Sensex, Nifty today likely to open in red as GIFT Nifty signals weak start amid global jitters

Nifty, Sensex Today: India’s benchmark indices, the BSE Sensex and Nifty 50, are likely to open in negative territory on Thursday, tracking weak global cues.

The GIFT Nifty was trading at 23,785, down 130.5 points or 0.55 per cent, indicating a weak start for Dalal Street.

Global sentiment remained cautious as US equity futures and Asian stocks slipped, extending a turbulent week in financial markets. A fresh surge in oil prices and rising stress in the private credit market have weighed on investor confidence.

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Meanwhile, gold prices edged slightly lower on Thursday as a stronger US dollar capped gains. At the same time, higher crude oil prices have revived inflation concerns and reduced expectations of near-term interest rate cuts by major central banks.

Stocks in focus today

Several stocks are expected to remain in focus in Thursday’s session due to company-specific developments and sectoral trends.

Key stocks to watch include Indian Oil Corporation, Mahanagar Gas, KEC International, Ashok Leyland and Wipro.

Here is the full list of stocks that will be in focus in today's session.

Markets plunge in previous session

Indian equities ended sharply lower in the previous session. The BSE Sensex tumbled more than 1,300 points, while the Nifty 50 slipped below the 23,900 mark after opening flat amid mixed global cues.

Technically, all key indices — Nifty, Bank Nifty, Midcap Select and Smallcap — formed a lower high–lower low pattern, indicating continued market weakness.

Key technical levels under pressure

The Nifty closed at 23,866, marking its lowest level in nearly 10 months. The index also witnessed selling pressure near the 24,300 level for the second straight day.

Market experts note that 24,300 earlier acted as a major support level for the Nifty. After the index decisively broke below this level on 9 March, it has now turned into a strong resistance zone.

The Nifty Bank also remained under pressure. The banking index closed at 55,735, a five-month low, and is now about 11 per cent below its life high of 61,764 recorded on 3 February.

The Nifty Midcap Select closed at 12,961, hovering close to the key 13,000 support level. Analysts say a decisive close below this level could trigger further weakness.

Meanwhile, the Nifty Smallcap 100 is now nearly 20 per cent below its life high recorded in December 2024.

Sectorally, the Nifty IT and Nifty FMCG closed at two-year lows, while the Nifty Auto ended at a six-month low.

In yesterday's session, Volatility also surged, with the India VIX jumping 11 per cent to close at 21.06.

FII selling continues

Foreign institutional investors (FIIs) continued to cut exposure to Indian equities.

FII long positions in index futures declined from 12.73 per cent to 11.73 per cent. In the cash market, FIIs sold equities worth about Rs 6,267 crore on Wednesday, marking the ninth consecutive session of selling.

Across cash, index futures and stock futures combined, FIIs recorded net selling of around Rs 11,011 crore.

However, domestic institutional investors remained supportive. Domestic funds purchased equities worth Rs 4,965 crore, extending their buying streak to the eleventh consecutive session.

Global cues remain cautious

Global market signals also remained mixed. The Dow Jones Industrial Average slipped to a three-month low amid rising global uncertainty.

The Indian rupee weakened by 23 paise to close at 92.04 against the US dollar, while the US Dollar Index climbed above the 99 mark.

US bond yields also moved higher, with the 10-year yield rising to around 4.25 per cent, a five-week high.

In the commodities market, gold and silver witnessed profit-booking, while aluminium prices surged to a four-year high, reflecting strong global demand and supply concerns.