Nifty, Sensex open flat as Bihar votes; investors await outcome of polls

MUMBAI: The domestic stock markets opened flat on Thursday as investors closely monitored the Bihar assembly elections. The outcome of the Bihar polls holds significant importance given the central government’s dependence on coalition partners.

At the opening bell, the Nifty 50 index started at 25,593.35, marking a marginal dip of -4.30 points or (-0.02 per cent). Meanwhile, the BSE Sensex opened slightly higher at 83,516.69, gaining +57.54 points or +0.07 per cent.

Market experts noted that while global markets are witnessing a strong rally driven by developments in artificial intelligence (AI), the Indian markets have lagged behind. The underperformance has been attributed to sluggish corporate earnings and the absence of major AI-linked companies in the domestic space.

Ajay Bagga, Banking and Market Expert, told ANI, “Indian markets are showing some lack of momentum and searching for catalysts. The lack of any direct AI plays and continued sluggish earnings momentum have made India a consensus underweight for more than a year. That should change going ahead. Bihar election results will be watched, given the impact the result can have on the coalition government at the center. Otherwise, state elections are usually not market moving, but given the thin majority and the coalition partner dependence of the central government, the implications of a Bihar election result are more significant than normal.”

In the primary market, Lenskart Solutions’ IPO bidding has closed, and the allotment is scheduled for today. The company, which operates as an eyewear retailer, received strong investor interest. The public issue was subscribed 28.3 times by the end of the third day. The subscription was led by institutional investors (18.2x), followed by retail investors (7.5x) and Qualified Institutional Buyers (QIBs) (23.79x). The company’s shares are expected to list on November 6, 2025.

Another offering, Groww IPO, remains open for subscription. Groww is a D2C digital investment platform catering to retail investors. It offers investment options in mutual funds, stocks, F&O, ETFs, IPOs, digital gold, and U.S. stocks. The public issue was subscribed 57 per cent on day one, with institutional investors contributing 59 per cent, retail investors 1.91 times, and QIBs 10 per cent.

In the United States, the Supreme Court held a hearing on tariffs imposed under emergency powers during the Trump presidency.

A majority of the justices appeared skeptical of the president’s authority to levy tariffs under the emergency law. The final judgment is expected by the end of the year.

At stake is nearly USD 100 billion in potential customs duty refunds. Bagga noted that President Trump could seek to get the tariffs ratified by the US Congress or reimpose them under different acts, but either route would be time-consuming.

Meanwhile, the US government shutdown crisis has extended into a record 36th day. Despite this, the private payroll data for October showed strong employment trends, and the Atlanta Fed’s GDPNow estimate for Q3 GDP growth remains robust at 4 per cent. However, concerns are mounting as US aviation authorities warned of a 10 per cent cut in domestic flights from Friday if the shutdown persists. Air traffic controllers, TSA agents, and other government employees have not been paid during the ongoing deadlock.

Back home, several major Indian companies are scheduled to release their 2QFY26 financial results today. Key names include Aarti Industries, Amber Enterprises India, Apollo Hospitals Enterprise, Amara Raja Energy & Mobility, Bajaj Housing Finance, Birlasoft, Cholamandalam Investment and Finance Company, and Crompton Greaves Consumer Electricals, among others.

Across Asia, markets were trading higher as investors took comfort from positive cues in the U.S. following constructive developments on trade and monetary fronts.

Commodities and oil prices, which initially declined, recovered later in the session. Bitcoin, which had briefly fallen below USD 100,000 for the first time since June, also rebounded and was last trading above USD 102,000. (ANI)