The Indian benchmark indices, Sensex and Nifty 50, are poised for a gap-down opening on November 7, following a festive mood in the previous session. On November 6, the domestic market saw a third consecutive day of gains, with Nifty 50 reaching a two-week high. Foreign institutional investors (FIIs) offloaded approximately Rs 549 crore, while domestic institutional investors (DIIs) purchased around Rs 595.7 crore.
Asian stocks snapped a three-day winning streak in morning trade, slipping as the bond market's rally paused and investors reined in enthusiasm about a possible peak in global interest rates. In contrast, on Wall Street, the Nasdaq extended its winning streak for a seventh consecutive session, marking its longest such streak since January. However, the gain was modest at 0.3%, indicating a slight loss of momentum. S&P 500 futures and European futures both declined by 0.2%.
Oil prices retraced most of their gains from the previous day due to concerns about weak demand in China. Investors are closely monitoring trade data scheduled for later in the day to assess demand from the world's second-largest oil consumer.
Key stocks to watch in the domestic market include Nykaa, Gland Pharma, Bajaj Finance, IRCTC, Power Grid, and more.
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