Indian equity benchmarks opened under pressure on Wednesday, October 28, as GIFT Nifty signalled a weak start despite gains across major Asian markets and an overnight rally on Wall Street. Investors are tracking crude oil prices, geopolitical developments in West Asia and the US Federal Reserve’s interest rate decision scheduled for later today.
The BSE Sensex tanked 500 points and breached 73,100, while the NSE Nifty50 opened the session close to 200 points down, testing 22,550, as of 9:15 AM.
GIFT Nifty Signals Weak Opening For Dalal Street
GIFT Nifty pointed to a negative start for domestic equities, with futures trading at 22,593, down 156 points.
At around 9:04 AM, the Sensex was trading at 73,192.90, down 405.77 points, or 0.55 per cent. The Nifty stood at 22,654.75, declining 94.80 points, or 0.42 per cent.
The weak indication comes despite gains in overseas markets, suggesting that domestic investors remain cautious amid elevated oil prices and uncertainty surrounding geopolitical developments.
Market participants will also track quarterly earnings announcements and stock-specific movements, with several major companies scheduled to report their September-quarter results.
Asian Markets Rise, Led By South Korea
Asian equities traded higher on Wednesday despite a modest increase in crude oil prices amid continuing tensions in West Asia.
Japan’s Nikkei 225 advanced 1.19 per cent, while South Korea’s Kospi surged 6.1 per cent.
The gains across regional markets offered a positive global backdrop, although Indian benchmark indices remained under pressure in pre-open trade.
Wall Street Ends Higher Ahead Of Fed Decision
US markets closed largely higher on Tuesday, with technology stocks helping drive gains ahead of the Federal Reserve’s policy announcement.
The Dow Jones Industrial Average edged up 0.03 per cent, while the S&P 500 gained 0.60 per cent. The Nasdaq Composite advanced 1.18 per cent.
The US Federal Open Market Committee (FOMC) is holding its two-day policy meeting on October 27-28, with its interest rate decision and policy statement scheduled for Wednesday. Investors will scrutinise the announcement for clues about the direction of US monetary policy and its potential implications for global markets.
Crude Oil Prices Rise Amid West Asia Tensions
Crude oil prices moved higher in early trade, keeping inflation concerns in focus.
Brent crude rose 1.75 per cent to $115.90 per barrel, while West Texas Intermediate (WTI) crude climbed 1.36 per cent to $101.30 per barrel.
Elevated crude prices remain a concern for India because of its dependence on imported oil. A sustained increase could raise import costs, add to inflationary pressures and weigh on the rupee, while also affecting the margins of oil-sensitive businesses.
Gold And Silver Futures Trade Lower
Precious metals were under pressure ahead of the US Federal Reserve’s policy decision.
Gold futures declined 0.34 per cent, while silver futures fell 0.66 per cent.
Investors will monitor the Fed’s policy statement for indications of how interest rate expectations could influence the US dollar, bond yields and precious metal prices.
Q2 Results Today: HUL, Adani Enterprises, TVS Motor In Focus
The September-quarter earnings season remains an important trigger for stock-specific action.
Among the major companies scheduled to announce their Q2 FY27 results on Wednesday are Hindustan Unilever (HUL), Adani Ports, Adani Enterprises, TVS Motor, Hyundai Motor India and Pidilite Industries.
Investors will assess revenue growth, profitability, margins and management commentary for clues about demand conditions and the outlook for the coming quarters.
Jio Platforms, Paras Healthcare IPO Listings Today
Primary-market activity will also be in focus, with Jio Platforms and Paras Healthcare scheduled to make their stock market debuts on Wednesday.
Both companies’ IPOs closed on October 23. Investors will watch their listing performance for indications of market appetite for new offerings amid volatile secondary-market conditions.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
