Indian shares likely to consolidate after foreign inflow-driven rally

Indian equities were poised for a quiet start on Thursday after a strong advance, with GIFT Nifty futures at 25,270 at 8:00 a.m. IST. The Nifty 50 had closed Wednesday at 25,255.05, its highest finish in more than eight months, while November gains stood at 9.6% for the Nifty and 10% for the Sensex.

Provisional figures showed foreign portfolio investors purchased Indian shares worth 125.63 billion rupees ($1.34 billion) on Wednesday, taking their November net buying to $6.43 billion, the largest monthly total since September 2024. Brent crude slipped more than 1% to $91.8 per barrel, while the US 10-year Treasury yield was near 4.99%; Business Recorder reported that the extended rally and yield level could limit near-term gains. MSCI added Adani Green Energy, Coforge, Life Insurance Corporation of India and Meesho to its MSCI India index, removing PI Industries.