Wall Street rallied overnight, but Nvidia's after-hours slide arrives before India opens
The S&P 500 rose 1.31% and the Nasdaq 1.60%, yet Indian stocks are seen opening flat to negative. Inflation data and 14 results meetings fill the day.
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Where we stand
Overnight
The two moves that matter for India are in the US. The S&P 500 rose 1.31% to 7619.38, a move this size usually sets the tone for foreign-held large caps. The Nasdaq Composite gained 1.60% to 25466.19, and Indian IT services tend to take their cue from US tech.
Everything else is background: the Dow rose 0.49%, the Nikkei 0.84% and the Kospi 0.94%, the Hang Seng fell 1.11%, Brent rose 0.73% to $92.16, gold fell 0.90%, the dollar index was little changed at 102.94, USD/INR eased 0.26% to 93.68 and the US 10-year yield edged up 2 basis points to 4.998%.
| Last | Change | For India today | |
|---|---|---|---|
| S&P 500 | 7,619.38 | +1.31% | matters a move this size usually sets the tone for foreign-held large caps |
| Nasdaq Composite | 25,466.19 | +1.60% | matters Indian IT services tend to take their cue from US tech |
| Dow Jones | 52,486.49 | +0.49% | background |
| Nikkei 225 | 61,763.06 | +0.84% | background |
| Hang Seng | 24,046.29 | −1.11% | background |
| Kospi | 5,426.15 | +0.94% | background |
| Brent crude | 92.16 | +0.73% | background |
| Gold | 3,993.90 | −0.90% | background |
| US dollar index | 102.94 | +0.03% | background |
| USD/INR | 93.68 | −0.26% | background |
| US 10-year yield | 4.998 | +2 bp | background |
Last available quotes at build time; Asian markets may still be trading.
What changed overnight
The most material item is Nvidia. Its shares fell 8% after hours on a report that the board is weighing CEO Jensen Huang's exit. This came after the US session, so the Nasdaq's 1.60% gain does not reflect it. Nvidia had rebounded nearly 4.5% on Wednesday, and its November 17 earnings are the next test of investor confidence.
Closer to home, JPMorgan's India investment banking co-heads say Indian companies are getting larger and more confident about overseas acquisitions. Adani will finance a Chile copper project to secure long-term supply for its Mundra smelter. Haldiram has begun its IPO process, aiming for a public float of about $1 billion in 2027. Thomson Reuters announced a $500 million buyback. Indian stocks are expected to open flat to negative. The other 82 of the 90 items overnight were noise.
- Changes risk or governanceNvidia shares fall 8% after hours as board reportedly weighs Jensen Huang's 'exit'
Nvidia shares plummeted by 8% in after-hours trading following revelations about CEO Jensen Huang's alleged extramarital affairs, including a controversial link to…
Times of India ↗ - Changes earningsIndian companies ramp up overseas dealmaking amid growth push: JPMorgan
Indian companies are becoming larger and increasingly confident in pursuing overseas acquisitions, say JPMorgan Chase & Co.'s co-heads of India investment banking.
LiveMint ↗ - Changes earningsAdani to finance Chile copper project to secure long-term supply for Mundra smelter
The agreement marks a step in Adani’s overseas sourcing plans as India seeks to strengthen copper supplies through investments abroad
The Hindu BusinessLine ↗ - Changes cash or the balance sheetHaldiram kicks off IPO process, eyes $1 billion public float in 2027
Haldiram Snacks Food has begun the process for its initial public offering, aiming for late 2027. The proposed issue size is estimated…
Economic Times ↗ - Changes earningsAI Spending Fears Concerns Its Investors. Thompson Reuter’s Fix Is A $500 Million Buyback
Woodbridge, Thomson Reuters' controlling shareholder, will participate proportionally.
NDTV Profit ↗ - Changes risk or governanceNvidia shares recover 4.5% after steep sell-off; China spy probe and November 17 earnings to test investor confidence
Nvidia shares rebounded nearly 4.5% Wednesday after recent steep losses, supported by strong results from AI firm CoreWeave. Investors remain focused on…
LiveMint ↗ - Macro and policySensex today | Stock Market Live Updates: Markets seen opening on a flat note; eye release of inflation data
Sensex, Nifty, Share Prices Live: Indian stocks are likely to open on a flat to negative note on Thursday, amid cautious sentiment…
The Hindu BusinessLine ↗ - Macro and policyFlattish opening seen for Indian stocks; markets eye release of inflation data
Lower crude oil prices seen as supportive for markets
The Hindu BusinessLine ↗
8 of 90 items since the last close changed earnings, cash, risk, a sector or the macro picture. The other 82 were previews, recaps, opinion or repeats.
Today's agenda
Fourteen companies hold results meetings today: Action Construction Equipment, Alkem Laboratories, Bharat Dynamics, Caplin Point Laboratories, Hindustan Aeronautics, Hitachi Energy India, IFCI, Manappuram Finance, NMDC, NMDC Steel, Oil India, Techno Electric & Engineering Company, Travel Food Services and Vodafone Idea. Markets are also eyeing the release of inflation data.
- 14 results board meetings: Action Construction Equipment Ltd., Alkem Laboratories Ltd., Bharat Dynamics Ltd., Caplin Point Laboratories Ltd., Hindustan Aeronautics Ltd., Hitachi Energy India Ltd., IFCI Ltd., Manappuram Finance Ltd., NMDC Ltd., NMDC Steel Ltd., Oil India Ltd., Techno Electric & Engineering Company Ltd., Travel Food Services Ltd., Vodafone Idea Ltd.
What would change the read
If FIIs turn net buyers in the cash market, it would mean the rally is being funded, not just priced; if not, the money still is not following prices.
If more than half of the Nifty 500 closes higher, it would mean the move is broad, not carried by a few heavyweights; if not, gains, if any, would be narrow.
If India VIX closes lower than the day before, it would mean demand for protection is easing; if not, traders are still paying up for protection.
- IfFIIs turn net buyers in the cash market: the rally would be getting funded, not just priced. If not: the money still is not following prices.
- Ifmore than half of the Nifty 500 closes higher: the move would be broad, not carried by a few heavyweights. If not: gains, if any, would be narrow.
- IfIndia VIX closes lower than the day before: demand for protection would be easing. If not: traders would still be paying up for protection.
Tonight's Close scores each of these.