharma index emerged as the top performer, rising 1.66% and breaking a five-day losing streak. Out of its 20 constituents, 18 stocks ended in positive territory. The Nifty Realty index also gained 1.45%.

On the other hand, banking stocks remained under pressure, with the Bank Nifty declining 0.42%. Weakness in heavyweight private banks weighed on the index following concerns over higher-for-longer interest rates after the US Fed decision.

Brent Crude Oil Price Eases Towards $103

Brent crude oil prices softened to around $103 per barrel after reports suggested additional supply availability from Saudi Arabia through Oman. The development eased some immediate concerns over supply disruptions and provided some relief to oil-importing economies, including India.

Rupee Recovers After Early Weakness

The Indian rupee ended almost unchanged at ₹95.93 per US dollar on Thursday after briefly weakening beyond the 96 mark during early trade. Likely intervention from the Reserve Bank of India and inflows related to global equity index rebalancing helped offset pressure from a stronger dollar and the impact of the US Federal Reserve’s rate hike.

The rupee outperformed several regional currencies during the session, reflecting relative stability despite global currency market volatility.

European Markets Edge Higher

European equity markets traded with modest gains on Thursday as investors assessed global economic developments and monetary policy signals.

Germany’s DAX index advanced 0.44% to 25,671.35, while the UK’s FTSE 100 gained 0.16% to 10,706.10. France’s CAC 40 also moved higher by 0.21% to 8,157.55. The positive movement reflected cautious optimism among investors despite uncertainty surrounding global interest rates.

US Futures Signal Positive Opening

US stock futures were trading higher ahead of Wall Street’s opening bell, indicating a positive start for major indices.

Dow Jones futures gained 0.75% to 52,305, while S&P 500 futures advanced 0.86% to 7,688.75. Nasdaq 100 futures outperformed with a rise of 1.13% at 29,588, supported by strength in technology stocks.

Market participants remained focused on interest rate expectations, upcoming economic data and broader global market trends.