India’s benchmark indices opened lower on Thursday despite the US Federal Reserve’s widely anticipated interest rate cut, as investors remained cautious ahead of the crucial meeting between US President Donald Trump and Chinese President Xi Jinping.
At 9:23 am, the S&P BSE Sensex fell 251.52 points to 84,745.61, while the NSE Nifty50 declined 81.55 points to 25,972.35. The broader markets mirrored the trend, edging lower amid a mix of global uncertainty and early profit booking.
Market Movers and Sectoral Trends
Among the Sensex stocks, Trent emerged as the top loser, shedding 1.54% to trade at ₹4,725.60. ICICI Bank followed with a 1.05% decline, while Sun Pharma, Bharti Airtel, and ITC also traded in the red.
On the upside, L&T, Tata Motors Passenger Vehicles (TMPV), Eternal, and UltraTech Cement were among the key gainers, showing resilience amid global headwinds.
Experts Weigh In
According to Prashanth Tapse, Senior VP (Research) at Mehta Ltd, the weak start reflected renewed foreign investor selling activity, as FIIs turned net sellers in the previous session. He noted that cautious remarks by Fed Chair Jerome Powell lowered hopes of another rate cut in December, keeping global sentiment subdued.
However, Tapse added that Nifty’s ability to hold above 26,000 signals underlying domestic strength ahead of key corporate earnings from companies such as ITC, Cipla, Maruti, and Pidilite.
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said all eyes are now on the Trump-Xi meeting, which could potentially ease the US-China trade tensions. “A breakthrough could mark the end of the trade war and significantly boost global market sentiment,” he stated.
Domestic Outlook and Technical View
On the domestic front, sentiment received a mild boost after the Chief Economic Adviser projected GDP growth could touch 7%, citing strong consumption and a pickup in capital expenditure (capex).
Analysts said L&T’s new order wins indicate robust infrastructure momentum, suggesting a stable economic outlook despite short-term volatility.
Technically, the Nifty remains sideways to bullish as long as it stays above the 25,900–26,000 support zone. Resistance is seen at 26,100–26,200, with a possible upside target of 26,300–26,400 if momentum builds.
Meanwhile, Bank Nifty has support near 58,100–58,200 and resistance around 58,600–58,700. A sustained move above the latter could open room toward 59,000.
Institutional Flows
On October 30, Foreign Institutional Investors (FIIs) sold equities worth ₹2,540.2 crore, while Domestic Institutional Investors (DIIs) bought ₹5,692.8 crore, reflecting continued strong local buying support despite global uncertainty.
Market participants now await cues from the Trump-Xi meeting and upcoming corporate earnings to gauge near-term direction, even as global rate cuts signal a more accommodative monetary environment.
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