On Thursday, October 16, equity benchmark indices Sensex and Nifty 50 are expected to open higher, tracking positive global cues. At 7:15 AM, the GIFT Nifty was trading at 25,465, up 63 points, indicating a strong start for domestic equities.
In a major update on India-US trade talks, a negotiating team from India is currently in the US, seeking a “win-win solution” for both sides. According to reports, “Engagement between the two sides is ongoing.”
US President Donald Trump said Indian Prime Minister Narendra Modi had assured him that India would halt purchases of Russian oil. “I was not happy that India was buying oil, and he assured me today that they will not be buying oil from Russia,” Trump told reporters. “That’s a big step. Now I’ve got to get China to do the same thing.”
India’s unemployment rate rose marginally to 5.2% in September from 5.1% in August, driven by a slight increase in both rural and urban joblessness. Rural unemployment climbed to 4.6% in September from 4.3% in August, while urban unemployment edged up to 6.8% from 6.7% during the same period.
According to the minutes of the latest Monetary Policy Committee (MPC) meeting, Reserve Bank of India Governor Sanjay Malhotra and other members noted that while there was scope for an interest rate cut earlier this month, they preferred to wait for a more suitable time. Malhotra added that the softer outlook for headline and core inflation, following a downward revision in projections, provides room for policy actions to support growth.
In early Asian trades, markets traded higher, while US indices closed mostly in the green after strong quarterly results from major banks.
Axis Bank’s Q2FY26 net profit fell 26% to ₹5,090 crore from ₹6,918 crore in the year-ago quarter, impacted by an additional one-time standard asset provision. NII rose 2% YoY to ₹13,745 crore. Asset quality of Axis Bank improved sequentially as gross NPA ratio fell 11 bps QoQ to 1.46%, while net NPA ratio eased 1 bps QoQ to 0.44%.
Infosys, Eternal (Zomato), Wipro, Nestle India, Jio Financial Services, LTIMindtree, Indian Bank, Waaree Energies, Indian Overseas Bank, and JSW Infrastructure will announce their Q2 earnings today.
On Wednesday, October 15, Foreign Institutional Investors (FIIs) turned out as net buyers, buying equities worth ₹68.64 crore.
Domestic Institutional Investors (DIIs) were buyers on Wednesday. DIIs bought equities worth ₹4,650.08 crore, marking their 36th consecutive session of net buying.
On Wednesday, October 15, Indian equity markets rebounded after two consecutive sessions of decline, supported by a positive trend in Asian peers. Investor sentiment improved as expectations grew for an upcoming US Federal Reserve rate cut. The Nifty 50 rose by 178 points, or 0.71%, to close at 25,323.55, while the Sensex gained 575.45 points, or 0.70%, to end the day at 82,605.43. The India VIX, a gauge of market volatility, declined over 5% during the session.
Across sectors, 10 out of 11 indices ended in the green. Nifty Realty led the rally with a gain of more than 3%, followed by Nifty PSU Bank, which advanced over 1.5%, recovering from the previous day’s dip. The Nifty Metal index also edged up around 1%, halting a three-day losing run. Broader market indices, including Nifty Midcap and Nifty Smallcap, also finished higher.
The S&P 500 ended higher on Wednesday, lifted by strong performances from Morgan Stanley and Bank of America, which reported better-than-expected quarterly earnings. Investors, however, remained alert to rising trade frictions between the U.S. and China.
At the close, the S&P 500 rose 0.40% to 6,671.06 points, the Nasdaq gained 0.66% to 22,670.08, while the Dow Jones Industrial Average slipped slightly by 0.04% to 46,253.31 points.
The S&P 500 banking index advanced 1.2%, logging its first three-day winning streak in over three weeks.
Meanwhile, US-China trade tensions deepened after former President Trump mentioned the possibility of scaling back certain trade ties with China, including those linked to cooking oil, as both nations began enforcing reciprocal port charges this week.
Gold prices hit a record high on safe-haven demand amid persistent geopolitical and economic uncertainties, and hopes of US interest rate cuts. Spot gold price rose 0.4% to $4,224.79 per ounce, after hitting a record high of $4,225.69. On MCX, the gold futures jumped to a fresh new high of ₹1,27,740 per 10 gm and closed at ₹1,27,210 per 10 gm, up by ₹954 or 0.76%.
Crude oil prices rallied after US President Donald Trump said that Indian Prime Minister Narendra Modi had pledged to stop buying oil from Russia. Brent crude oil gained 0.89% to $62.46 a barrel, while the US West Texas Intermediate (WTI) crude futures surged by 0.93% to $58.79 a barrel.
Disclaimer: The article is for informational purposes only and not investment advice.
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