Indian benchmark indices — Sensex and Nifty 50 — are likely to open in green on November 6, building upon the positive momentum from the previous week. In the preceding session, the market closed at a one-week high, with the Nifty 50 displaying a robust rally of approximately 2% from its lows on October 26.

At 8:00 am IST, India's GIFT Nifty was up by 0.84%, reaching 19,451, which is more than 200 points above the benchmark Nifty 50's closing figure of 19,230.60 on November 3.

In the global context, the previous session witnessed a surge in Wall Street equities, while US 10-year Treasury yields dipped to their lowest point in five weeks. This occurred after data revealed that US job growth in October was slower than anticipated. The Federal Reserve's decision to pause rates on November 1 had ignited a global market rally.

On November 3, Asian markets made significant gains during morning trade, with the MSCI Asia ex-Japan index showing a substantial increase of nearly 1.5%. Japan's Nikkei also climbed by 2.48% to reach 32,793.74, marking its highest level since September 21.

Meanwhile, oil prices experienced a slight uptick, as top exporters Saudi Arabia and Russia announced their commitment to maintaining extra voluntary oil output cuts until the end of the year, effectively tightening the supply. Investors remained vigilant for the possibility of stricter U.S. sanctions on Iranian oil. Brent crude futures rose by 0.5% to $85.30 per barrel by 5:30 am IST.

In the domestic market, the quarterly results of companies such as State Bank of India, Bank of Baroda, IndiGo, and Metropolis will be closely monitored by investors. Additionally, Hindustan Petroleum and Bharat Forge are expected to release their earnings reports later in the day.

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