The Indian market opened with optimism today. Apart from better-than-expected TCS results, signs of thawing relations between India and the United States are supporting investor sentiment. Prime Minister Narendra Modi spoke to US President Donald Trump over the phone, which is being viewed as a positive diplomatic gesture.
Meanwhile, the Gaza peace agreement has failed to lift global stock markets, though it has pushed crude oil prices lower. Following the US market’s decline, most Asian markets opened lower this morning. However, US futures were trading higher.
In the derivatives market, Gift Nifty closed at 25,222.50 on Thursday night and climbed to 25,267 early this morning, indicating a positive start for Indian equities.
Prime Minister Modi called President Trump last night to congratulate him on the Gaza peace deal — a move that carries significant diplomatic weight, coming months after their last direct interaction. Modi had earlier extended his congratulations through social media, but this personal call adds new depth. The two leaders also discussed progress in the ongoing India–US trade agreement talks, according to Modi’s post on X.
The call followed the US Senate’s confirmation of Sergio Gore as the new American ambassador to India and of Paul Kapoor — who has Indian roots — as Assistant Secretary of State for South and Central Asian Affairs. Initially, Trump had nominated Gore for both positions, which had displeased India, leading to an extended silence of more than a month. With Kapoor’s nomination now formalised, Gore will serve solely as ambassador.
Born to an Indian father and an American mother, Kapoor completed his higher education in the United States. A writer and academic by profession, the 56-year-old is known for his strong criticism of Pakistan. India believes his appointment could help balance Washington’s earlier closeness with Islamabad and its military leadership. Many analysts therefore see Modi’s call as both diplomatic and strategic.
Except for Germany’s DAX, most European indices ended lower yesterday. HSBC’s attempt to privatise Hong Kong’s Hang Seng Bank and convert it into its own subsidiary did not go down well with investors, given Hang Seng’s high exposure to bad loans. HSBC’s stock fell 5 percent.
Luxury carmaker Ferrari plunged 15.4 percent after posting disappointing results and cutting its revenue outlook — the steepest single-day fall in the company’s history.
After touching record highs earlier in the session, major US indices fell into the red, revealing growing uncertainty in Wall Street. The Dow, S&P 500, and Nasdaq all closed lower. Nvidia’s 2 percent rise, however, helped limit the overall losses.
JPMorgan Chase CEO Jamie Dimon warned that equity markets could undergo a major correction over the next six to 24 months. Meanwhile, China’s tighter export controls on rare earth minerals boosted shares of companies in that sector.
The Dow Jones Industrial Average fell 243.36 points (0.52%) to close at 46,358.42. The S&P 500 lost 18.61 points (0.28%) to end at 6,735.11, while the Nasdaq Composite slipped 18.75 points (0.08%) to close at 23,024.63.
US futures were higher this morning — Dow up 0.14%, S&P up 0.18%, and Nasdaq up 0.21%.
Across Asia, most markets opened lower. Japan’s Nikkei fell 0.75%, Australia’s index was down 0.30%, China’s markets dropped 0.70%, and Hong Kong’s fell 1.4%. South Korea, however, traded 0.65% higher.
Indian equities ended Thursday’s session with strong gains despite a volatile start. Continued foreign investor buying supported the uptrend. The Sensex climbed 505 points from the day’s low, while the Nifty added 157 points before closing slightly off its peak. The Sensex ended above 82,000, and the Nifty briefly touched 25,200.
The US administration’s decision to exempt Indian generic drugs from import tariffs boosted pharma stocks. IT stocks also rose, as TCS’s results turned out better than feared. After a 27 percent fall this year, the IT index is now seen to be stabilising. Rising global metal prices lifted metal counters, while healthcare and realty stocks also performed well. Fertiliser companies declined.
SpiceJet shares jumped 16 percent after announcing new flight routes.
The Nifty rose 135.65 points (0.54%) to close at 25,181.80. The Sensex gained 398.44 points (0.49%) to finish at 82,172.10, while the Bank Nifty rose 173.80 points (0.31%) to 56,192.05. The Mid-Cap 100 index surged 563.10 points (0.97%) to 58,429.85, and the Small-Cap 100 index climbed 109.65 points (0.61%) to 18,000.25.
On the BSE, declines still outnumbered advances — 2,191 stocks fell while 2,009 rose — but the gap narrowed. On the NSE, 1,600 stocks advanced while 1,492 declined.
Foreign institutional investors (FIIs) made net purchases worth ₹1,308.16 crore, while domestic funds bought ₹864.36 crore worth of shares.
Analysts expect Nifty to cross 25,250 today, supported by improved TCS earnings. Key support levels are seen at 25,065 and 24,965, while resistance is likely around 25,200 and 25,255.
Gold, which had touched $4,059.05 an ounce, fell more than two percent to $3,947.93 before recovering to close at $3,977.50. Profit-taking at record highs and the Gaza peace deal contributed to the decline. In Asian trading this morning, gold briefly climbed to $3,989.30 before easing to around $3,980.
Many analysts warn of a possible 5–10 percent correction after a sharp rally that saw gold surge 54 percent this year. In India, 24-carat gold has risen 60 percent since January, reaching ₹1,22,829 per 10 grams.
Despite short-term corrections, experts expect the uptrend to resume, forecasting year-end targets between $4,400 and $4,600.
In Kerala, 22-carat gold rose ₹160 on Thursday to ₹91,040 per sovereign. The stronger dollar, however, is limiting the full effect of the global price drop.
Silver, after surpassing $50 an ounce, slipped to $48.85 and further to $47.52 this morning. Platinum and palladium also fell, while industrial metals rallied — copper rose 1.20% to $10,866.35 per tonne, aluminium gained 1.70% to $2,802.50, tin climbed 1.07% to $36,891, and nickel, lead, and zinc advanced as well.
The US Dollar Index rose 0.60% to close at 99.54 and was trading slightly lower at 99.36 this morning. The euro weakened to $1.1565 and the pound to $1.3301, while the Japanese yen slipped to 153 per dollar.
US Treasury prices eased, with the 10-year yield rising to 4.138%. The Indian rupee appreciated marginally on Wednesday, closing at ₹88.77 against the dollar. The Chinese yuan fell to 7.13 per dollar.
Crude oil prices fell again on Thursday following the Gaza peace deal, which eased geopolitical tensions. Record-high stockpiles in China and other countries have left tankers idling offshore due to lack of storage space, with around 120 crore barrels floating at sea. Brent crude dropped 1.5% to close at $65.22 and was trading at $65.23 this morning. WTI crude stood at $61.56 and Murban at $66.80 per barrel. Natural gas prices slipped 1%.
Cryptocurrencies also declined overnight. Bitcoin traded at $121,700 this morning, while Ether fell to $4,375 and Solana to $221.
