Indian Equity Indices Open Higher on October 28

Indian equities started the trading day positively on October 28, showing signs of recovery after a series of declines. The BSE Sensex rose by 0.43 percent, which translates to an increase of 339.17 points, reaching a total of 79,741.46. Meanwhile, the NSE Nifty index also gained 0.31 percent, climbing 74.35 points to settle at 24,255.15. Broader market indicators fared even better, with the Nifty Midcap 100 index increasing by 0.61 percent.

The Bank Nifty index demonstrated strength as well, receiving backing from major banking stocks such as ICICI Bank, SBI, Bank of Baroda, and HDFC Bank, among others.

From a sector-wise perspective, the trading session was mixed. Indices for banks, financial services, metals, and information technology showed gains, while others, including fast-moving consumer goods (FMCG), real estate, oil and gas, automobiles, and pharmaceuticals, witnessed declines.

According to Prashanth Tapse, Senior VP (Research) at Mehta Equities, over the past week, the Nifty closed down by 2.7 percent, indicating the potential for its worst monthly performance since March 2020. The Bank Nifty also slid, dropping 2.51 percent. This week is anticipated to be volatile due to several influencing factors including the U.S. Non-Farm Payrolls report, the upcoming presidential election in the U.S., continued foreign institutional investor (FII) outflows exceeding Rs 1,00,242 crore in October, increasing tensions in the Middle East, and rising West Texas Intermediate (WTI) oil prices that now exceed $71.75.

Key Stocks to Watch

Shares of Interglobe Aviation are drawing attention after the airline reported a loss of Rs 987 crore for the quarter ending September. Additionally, ICICI Bank is also in focus following its strong performance in the second quarter, with its stock closing at Rs 1,255.5 per share just before the results were announced.

Several other major companies are set to report their second quarter results today, including Sun Pharma, Bharti Airtel, Ambuja Cement, and Adani Power.

Overview of Asian Markets

In early trading, Asian markets reflected positive developments as fears surrounding the Israel-Iran situation appear to have eased, particularly following a less severe than expected attack by Israel. At the latest update, the key MSCI Asia ex-Japan index was trading flat with a slight negative bias.

Equities, Market, Stocks