On Friday, October 17, equity benchmark indices Sensex and Nifty 50 are expected to open on a cautious note, following weakness in global markets on rising US-China trade tensions. The trends on Gift Nifty also signal a negative start for the Indian stock market today. At 7:15 AM, the GIFT Nifty was trading at 25,605, down 37 points.
In early Asian trades, markets traded lower, while the US stock market slipped overnight, as US-China trade tensions intensified.
India’s second-largest IT company, Infosys, and Wipro released their Q2 FY26 results yesterday after market hours. Following the announcements, Infosys ADR declined 2.25% on the NYSE overnight, while Wipro ADR gained 1.12%.
Reliance Industries, JSW Steel, Hindustan Zinc, Polycab India, Dixon Technologies, REC,
JSW Energy, Havells India, Oracle Financial Services Software, AU Small Finance Bank, Bank Of India, 360 ONE WAM and LT Technology Services will announce their Q2 earnings today.
On Thursday, October 16, Foreign Institutional Investors (FIIs) emerged as net buyers, buying equities worth ₹997.29 crore on 2nd consecutive trading session.
Domestic Institutional Investors (DIIs) were buyers on Thursday. DIIs bought equities worth ₹4,076.20 crore, marking their 37th consecutive session of net buying.
On Thursday, October 16, Indian equity markets extended gains for the second straight session, with the Nifty 50 rising 1.03% to 25,585.30 and the Sensex advancing 1.04% to 83,467.66. The Nifty touched its highest level since June 30, marking its sharpest single-day move in nearly four months, driven by a broad-based rally led by private banks following Axis Bank’s quarterly results. The India VIX rose over 3% during the day.
The market rally was supported by dovish remarks from Fed Chair Jerome Powell, easing US-India trade concerns after assurances on Russian oil purchases, and lower crude oil prices.
Rate-sensitive sectors such as auto and realty gained over 1%, while the Nifty IT index edged higher despite a slight decline in Infosys ahead of its earnings release.
Broader indices, including Nifty Midcap and Smallcap, also ended marginally higher.
US stocks closed lower on Thursday as renewed concerns over a potential credit crisis and ongoing US-China trade tensions hurt investor sentiment, leading to a sell-off in financial shares.
The Dow Jones Industrial Average slipped 301.07 points, or 0.65%, to end at 45,952.24. The S&P 500 fell 41.98 points, or 0.63%, to 6,629.08, while the Nasdaq Composite declined 107.54 points, or 0.47%, settling at 22,562.54.
US President Donald Trump and Russian President Vladimir Putin have agreed to hold another summit focused on the ongoing war in Ukraine. Trump stated that the meeting could take place in Budapest within the next two weeks, following a two-hour phone discussion that he described as constructive.
Federal Reserve Governor Christopher Waller expressed support for another interest rate reduction at the upcoming policy meeting later this month. Meanwhile, newly appointed Governor Stephen Miran also backed a series of deeper rate cuts in future meetings, taking a more aggressive stance than some of his fellow policymakers.
Gold continued its record-setting rally, heading toward its strongest weekly gain in 17 years. Spot gold advanced 0.9% to $4,364.79 per ounce after touching an all-time high of $4,378.69. Meanwhile, MCX Gold futures closed higher at ₹1,29,852 per 10 grams, up by 2.08%
The US dollar index is on track for its sharpest weekly decline in nearly three months. The index, which compares the dollar against major global currencies, remained steady at 98.23.
Crude oil prices weakened and were set for a weekly decline amid continued uncertainty over global energy supply. Brent crude futures eased 0.13% to $60.98 per barrel, while US West Texas Intermediate (WTI) futures dipped 0.16% to $57.37.
Disclaimer: The article is for informational purposes only and not investment advice.
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