Indian equity markets are poised for a cautious start today, weighed down by weak cues from Asia-Pacific markets and lingering global uncertainties. On Thursday, markets witnessed a sharp correction, closing over 1% lower amid the monthly F&O expiry, driven by global weakness and geopolitical tensions. Renewed Russian attacks on Ukraine's energy infrastructure have dampened investor sentiment.

Key Factors Influencing Markets:

• Foreign Investor Activity: After two days of net buying, foreign institutional investors (FIIs) resumed selling, offloading stocks worth ₹11,756.25 crore on November 28, according to SEBI data.
• GDP Data Focus: Investors are keenly awaiting India’s July-September GDP numbers, expected to show the slowest growth in 18 months due to weak urban consumption and high food prices. Estimates suggest growth may range between 6.2% and 6.9%.
• Banking and Metal Stocks: Banking stocks could see action as RBI data shows credit growth slowed to 11.15% YoY, while deposit growth slightly outpaced it. Metal stocks might remain under pressure as Crisil Ratings highlighted a potential drop in steel producers’ profitability.
• Derivatives Expiry Change: BSE has announced changes in the expiry days of key derivatives contracts, effective January 1, 2025.

Global Market Sentiment:

The U.S. markets remained closed for Thanksgiving. In Asia, markets are mostly trading in the red as investors react to Japan’s inflation and South Korea’s industrial output data.

Domestic Market Recap:

On Thursday, Indian indices fell sharply, with the Sensex losing 1,190 points (1.48%) to close at 79,043.74, and the Nifty shedding 360 points (1.49%) to end at 23,914.15. Heavyweights like Infosys, M&M, and Bajaj Finance were among the top losers. The sell-off was largely attributed to caution ahead of GDP data and mixed global trends.

Market participants will closely watch global developments and domestic economic indicators for further direction.