On Wednesday, October 8, equity benchmark indices Sensex and Nifty 50 are likely to open on a flat note amid negative global cues. At 7:06 AM, the GIFT Nifty was trading at 25,212, down by 12 points.
In recent developments, Union Minister for Commerce and Industry Piyush Goyal stated that India and the United States continue to engage in discussions on the proposed bilateral trade agreement (BTA), aiming to meet the November 2025 deadline. Meanwhile, British Prime Minister Keir Starmer begins a two-day visit to India, accompanied by over a hundred delegates from the business, culture, and academic sectors, to strengthen cooperation under the recently signed trade deal.
Back home, market participants will be keeping a close watch on pre-quarterly business updates and the earnings of IT major TCS, scheduled to be announced on October 9.
In early trade, Asian markets were lower with Hang Seng down by 1.6%, while US markets closed lower overnight, with the S&P 500 snapping its seven-day winning streak.
On Tuesday, October 7, Foreign Institutional Investors (FIIs) were net buyers. FIIs bought equities worth ₹1,440.66 crore, ending the selling streak of 10 consecutive days.
Domestic Institutional Investors (DIIs) were buyers on Tuesday. DIIs bought equities worth ₹452.57 crore, marking their 30th consecutive session of net buying.
On Tuesday, October 7, Indian equity benchmark indices extended gains for the fourth straight session.
The Nifty opened higher, tracking positive cues from Asian markets, and touched its intraday high in early trade before profit-booking in the latter half trimmed gains.
The Nifty 50 ended 34.35 points or 0.12% higher at 25,108.30, while the Sensex rose 136.63 points or 0.17% to 81,926.75. Financials led the uptrend.
On the sectoral front, six of eleven indices ended in the green, with Nifty Financial Services and Bank Nifty up 0.24% each. HDFC Bank and ICICI Bank gained nearly 1%, aiding the sectoral momentum.
Investors’ attention also turned to the primary market as Tata Capital and LG Electronics India opened for subscription.
US stock markets ended lower on Tuesday as investors booked profits, bringing an end to the S&P 500’s seven-day winning streak.
The Dow Jones Industrial Average slipped 91.99 points, or 0.20%, to settle at 46,602.98. The S&P 500 declined 25.69 points, or 0.38%, to close at 6,714.59, while the Nasdaq Composite dropped 153.30 points, or 0.67%, finishing at 22,788.36.
Japanese workers saw real wages fall for the eighth straight month in August. Inflation-adjusted real wages, a key barometer of Japanese households’ purchasing power, fell 1.4% in August from a year earlier.
The US dollar rose to its strongest levels in six weeks. The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.50% to 98.616, its highest level since 27 August.
Gold prices hit an all-time high, nearing the crucial $4,000-per-ounce level. Spot gold price rose 0.3% to $3,995.14 per ounce, after hitting a fresh high of $3,999.09 earlier in the session. On October 7, Gold futures on MCX hit a new all-time high, closed at ₹1,21,111 per 10 gm, up by ₹862 or 0.72.%.
Disclaimer: The article is for informational purposes only and not investment advice.
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