Sensex, Nifty Today: GIFT Nifty points to muted opening after Dow, Nasdaq losses

Sensex, Nifty Today: Indian equity benchmarks are likely to open on a cautious note on Tuesday as investors assess mixed domestic signals, weak global cues, and sharp moves in commodities. Focus remains on India’s industrial production data, primary market activity, and global risk sentiment.

GIFT Nifty Today

At 8:06 am, GIFT Nifty futures were trading at 25,927, down 39 points or 0.15 per cent, indicating a flat-to-negative start for the domestic market.

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Previous session recap

On Monday, markets extended losses for a second straight session. The BSE Sensex closed at 84,695.54, down 345.91 points or 0.41 per cent. The NSE Nifty50 ended at 25,942.10, lower by 100.20 points or 0.38 per cent.

Technically, Nifty weakened for the third day and hit an intraday one-week low of 25,920. The index formed a lower low and lower high pattern for the second consecutive session, signalling continued weakness.

Bank Nifty declined for the fourth straight day and also formed a lower low-lower high structure. The index touched the lower end of its recent range at 58,800 intraday. For the past 30 days, Bank Nifty has largely remained in a 58,800–59,800 closing range.

Asian Markets snapshot

Asia-Pacific markets traded mostly lower on Tuesday, tracking losses on Wall Street amid concerns around a tech-led sell-off. Nvidia fell over 1 per cent overnight, while Palantir, Meta Platforms, and Oracle also declined.

Japan’s Nikkei 225 slipped 0.49 per cent, and Topix eased 0.36 per cent. South Korea’s Kospi fell 0.41 per cent, while Australia’s S&P/ASX 200 edged up 0.19 per cent.

S&P 500, Nasdaq, and Dow declined overnight

US futures were flat in early Asian trade after the S&P 500, Nasdaq, and Dow declined overnight. Markets are awaiting US home price data and the Federal Reserve’s December meeting minutes later in the day.

Broader market under pressure

The Nifty Midcap Select index weakened for the fourth straight session and slipped below its 50-day moving average for the first time since October 3. The index closed at 13,651, below the 50 DMA of 13,696, and continued to show a lower low-lower high trend.

The smallcap index also declined for the second consecutive day, breaking its five-day higher high-higher low sequence.

Metals volatile; precious metals see sharp correction

The metal index touched a fresh intraday lifetime high but later saw profit booking. Base metals remained firm globally, with copper rising for the fifth consecutive day and hitting a new lifetime high. Nickel climbed to a seven-month high, while lead touched a three-week high.

However, precious metals saw heavy selling. Silver shocked markets with a sharp correction of nearly 15 per cent from record highs, marking its biggest intraday fall since September 2011. After crossing the $80 level for the first time, silver dropped sharply, losing nearly $12 in a single day. On MCX, silver hit a lifetime high of Rs 254,174 before closing below Rs 225,000.

Gold and platinum also fell sharply. Gold declined nearly $200 globally to around $4,350, while MCX gold dropped close to Rs 5,000 to slip below Rs 135,000. Platinum slid about 15 per cent, falling below $2,100.

Key positive: IIP growth

On the positive side, India’s economy showed signs of strength. Index of Industrial Production (IIP) grew 6.7 per cent, reaching a 25-month high. Manufacturing and mining recorded strong growth, offering comfort on the domestic macro front.

Despite the encouraging IIP data, market sentiment remains cautious due to technical weakness, global uncertainty, and sharp commodity volatility. Investors are likely to remain selective and focus on data cues through the day.