Stock market today: All you need to know before the opening bell on November 7

Indian markets jumped 1.2% higher on Wednesday after Donald Trump’s victory cheered the global markets. The US markets, too, ended up closing over 2% higher on Wednesday. Markets rejoiced at Trump's tax reforms and plan to cut the corporate tax. Now, all focus shifts to the Federal Reserve’s policy meeting on November 7, where the Fed is expected to cut interest rates by 25 bps more.

Stock market today

The GIFT NIFTY futures traded 43 points lower at 7:20 am in line with its Asian peers ahead of the Federal Reserve’s policy decision, and some cautiousness persists on Trump’s foreign policy statements on imposing higher import tariffs across all the products.

Global markets

The US markets were the top gainers across the board on Wednesday after US presidential election results were out and Donald Trump chased the victory as the 47th president of the US. The Dow Jones, S&P 500 and NASDAQ were 3.2%, 2.5% and 2.9% higher, respectively, on Wednesday. The broader index, Russell 2000, jumped nearly 6% on Wednesday.

On the other hand, European markets closed lower as the higher tariffs under Trump's presidency could pose economic risks to the already struggling European economies. The Euro Stoxx 50 fell 1.4%, the most among all other European indices.

Asian markets

After closing higher, Japanese indices traded lower on Wednesday as market participants expected the Japanese authorities to intervene in the weaker Yen. Japan’s Nikkei and Korea's Kospi index traded marginally lower by 0.5%, while the Chinese and Hong Kong markets traded higher by 0.5% on Wednesday morning.

Crude oil

Brent crude oil prices stabilised on Wednesday morning, largely due to the positive economic prospects of Trump’s economic policy, which is expected to boost economic growth in the world’s largest economy. Brent crude traded 0.3% higher at $75.2 per barrel, and WTI crude traded at $72.3 per barrel.

FII and DII data

Despite a sounding victory rally in the global markets, FII’s continued their sell-off in the Indian equities market as they sold equities worth ₹4445 crore. However, DII’s continued to outshine the FII’s by buying more than ₹4,880 crores on Wednesday.

Technicals

After a much-needed relief rally in the Indian markets, the key benchmark indices are trading at resistance levels of 20 SMA levels on the daily charts. The NIFTY’s 20 SMA level of 24,567 and Sensex’s 80,475 will be crucial to watch out for.

Earnings post-market hours

Tata Steel reported a net profit of ₹759 crore in Q2FY25, compared to a net loss of ₹6,511 crore in the previous year's similar quarter. The EBITDA margins also jumped over 350 bps to 11.3%. However, total revenue declined by 3% to ₹53,905 crore as the India operations posted a weak set of numbers.

Power Grid Corporation posted a weak set of numbers for Q2FY25 as the company’s revenue remained largely unchanged at ₹11,277 crore compared to ₹11,267 crore in Q2FY24. The net profit during the quarter also remained largely unchanged at ₹3,793 crore compared to ₹3,781 crore in the previous year’s same quarter.

IPO Check

The Swiggy IPO got a stable response on Day 1 of the issue as the overall IPO was subscribed by 12%. The retail category saw a strong response as it was subscribed highest amongst all other categories at 56%.

The Acme Solar Holdings IPO saw a strong response on Day 1. The ₹2,900 crore is a majority fresh issue of ₹2,395 crore, and the remaining ₹505 crore is an offer for sale by existing shareholders. The overall issue was subscribed by 42%, which was largely led by the retail category, which got oversubscribed by 1.28x on Day 1.

The NIVA Bupa Health Insurance IPO opens today with an issue size of ₹2,200 crore. ₹800 crore is a fresh issue, and the remaining ₹1,400 crore is an offer for sale by existing shareholders.