Indian equity benchmarks opened higher on Thursday, October 15, defying negative global market trends and weak GIFT Nifty signals. The BSE Sensex jumped almost 350 points and opened the session above 73,100, while the NSE Nifty50 climbed nearly 100 points and crossed 22,700, around 9:15 AM. According to latest reports, the positive start came even as GIFT Nifty signalled a decline with futures trading at 22,603.50, down 46 points, reflecting caution in global markets as investors reassessed inflation trends and the possibility of further interest rate hikes in the US. At around 9:05 am, the Sensex was trading at 73,004.12, up 222.23 points, or 0.31 per cent, while the Nifty stood at 22,677.80, gaining 57.10 points, or 0.25 per cent. Despite the weak overseas backdrop, Indian benchmarks moved into positive territory during pre-open trade, with investors likely to track global equity movements, energy prices and changes in expectations around US monetary policy for further direction.
Indian sectoral indices traded mixed on Thursday, with media leading the gains, followed by auto, realty and metal stocks, while pharma, healthcare and select financial services indices also edged higher. However, PSU banks, IT, FMCG and private banks remained under pressure, reflecting selective buying patterns as investors assess individual company fundamentals and sector-specific developments. From the 30 Sensex firms, several companies emerged as major winners, with Tata Steel, Trent, BEL, M&M, Bajaj Finance, Power Grid, Eternal and NTPC gaining around up to 2% to lead gains on Sensex. However, Tech Mahindra dropped around 4% to lead losses, while Axis Bank, ITC, Bharti Airtel, SBI and TCS were among the top Sensex losers at market opening. Among the sectors, Nifty Auto and Nifty Metal gained more than 1% each, while Nifty PSU Bank just slipped 0.01%, indicating a shift from the previous session's weakness.
The banking sector demonstrated resilience with Nifty Bank declining marginally by just 0.01%, showing improvement from the previous session's 0.34% decline. Major private sector banks including Axis Bank (-0.67%), Yes Bank (-0.68%), ICICI Bank (-0.70%), and State Bank of India (-1.09%) were among the top losers in the previous session. In the PSU banking space, SBI (-1.31%), PNB (-1.23%), Union Bank (-0.69%), and Canara Bank (-0.68%) were the top losers, with SBI alone seeing 1.68 million shares traded and PNB recording 3.12 million shares traded. The banking sector weakness reflects ongoing concerns about credit growth and asset quality, with investors closely monitoring quarterly earnings and regulatory developments.
Asian equities fell sharply in early trade on Thursday, tracking losses on Wall Street after US inflation data came in higher than expected. South Korea's Kospi led regional losses, plunging more than 7 per cent, while Japan's Nikkei 225 declined nearly 5 per cent. US equity benchmarks closed lower in the previous session as investors reacted to inflation data and reassessed the outlook for interest rates. The Dow Jones Industrial Average declined 0.09 per cent, while the S&P 500 fell 1.11 per cent, and the Nasdaq Composite registered a sharper loss of 1.9 per cent, reflecting pressure on technology stocks. Crude oil prices declined as the US considered easing restrictions on the shadow fleet amid rising shipping costs and continuing tensions around a key energy supply route in West Asia. Brent crude futures for December delivery were quoted at $104.21 per barrel on the Intercontinental Exchange, down 1.73 per cent, providing continued relief to Indian markets given the implications for inflation, import costs and corporate profitability.
Market experts noted that external headwinds are dominating domestic tailwinds, with elevated crude prices and high US bond yields continuing to impact markets. However, an impressive GDP growth estimate of 7.1% for FY27 and improving corporate profitability provide strong fundamental support to the market. Gold and silver futures gained amid continued uncertainty over inflation and the US interest rate outlook, with gold futures advancing 1.24% and silver futures gaining 0.47%. Technical analysis suggests that Friday's bounce and inside bar formation set up an environment for a rise to 22,800-23,200, though inability to close above 22,575 will keep trend within bear grip. Downside marker for the day may be kept at 22,295, Friday's reaction low, with experts noting that if crude declines sharply following favourable developments in the Middle East, the market can rally significantly from current levels.
