GIFT Nifty points to mildly positive opening despite Wall Street tech rout
GIFT Nifty:
GIFT Nifty November 2026 futures were up 15.50 points, signalling a mildly positive opening for the Nifty 50.
Institutional Flows:
Foreign portfolio investors (FPIs) bought shares worth Rs 3,598.54 crore, while domestic institutional investors (DIIs) were net sellers of Rs 817.51 crore in the Indian equity market 30 October 2026, according to provisional data.
FPIs sold shares worth Rs 48,082.27 crore in October through 30 October 2026. This follows net selling of Rs 45,536.89 crore in September 2026, while FPIs were net buyers of Rs 17,366 crore in August 2026.
Global Markets:
Dow futures rose 200 points, signalling a strong opening for US stocks.
Asian equities traded mixed on Monday, as concerns over the sustainability of the artificial intelligence investment boom weighed on technology stocks. The pressure followed a sharp selloff in US technology shares on Friday.
Wall Street ended sharply lower on Friday, 30 October 2026. The Dow Jones Industrial Average fell 572.25 points, or 1.09%, to 51,770.31. The S&P 500 declined 140.32 points, or 1.82%, to 7,580.07, while the Nasdaq Composite dropped 747.72 points, or 2.86%, to 25,437. The Nasdaq recorded its steepest one-day decline since 05 June 2026. The selloff was led by technology and semiconductor stocks, with the market reacting to concerns over AI-related spending and corporate cash generation.
Intel was among the biggest drags, with its shares plunging 28.6% on Friday after the chipmaker issued a weaker-than-expected fourth-quarter outlook. The company forecast revenue of $15 billion to $16 billion, against analyst expectations of $17.08 billion. Its adjusted third-quarter earnings of $0.52 per share and revenue of $16.5 billion had exceeded estimates. However, the outlook and concerns over manufacturing constraints, PC demand and cash flow overshadowed the results.
The semiconductor selloff extended to other major companies. Nvidia shares fell 4.2%, AMD declined 10.9% and the semiconductor index lost 7.2%. Sandisk dropped 13%, while Reddit also faced heavy selling. Shares of Amazon declined 1.4% during Friday's session after its quarterly results heightened concerns over the scale of AI infrastructure investment.
Amazon reported third-quarter net sales of $201.9 billion, up 12% year on year, while AWS revenue increased 39.3% to $46 billion. Operating income rose to $28.1 billion from $17.4 billion a year earlier. However, trailing 12-month free cash flow turned negative at $42.4 billion, compared with an inflow of $14.8 billion a year earlier. The company attributed the decline primarily to higher property and equipment spending, largely related to AI investments. Amazon forecast fourth-quarter revenue of $240 billion to $247 billion.
Energy stocks bucked the broader market trend. Exxon Mobil and Chevron rose after reporting third-quarter profits above market expectations, supported by higher refining margins amid disruptions to global fuel supplies. Both companies benefited from stronger downstream earnings as conflict-related disruptions constrained fuel production.
On the economic front, the US Employment Cost Index increased 0.8% in the third quarter of 2026, matching market expectations but easing from 0.9% in the previous quarter. Civilian worker compensation costs rose 0.8% over the three months ended September, while wages and salaries increased 0.7% and benefit costs rose 0.9%. The data indicated a moderation in labour-cost growth. The Chicago PMI fell to 55.3 in October from 58.8 in September, below the market forecast of 56.1.
Brent crude futures fell 1.5% to $111.72 a barrel. The pullback followed talks between Iranian and Qatari officials aimed at ending the US-Israeli war on Iran. However, continued attacks on tankers in the Strait of Hormuz remain a supply-side risk.
Domestic Market:
The domestic equity benchmarks extended their gains on Friday, with the Nifty reclaiming the 23,000 mark. Buying in IT, pharma and select heavyweight stocks supported the frontline indices, helping them recover from a muted opening despite weak global cues. However, gains remained moderate as elevated crude oil prices and escalating geopolitical tensions in the Middle East kept investors cautious. Brent crude trading above $117 per barrel heightened concerns over inflationary pressures and India's import bill, limiting the scope for a sustained recovery. The broader indices underperformed, with the Nifty Midcap and Smallcap indices ending lower.
The S&P BSE Sensex jumped 308.49 points or 0.42% to 74,459.93. The Nifty 50 index rose 116.35 points or 0.51% to 23,053.10.
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