Nifty and Sensex Ended Lower, Nifty Metal & PSU Bank Hit All-Time High

Market Update at 4:00 PM: On Tuesday, October 28, Indian equity benchmark indices ended marginally lower, dragged by ICICI Bank and Mahindra & Mahindra. Losses in financials and IT stocks weighed on the market sentiment.

At the close, the Nifty 50 declined by 29.85 points, or 0.11 per cent, to settle at 25,936.20, while the Sensex slipped 150.69 points, or 0.18 per cent, to end at 84,628.16. Meanwhile, India’s volatility index, India VIX, remained steady, ending up by 0.8 per cent. The Nifty has gained about 3.3 per cent over the past nine sessions, rising in seven of them, and now stands roughly 1.3 per cent below its record high from September 2024.

On the sectoral front, 4 out of 11 sectors ended in positive territory. The Nifty Metal index led the gains, rising 1.23 per cent to an all-time high after the US and Chinese officials finalised a trade framework for Presidents Donald Trump and Xi Jinping to review later this week. Following metals, the Nifty PSU Bank index climbed 1.22 per cent, emerging as the second-best performer. In contrast, the Nifty Realty index dropped 1.05 per cent, snapping a three-day winning streak, with Brigade Enterprises falling more than 2 per cent.

In stock-specific action, Canara Robeco Asset Management shares fell 3.3 per cent after posting weaker Quarterly Results, while Sai Silks (Kalamandir) rose 2.28 per cent on strong September-quarter earnings.

The broader markets remained nearly flat, with the Nifty Midcap 100 index down 0.05 per cent and the Smallcap 100 index marginally higher by 0.02 per cent. Market breadth was slightly negative, with 1,385 stocks advancing and 1,730 declining out of 3,237 traded on the NSE.

A total of 77 stocks hit their 52-week highs, while 54 touched their 52-week lows. Additionally, 64 stocks were locked in Upper Circuits, whereas 56 were in Lower Circuits.

Market Update at 12:45 PM: Indian stock markets traded lower and remained in a consolidation phase, with record levels in sight, tracking a muted performance across Asian markets.

At 12 PM, the BSE Sensex was at 84,402.56, down 376.28 points or 0.44 per cent, while the NSE Nifty50 quoted 25,865.50, down 101.70 points or 0.39 per cent.

Among the Sensex constituents, Tata Steel, L&T, Tata Motors PV, Bharti Airtel, Kotak Mahindra Bank and SBI were among the Top Gainers. On the downside, Bajaj Finserv, Bajaj Finance, ICICI Bank, Tech Mahindra and Titan were the major laggards.

In the broader market, the Nifty MidCap index declined 0.27 per cent, while the Nifty SmallCap index managed to gain 0.03 per cent. Sectorally, the Nifty Metal index rose over 1 per cent, leading the pack, whereas Nifty IT, Consumer Durables and Realty sectors slipped more than 1 per cent each.

Market Update at 10:15 AM: India’s equity benchmarks opened flat on Tuesday as investors booked profits following recent market gains driven by optimism over easing U.S.-China trade tensions and steady domestic earnings.

At 9:16 a.m. IST, the Nifty 50 index was up 0.07 per cent at 25,985.80, while the BSE Sensex rose 0.1 per cent to 84,877.09. Out of 16 major sectors, 13 were trading higher. The broader Smallcap and Midcap indices advanced 0.4 per cent and 0.1 per cent, respectively.

The 50-stock Nifty index has gained nearly 3.3 per cent in the last eight sessions, closing higher in seven of them. It now trades around 1.3 per cent below its lifetime high recorded in September 2024.

Market sentiment received a boost from optimism surrounding a potential U.S.-China trade agreement. Officials from both countries are reportedly finalising a framework for U.S. President Donald Trump and Chinese President Xi Jinping to review later this week.

Pre-Market Update at 7:35 AM: On Tuesday, October 28, equity benchmark indices Sensex and Nifty 50 are expected to open on a muted note, tracking mixed global market cues and investor optimism surrounding a potential US-China trade deal and an anticipated US Federal Reserve interest rate cut later this week.

Trends on the GIFT Nifty indicated a flat start for domestic equities, with the index trading 5 points higher at 26,066 around 7:11 AM. In early Asian trade, markets were mostly lower, while US stocks ended higher overnight, marking a second consecutive session of record closing highs for major Wall Street indices.

Investors will focus on key earnings announcements from TVS Motor Company, Adani Green Energy, Tata Capital, Jindal Steel, Shree Cements, Adani Total Gas, Premier Energies, Mahindra and Mahindra Financial Services, Go Digit General Insurance, TVS Holdings, Star Health & Allied Insurance, and CreditAccess Grameen.

On Monday, October 27, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 55.58 crore. Meanwhile, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 2,492.12 crore — marking their third consecutive session of net buying.

Indian markets closed higher on Monday, supported by gains in Reliance Industries and Bharti Airtel. The Nifty 50 climbed 170.90 points or 0.66 per cent to settle at 25,966.05 after touching an Intraday high of 26,005. The Sensex gained 566.96 points or 0.67 per cent to end at 84,778.84, while India VIX rose over 2 per cent. Sectorally, 9 of 11 indices advanced, led by Nifty Oil & Gas (up 1.52 per cent) and Nifty Metal (up 1.16 per cent). Broader indices also ended in the green.

On Monday, US markets continued their rally. The Dow Jones Industrial Average rose 337.47 points (0.71 per cent) to 47,544.59, the S&P 500 gained 83.47 points (1.23 per cent) to cross 6,800 for the first time, and the Nasdaq Composite advanced 432.59 points (1.86 per cent) to 23,637.46. Investors are eyeing key developments this week, including Big Tech earnings, the Fed’s policy decision, and updates on the US-China trade front.

US President Donald Trump met Japan’s new Prime Minister, Sanae Takaichi, in Tokyo to discuss trade and security matters. Takaichi recently became Japan’s first woman prime minister and vowed to strengthen Defence ties. In Asia, China and ASEAN finalised an upgraded Free Trade Agreement covering areas such as the digital economy and green industries, aimed at deeper regional cooperation.

Gold prices rose in early Asian trade after falling 2.8 per cent overnight. Spot gold was up 0.6 per cent at USD 4,009.64 per ounce at 7:13 AM IST, while MCX gold futures closed 2.02 per cent lower at Rs 1,20,957 per 10 grams on October 27. Crude oil prices extended losses, with Brent down 0.2 per cent at USD 65.46 a barrel and US crude easing 0.2 per cent to USD 61.17 per barrel, marking a third straight session of declines due to concerns over rising supply from OPEC+.

For today, SAIL and RBL Bank will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.