Amid mixed global cues, domestic markets are expected to open on a flat note on Thursday. Analysts expect the market to remain volatile and directionless in the near future. Gift Nifty is currently ruling at 25,727, slightly higher than Tuesday’s close.
Ponmudi R, CEO of Enrich Money, said global markets are showing early signs of stabilisation after a volatile start to the week, offering a cautiously positive backdrop for Indian equities. “However, the recent uptick in US bond yields, supported by stronger-than-expected economic data, could spark renewed foreign outflows from emerging markets. This may keep the rupee under pressure and drive some near-term volatility in domestic equities,” he cautioned.
JM Financial in its Nifty50 Analyser report said: “We take a close look at Nifty50 EPS movements in October 25. In the last 12 months from October ’24 to October ’25, the Nifty50 has delivered 6.3 per cent returns, while FY26E and FY27E EPS have seen cuts of 8.5 per cent and 7.5 per cent, respectively. In October 2025, “EPS estimates for FY26E and FY27E saw a MoM decrease of 0.2 per cent and 0.3 per cent, respectively. “The number of Nifty companies that saw an EPS cut increased from 36 per cent in September 2025 to 52 per cent in October 2025, with Insurance, Consumer, Metals & Mining, IT Services, Pharmaceuticals Utilities and Cement being key contributors. The stocks that saw the biggest EPS cuts include Eternal, Adani Enterprises, JSW Steel, Coal India and Kotak Mahindra Bank, while stocks that saw the largest upgrades were Hindalco Industries, Eicher Motors, Infosys, HDFC Bank and Grasim Industries,” the report said.
Meanwhile, F&O trading indicates a cautious mood.
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said: Derivatives data reflects a defensive tone, with call writers actively adding positions at higher levels, while major put writers have shifted to lower strikes, signalling risk aversion. “A significant open interest (OI) build-up of 77.61 lakh contracts at the 26,000 call strike suggests firm resistance, while notable put OI of 51.90 lakh contracts at the 25,200 strike provides limited support,” he said. The Put-Call Ratio (PCR) has inched up to 0.73 from 0.63, indicating a cautious sentiment, with sellers maintaining control near resistance zones, he further said.
Amruta Shinde, Technical & Derivative analyst, Choice Broking, said the India VIX, a measure of market volatility, edged down slightly by 0.10 per cent to 12.65, indicating a relatively stable sentiment despite the broader market correction. In the derivatives segment, open interest (OI) data showed the highest call writing at the 25,700 strike, while the maximum put OI was concentrated at the 25,600 strike, suggesting firm resistance near the 25,700 level.
“Overall, the market remains in a consolidation phase, with traders adopting a cautious stance ahead of key global and domestic cues. A sustained move above 25,700 will be essential to revive bullish momentum, while failure to hold above the 25,500 zone could invite further weakness in the near term,” she said.
Meanwhile, equities across the Asia-Pacific region are up in early deals, thanks to a strong overnight closing at the US bourses.
Published on November 6, 2025
