- GIFT Nifty rose nearly 200 points to 23,600, signaling a strong start for Indian equities
- Index recovered sharply from October lows near 22,200, showing strengthened buying momentum
- Asian markets were mixed with South Korea's Kospi up 2.2% and Japan's Nikkei down 0.3%
GIFT Nifty is signalling a strong start for Indian equities on Tuesday, November 3, after climbing nearly 200 points in late Monday trade. The index stood at 23,600, up 197.50 points or 0.84%, at 11:01 p.m. IST.
Gifty Nifty touched 23,621 during the session, against a previous close of 23,402.50. The four-hour chart also shows a sharp recovery from October lows near 22,200, according to market data.
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The latest move has taken the index above 23,400, suggesting that buying momentum has strengthened. However, traders will watch whether this advance translates into sustained gains in the cash market.
Asian Markets Remained Mix: Kospi Gains 2.2%, Nikkei Slips
Asian markets delivered mixed performances on Monday. South Korea's Kospi emerged as the biggest gainer, climbing 2.2% to 5,859.08. Samsung Electronics rose 1.8%, while SK Hynix advanced 3.8%, supporting the benchmark.
Japan's Nikkei 225 fell 0.3% to 63,081.86. SoftBank Group declined 1.6%, while chipmaker Kioxia plunged 15.8% after its earnings outlook disappointed investors.
Taiwan's Taiex dropped 0.7%, with TSMC losing 1.7%. Hong Kong's Hang Seng gained 0.5%, while China's Shanghai Composite advanced 1.1%.
Also Read | Trade Setup For Nov 3: Nifty Bulls Eye 23,600 Breakout As Oil Reprieve Supports Case For Sustained Rebound
Wall Street Recovers As Brent Crude Falls
Wall Street rebounded on Monday after Friday's technology-led selloff. The Dow Jones gained 0.83%, the S&P 500 rose 0.58%, and the Nasdaq Composite advanced 0.30%.
Stronger US manufacturing data also supported sentiment because the October manufacturing PMI rose to 55.5, exceeding expectations.
Brent crude fell around 8.5% to nearly $103.5 per barrel amid renewed diplomatic efforts involving Iran and Qatar.
Iranian officials were discussing a proposal that could reopen the Strait of Hormuz, although Tehran said any agreement depended on US responses to its conditions. The possibility of easing supply disruptions reduced the immediate risk premium in oil prices.
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