Morning Commentary: Nasdaq Hits Record as Nvidia Leads
MUMBAI, 6 OCTOBER: Wall Street rallied on AI-linked strength, with the Nasdaq Composite rising 1.05% to a record close of 27,477, the S&P 500 gaining 0.66% to 7,774 and the Dow adding 0.18%.
Nvidia closed at a record high, surpassing its mid-May peak and anchoring the tech advance ahead of earnings season, though elevated yields continued to weigh on non-AI sectors.
The 10-year Treasury yield rose to about 5.31%, up roughly 50 bps in a month, while a September payrolls print of 29,000 against an 84,000 estimate lifted market-implied odds of an October Fed hold to about 78% from 36% a week earlier.
In currency markets, the euro fell to 1.1161, its lowest since May 2025, as French 10-year yields hit their highest since 2002 and the France-Germany spread widened past 140 bps, with political turmoil in Spain and record speculative euro shorts adding pressure while the dollar index touched an annual high.
Crude fell about 2% as Middle East exports recovered toward pre-war levels and a 100-million-barrel G7 emergency release and a Saudi price cut added pressure.
After shedding half a per cent last week, the Indian Rupee steadied, appreciating 3 paise to close at 96.29 as easing supply concerns pulled crude oil prices lower. While improving risk-on sentiment provided an additional cushion for the local currency, market participants remain focused on the upcoming RBI monetary policy decision and foreign capital flows.
The RBI’s Monetary Policy Committee is meeting October 5-7, with the decision due tomorrow. Markets are leaning toward a 25 bp repo hike to 5.50%, with 38 of 61 economists in a poll expecting it.
Nifty snapped its four-day losing streak, advancing 133 points to settle at 22,555 yesterday.
Short-term indicators are deeply oversold, increasing the likelihood of a technical bounce. Immediate resistance sits at 22,655 and 22,810—a decisive breakout above this zone is essential to signal a meaningful recovery. Conversely, a move below the swing low of 22,397 could extend the decline toward 22,200.
Indian equities are poised for a moderately higher open, on firm cues from Wall Street.
from Mr. Devarsh Vakil, Head of Prime Research at HDFC Securities
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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