MarketBuzz

Indian benchmark indices — Sensex and Nifty 50 — are likely to open lower on October 26, following weak cues from global peers.

Stocks on Wall Street witnessed a sharp sell-off with the NASDAQ bearing the brunt of the selling pressure. It fell over 2.4% with Alphabet and Meta stocks were the key drags.

Meanwhile, the key bugbear for Indian markets that is crude oil prices went up significantly in the previous session, Brent futures were up over 2.3% and were trading over the $90 per barrel mark this morning.

In the Indian market, the Nifty breached the key level of 19,100 level on an intraday basis following which the markets ended lower for the fifth straight session. Nifty Bank has turned negative for 2023.

October 26 is the expiry session and the Street is bracing for an extremely volatile session and all indications suggest it will be skewed towards the downside.

Stocks to track: Axis Bank, Jubilant Foodworks, Asian Paints, ACC, Canara Bank and more

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Indian benchmark indices — Sensex and Nifty 50 — are likely to start the trading session of October 25 on a muted note, marginally higher, a day after the market was closed on account of Dussehra.

The Indian market will track a rebound in global stocks, as US Treasury yields eased and crude oil prices moderated below $90 per barrel. Wall Street equities gained overnight, boosted by strong quarterly results. Asian markets were up a percent this morning aided by China's approval of a trillion-yuan sovereign bond issue as a stimulus to boost its economy.

Meanwhile, India's GIFT Nifty was down 0.08% at 19,308, as of 8:20 am IST, but higher than the Nifty 50 close on October 23 of 19,281.75.

Among stocks to watch are Tech Mahindra, Axis Bank, and Jubilant Foodworks, which are due to report their earnings for the September 30, 2023 quarter. Other stocks to track include Vedanta, Delta Corp, and Indus Towers.

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Global equity markets have been rattled by concerns over rising yields, leading to a significant sell-off and a prevailing risk-averse sentiment. In the United States, all three major stock indexes experienced substantial cuts throughout the week. The NASDAQ bore the brunt of the selling pressure, plummeting by over 1.5%. Crude oil prices, after reaching a two-week high, also saw a slight cooldown, with Brent futures sliding 0.2% to $92.16 a barrel during Friday's trading session.

Shifting our focus to the Indian market, several crucial developments are shaping the landscape. The country finds itself in the midst of a hectic earnings season, with results delivering a mixed bag of outcomes. Both the Nifty and Sensex endured a 1% fall, further compounded by mid-cap stocks underperforming significantly. This downturn in the mid-cap segment set a bearish tone and tilted market breadth in favor of declines.

Notably, FMCG stocks such as ITC and HUL underperformed after their results disappointed investors. Additionally, city gas distribution companies like IGL and MGL faced substantial underperformance amid growing concerns about new developments.

Over the weekend, two prominent banks, Kotak Mahindra Bank and ICICI Bank, released their earnings reports. Kotak Bank, in particular, announced the appointment of a new CEO, a development poised to influence market sentiment.

Today, investors are keeping a close watch on pharmaceutical companies and Asian markets, as these factors are likely to influence the course of our own markets.

Tune in to the Marketbuzz Podcast for more news and cues ahead of today's session

The markets on Thursday, October 19, did recover from lows, but closed in the red, for the second consecutive trading session.

Foreign institutional investors net sold around ₹1,093 crore, while domestic institutional investors net bought around ₹736 crore. So, net net institutions were sellers in Thursday's trade.

US Fed ChairJerome Powell indicated in a speech yesterday that inflation is too high and it's likely to require lower economic growth. The US treasury yields have jumped to 5% which is the highest level since 2007. US markets did close lower on the backdrop of the US Fed chief's comments.

Asia is largely in the red and we have crude prices which are above $90 dollars on nagging worries about the Middle East.

These cues do not seem seem to be boarding too well for our markets. The GIFT Nifty is indicating a start in the red for the Indian benchmark indices, Nifty 50 and Sensex.

