In the Asia-Pacific region, major indices showed positive movement, with Japan's Nikkei up 0.5% and the Straits Times index increasing by 0.7%.

Asian shares demonstrated steady gains on December 5, contributing to a generally positive global market environment.

US stock markets reached record highs, driven by strong technology earnings and favorable remarks from Federal Reserve Chairman Jerome Powell, as investors look ahead to upcoming job data.

In the commodities market, crude oil prices fell below $69 per barrel, while gold futures rose to $2,662 per ounce.

GIFT Nifty futures indicated a modest dip for the NSE Nifty 50 at market opening, forecasting a decline of about 30 points.

Om Mehra from SAMCO Securities noted a Doji candlestick formation on the Nifty, reflecting market indecision while still maintaining a broader positive trend above key Fibonacci levels.

Nandish Shah from HDFC Securities highlighted that the Nifty's short-term trend remains positive, with a bullish pattern suggesting potential upside to 24,900 if it surpasses 24,500.

Foreign institutional investors (FIIs) continued their buying streak for the second consecutive day, acquiring stocks worth Rs 1,797.60 crore, while domestic institutional investors (DIIs) sold shares totaling Rs 900.62 crore.

The Indian Rupee faced pressure, hitting a low of 84.74 against the US dollar, while bond yields decreased amid expectations of a softer interest rate environment.

In corporate news, Bharti Airtel has partnered with Ericsson to enhance its 4G services through centralized Radio Access Network and software upgrades for existing equipment.

Vodafone is planning to sell a 3% stake in Indus Towers to pay down a $101 million debt and clear outstanding dues for its Indian venture, Vodafone Idea.

Emerald Tyre Manufacturers is launching its SME IPO for subscription today, with shares priced between Rs 90 and Rs 95 each.