Concerns around an artificial intelligence bubble were pushed firmly aside as Nvidia delivered yet another blockbuster quarterly result, igniting a swift recovery across global markets. US futures surged overnight, with the Nasdaq climbing 420 points and the Dow gaining 255 points. Asian markets opened with strong momentum, and India too is poised for a spirited start to the trading day.
Nvidia reported third-quarter revenue of USD 5,701 crore and earnings per share of USD 1.30, comfortably beating expectations of USD 5,492 crore and USD 1.25. Jensen Huang, the chief executive, attributed the performance to exceptional demand for data-centre products and Blackwell processors. The company raised its revenue guidance for the next quarter to USD 6,500 crore. Nvidia’s stock jumped 5% in futures trading, pulling other technology majors higher.
Asian tech stocks rallied in response to Nvidia’s upbeat commentary, and Indian technology counters too are showing early signs of strength. In GIFT City derivative trading, Nifty closed at 26,068.00 on Wednesday night and moved up to 26,155 this morning, signalling a robust opening for Indian markets.
European markets managed to limit losses but failed to shake off lingering concerns about an AI-driven bubble. Reports of a secret US effort to advance peace talks between Russia and Ukraine hit defence and aerospace stocks, pushing them down by as much as 8%. Luxury shares also fell after Kering, the owner of Gucci and Yves Saint Laurent, announced it would reduce store counts, sending the stock down 4.2%.
The United States witnessed a notable return of optimism. All three major indices ended in the green on Wednesday. Nvidia gained 2.85% ahead of the results, and Alphabet soared 4% to a record high after unveiling the third version of Gemini, Google’s AI model.
MP Materials jumped 10% after the US Department of Defence and Saudi Arabia’s Ma’aden announced a rare-earth processing project. The markets also await Walmart’s earnings, which will offer fresh insights into the health of the American consumer. Last month’s jobs data will be released tomorrow.
The Dow Jones rose 47.03 points (0.10%) to close at 46,138.77. The S&P 500 climbed 24.84 points (0.38%) to finish at 6,642.16, and the Nasdaq Composite advanced 131.38 points (0.59%) to end at 22,564.23. Early morning futures trading shows a strong build-up, with the Dow up 0.56%, S&P 500 up 1.18%, and Nasdaq up 1.69%.
Asia followed the US lead. Japan’s Nikkei surged 3.7% on easing geopolitical concerns and expectations of a fresh fiscal stimulus. South Korea’s Kospi gained 2.6%, while Chinese and Hong Kong indices also moved higher.
Indian markets surged on Wednesday, buoyed by global optimism. The Sensex crossed 85,000 for the first time since September 2024 and Nifty closed well above 26,000, now less than one per cent away from rewriting its all-time high.
Samaan Capital (formerly India Bulls Housing Finance) fell 13.3% after the Supreme Court criticised the CBI’s slow progress in its fraud investigation. Grow (Billionbrain), which listed last week, dropped 10% and hit the lower circuit as traders who shorted the stock were unable to square off positions and were forced into auction.
KEC International tumbled 10% after Power Grid Corporation imposed a nine-month ban on its tender participation. Except for oil-gas, realty and media, all major sectors ended higher.
Technology led the rally, with the IT index soaring 2.97%. L&T Technology Services jumped 7.73%, while Coforge and HCL Tech rose more than 4%. Persistent Systems, Infosys and Mindtree gained over 3%.
Sensex closed 513.45 points (0.61%) higher at 85,186.47. Nifty rose 142.60 points (0.55%) to finish at 26,052.65. Bank Nifty climbed 316.80 points (0.54%) to 59,216.05. The Midcap 100 index gained 127.05 points (0.21%) to end at 60,949.05, while the Smallcap 100 eased 78.80 points (0.43%) to close at 18,075.95.
The broader market breadth remained weak: on the BSE, 1,757 stocks advanced while 2,427 declined. On the NSE, 1,407 rose and 1,691 fell. A total of 88 stocks hit 52-week highs, while 169 slipped to yearly lows.
Foreign investors bought ₹1,580.72 crore in the cash segment, while domestic funds added another ₹1,360.27 crore. Market sentiment is firmly optimistic, with support expected around 25,750–25,850. If Nifty opens above 26,100, analysts believe an attempt at 26,300 and a fresh record is possible. Immediate resistance lies at 26,080 and 26,140.
Jaypee Associates’ key assets will move to Adani Enterprises after lenders agreed to accept Adani’s proposal. NBCC secured a ₹2,966 crore contract from the Nagpur Metropolitan Development Authority. Info Edge removed its whole-time director and CFO Chintan Thakkar without public explanation and appointed an interim CFO.
CG Power received a ₹365 crore tax demand following reassessment of its 2018–19 financials. Mahindra Holidays is entering the leisure hospitality business under a new brand, Mahindra Signature, through its subsidiary Mahindra Hotels and Residences. Kalyani Forge’s CFO Nilesh Bhandale resigned, with no reasons disclosed.
Gold remains caught between uncertainty over whether the US Federal Reserve will cut interest rates in two weeks and the broader risk-on sentiment triggered by Nvidia’s strong numbers. The Fed minutes released last night offered little clarity. The dollar index rising above 100 also dampened gold.
On Wednesday, gold moved between USD 4,055 and USD 4,134 before closing at USD 4,079 per ounce, up USD 10.60 from the previous session. It briefly touched USD 4,110 this morning before slipping to USD 4,095.
Silver closed at USD 51.28 per ounce and climbed to USD 51.69 today. Platinum stood at USD 1,562, palladium at USD 1,387 and rhodium at USD 7,825.
After three days of weakness, industrial metals bounced back. Copper surged 1.27% to USD 10,784 per tonne. Aluminium firmed 0.46% to USD 2,801.41. Nickel, tin and zinc also gained, while lead slipped.
Rubber prices in global markets fell 0.23% to 172.60 cents per kilogram. Cocoa dropped sharply by 6.15% to USD 4,938.29 per tonne as output rose significantly in West Africa, pushing prices below USD 5,000 for the first time since January 2024. Coffee rose 1.04%, tea remained unchanged and palm oil edged up 0.38%.
The dollar index climbed above 100 to close at 100.23. The euro fell to USD 1.1536, the pound dropped to USD 1.3056 and the Japanese yen weakened further to 157.03 per dollar. The Chinese yuan stayed at 7.11.
The Indian rupee strengthened slightly, with the dollar easing three paise to ₹88.59. US 10-year Treasury yields ended at 4.145%.
US sanctions against Russian oil companies come into effect on Saturday, but markets believe supply remains ample. Brent dipped nearly 2% to close at USD 63.66. This morning, Brent traded at USD 63.73, WTI at USD 59.50, and UAE Murban at USD 64.87. Natural gas prices surged 5% to USD 4.55.
Large investors continued to book profits, dragging cryptocurrencies lower. Some analysts expect a rebound if equity markets continue rising. Bitcoin dipped to USD 88,501 yesterday before bouncing back to above USD 92,400 this morning. Ether recovered to USD 3,040 after falling to USD 2,869. Solana, which slipped to USD 130, climbed back to USD 139.