In terms of earnings, watch out for reactions from ITC, HUL, United Breweries, among others. Today, Central Bank of India, JSW Steel, Laurus Labs, are among the companies reporting their earnings today.

On Saturday, October 21, ICICI Bank and Kotak Mahindra Bank will be reporting their earnings and so the markets will be focused on these as well.

Indian benchmark indices — Sensex and Nifty 50 — are likely to make a gap-down opening in the trading session of October 19, after weakness in IT and financials kept the markets under pressure in the previous session.

The domestic market is tracking a selloff in global stocks as worries of escalating tensions in the Middle East triggered volatility in oil prices.

India's GIFT Nifty was down 0.11% at 19,572.50 as of 8:07 am. The Nifty 50 closed 0.71% lower on October 18 at 19,671.10.

All three major Wall Street indexes lost over 1% after a call for oil embargo on Israel by Iran triggered a spike in crude prices on fears of a spillover of the Israel-Hamas clashes into a wider conflict.

Asian markets declined, with the MSCI Asia ex-Japan index falling over 1%.

Brent crude futures rose to an intraday high of $93 per barrel on Wednesday, their highest since the beginning of the Middle East conflict.

Back home, Wipro, LTIMindtree, IndusInd and Bajaj Auto were among the stocks that reported earnings for the quarter ended September 30, and therefore the stocks are likely to react.

Meanwhile, HUL, ITC, Nestle and UltraTech, among others, will post their quarterly results later in the day.

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Indian benchmark indices — Sensex and Nifty 50 — are likely headed for a muted opening on October 18, amid intensifying Israel-Palestine conflict and worries of a prolonged high-interest rate regime after better-than-expected US retail sales data.

Meanwhile, oil prices are soaring with Brent spiking above $90 per barrel ahead of US President Joe Biden’s visit to Israel later in the day. There has also been a hospital attack in Gaza, which the Street will watch to gauge if there are any kind of larger ramifications.

US markets closed on a muted note. US retail sales were up 0.7%, better than estimates and Bank of America and Goldman Sachs earnings were in focus.

Asian markets too were largely lower in morning trade and the Gift NIFTY indicated an implied start in the red.

Stocks to track: Bajaj Finance, Bajaj Auto, Wipro, Zensar Technologies, LTIMindtree

Tune in to Marketbuzz Podcast for more news and cues ahead of the session

Indian benchmark indices — Sensex and Nifty 50 — are likely to start the trading session of October 17 in green with HDFC Bank and Jio Financial in focus a day after the companies reported their September quarter earnings.

In the previous session on October 16, the markets ended flat after a range-bound session and the Nifty 50 held on to 19,700. The Nifty bank slipped around 52 points but the broader markets did better with the mid-cap index rising around 70 points.

It was a record closing low for the rupee in the previous trading session.

Meanwhile, Brent crude has stabilised at around $89 per barrel and the Street is tracking the near-term impact of the Israel-Hamas war and the Venezuela deal on crude prices.

In the overnight session on Wall Street, US markets closed higher. Bank of America and Goldman Sachs are due to release their numbers in the session later in the day.

Asian equities were trading largely higher in morning trade and the GIFT Nifty indicated a positive start for the domestic Indian market.

Stocks to watch: HDFC Bank, Bajaj Finance, Happiest Minds, LTTS

Tune in to the Marketbuzz Podcast for more news and cues ahead of the session

Indian benchmark indices — Sensex and Nifty 50 — are likely headed for a muted opening in the trading session of October 16. This follows the market's inability to sustain intraday gains during the previous session on October 13, especially due to a late-hour dip in bank recoveries.

Global oil prices have surged by approximately 6% due to heightened geopolitical tensions in Israel. However, on October 16, oil prices experienced a decrease, partially reversing the rally observed on October 13. Investors are on the lookout to determine whether the Israel-Hamas conflict escalates, potentially involving other nations and consequently driving prices higher, which could adversely impact the global economy.

Brent futures exhibited a decline of 0.4% to reach $90.55 per barrel, while US West Texas Intermediate (WTI) crude dropped by 41 cents, or 0.5%, to $87.28 a barrel as of 3:18 am. These shifts followed the notable 6% increase in both benchmarks during the previous session, marking their highest daily percentage gains since April, as investors factored in the likelihood of an extended Middle East conflict.

In recent developments, Iran issued a warning through a social media post, emphasizing the need to halt what they termed "war crimes and genocide" by Israel, cautioning about potential far-reaching consequences if action is not taken. This warning came after Axios reported that Tehran had conveyed a message via the U.N. to Israel, indicating that any ground offensive in the Hamas-controlled Gaza Strip would elicit a response from Iran.

The US market, meanwhile, closed lower on October 13 but was up for the second consecutive week. In morning trade, Asia was largely low and the GIFT Nifty indicated a softer start as earnings continue to be in focus.

Avenue Supermarts released its financial results over the weekend, and its stock is likely to exhibit a reaction in response. Furthermore, HDFC Bank, Federal Bank, Bank of Maharashtra, ICICI Securities, and Geo Financial Services are slated to announce their earnings for the July to September quarter later in the day. These companies are all set to release their financial figures today.

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Indian benchmark indices — Sensex and Nifty 50 — are likely to make a gap down opening dragged by IT stocks in the trading session of October 13.

The cues ahead of the session are very weak as both domestic as well as global markets continue to remain quite muted.

In the US, all major market indices closed nearly half a percent lower, and the US 10-year yield has reached 4.68%, following a nearly 0.4% increase in the US CPI data on a month-on-month basis.

However, the spotlight remains on the Indian information technology sector. Despite TCS offering an extensive buyback at a price premium to the day's closing price, the stock ended lower due to TCS's weak operating performance.

On October 12, Infosys and HCLTech reported results that are likely to disappoint the market today. Both companies revised their guidance for the remainder of the year, leading to a decline in their respective American Depository Receipts (ADRs), with Infosys ADR dropping by over 6% and Wipro ADR ending over 3% lower.

Nifty IT has been an outperformer compared to the Nifty 50 in the last three months, the Nifty IT pack has gained over 7.5% while the Nifty is up just around 2%. Infosys, meanwhile, has risen over 6.5% over the past three months but despite the muted Q1 results, the stock saw a significant amount of recovery.

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Indian benchmark — Sensex and Nifty 50 — are likely to start the trading session of October 12 on a positive note with IT stocks like Tata Consultancy Services (TCS), Infosys and HCL Tech in focus.

While TCS has posted a muted quarter, analysts suggest a similar earnings report for the other two as well. The spotlight remains on significant deals, mirroring TCS's scenario, expected to drive revenue growth in the latter half of the fiscal year and the subsequent financial year.
HDFC AMC is set to release its financial numbers later in the day.

Global markets are showing optimism, with attention on the potential pause in US Federal Reserve rate hikes amid geopolitical tensions. Asian shares saw an uptick on October 12, buoyed by more dovish comments from Federal Reserve officials, hinting at a potential peak in US rates. Traders are eagerly awaiting the US consumer inflation report for insights into future monetary policy.

Brent crude prices have eased to approximately $85 per barrel.

Meanwhile, Indian equities are receiving support, notably from CLSA upgrading India to 'overweight,' a record inflow of over Rs 16,400 crore for Systematic Investment Plans (SIPs) in September, and a reduction in the intensity of selling.

On the macroeconomic front, India's retail inflation data is anticipated to soften to around 5.5%, compared to the previous 6.83% on a month-on-month basis.

Investors are also keen on the US inflation data scheduled for later in the day.

Tune in to Marketbuzz Podcast for more news and cues ahead of the session