Sensex Down 200 Points, Nifty Slips 70 Points Amid Global Trade Concerns

Market Update at 12:05 PM: Indian benchmark indices were trading with a negative bias on Friday, tracking weak global cues after reports suggested that the US is considering a fresh probe against China over their 2020 trade deal. Additionally, a rise in oil prices amid the US’ sanctions against Russia further dampened investor sentiment.

At 12 PM, the Sensex was at 84,354.58, down 201.82 points or 0.24 per cent, while the Nifty quoted 25,823.9, lower by 67.5 points or 0.26 per cent.

Hindustan Unilever (HUL), Kotak Bank, Axis Bank, Titan, Power Grid, ITC, Adani Ports, NTPC, Tech Mahindra, Eternal, and Maruti Suzuki were among the top Sensex losers, declining up to 3.5 per cent. On the other hand, ICICI Bank, Tata Steel, BEL, M&M, Bharti Airtel, HDFC Bank, and SBI were the leading gainers.

In the broader markets, the Nifty Midcap 100 was down 0.05 per cent, while the Nifty Smallcap 100 declined 0.18 per cent. Sector-wise, the Nifty Metal index advanced 1 per cent, followed by the Nifty Realty index, which rose 0.5 per cent. Meanwhile, the Nifty FMCG index was the top sectoral laggard, slipping 1.16 per cent.

Market Update at 9:50 AM: India’s stock benchmarks opened marginally higher on Friday, supported by hopes of easing global trade tensions and expectations of a rebound in domestic corporate earnings.

The Nifty 50 rose 0.17 per cent to 25,935.1, while the BSE Sensex added 0.13 per cent to 84,667.23 as of 9:15 a.m. IST. Both indexes have gained about 3 per cent in the past six sessions and are trading roughly 1.5 per cent below record highs last seen in September 2024.

Fifteen of the 16 major sectors advanced at the open, although the gains were marginal. Small-Cap and Mid-Cap stocks also showed moderate strength, with the SmallCap and MidCap rising about 0.2 per cent each.

Optimism over a potential India-U.S. trade deal, strong earnings from key sector leaders, and sustained festive season demand contributed to the early rally. Analysts, however, cautioned that the gains could prompt investors to book profits, possibly leading to consolidation near current levels.

Other Asian markets also saw gains, with the MSCI Asia ex-Japan index rising 0.5 per cent, following confirmation that US President Donald Trump will meet Chinese President Xi Jinping in South Korea next week.

Pre-Market Update at 7:35 AM: Equity benchmark indices Sensex and Nifty 50 are expected to start positively on Friday, October 24, supported by upbeat global cues and optimism surrounding a possible India-US trade deal. Trends on the GIFT Nifty indicate a firm opening, with the index trading 19 points higher at 26,030 around 7:17 AM.

In early trade, Asian markets moved higher, mirroring overnight gains on Wall Street. US stocks rallied as news of an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping lifted sentiment.

Back home, the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, cleared procurement proposals worth Rs 79,000 crore for the Indian Armed Forces. The approvals include the Nag Missile System (Tracked) Mk-II (NAMIS), Ground-Based Mobile ELINT System (GBMES), and High Mobility Vehicles (HMVs) with Material Handling Cranes for the Indian Army, putting defence stocks in focus.

Key companies announcing their Q2 FY26 earnings today include SBI Life Insurance Company, Dr Reddys Laboratories, SBI Cards & Payment Services, COFORGE, ITC Hotels, Aditya Birla Sun Life AMC, eClerx Services, Supreme Petrochem, and Latent View Analytics.

On Thursday, October 23, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 1,165.94 crore after five consecutive sessions of buying. Domestic Institutional Investors (DIIs) remained net buyers for the 40th straight session, purchasing shares worth Rs 3,893.73 crore.

Indian equities extended their gains for the sixth consecutive session on Thursday. The Nifty 50 closed at 25,891.40, up 0.09 per cent, while the Sensex rose 0.15 per cent to 84,556.40. Both indices remain around 1.5 per cent below their record highs, even as India VIX increased 3.5 per cent.

The rally was led by IT stocks on hopes of a US trade deal and better earnings. The Bank Nifty hit a fresh all-time high of 58,555.15 before closing marginally lower, while the Nifty IT index gained 2.2 per cent, driven by a 3.8 per cent rise in Infosys. Textile and shrimp exporters also advanced amid expectations of lower US tariffs. However, midcap and smallcap indices underperformed the benchmarks.

On Wall Street, major indices closed higher on Thursday. The Dow Jones Industrial Average gained 144.20 points (0.31 per cent) to 46,734.61, the S&P 500 rose 39.03 points (0.58 per cent) to 6,738.43, and the Nasdaq Composite advanced 201.40 points (0.89 per cent) to 22,941.80.

The White House confirmed that Donald Trump will meet Xi Jinping next week during his Asia visit, a development that eased trade concerns. Meanwhile, Russian President Vladimir Putin said Moscow would not yield to external pressure and warned of strong retaliation if Russian territory faced deep strikes.

In the US, weekly jobless claims rose to 232,000 from 220,000 in the previous week. Japan’s core inflation increased 2.9 per cent year-on-year in September, above the Bank of Japan’s 2 per cent target, while its Manufacturing PMI slipped to 48.3 from 48.5, indicating contraction in factory activity.

Gold prices edged higher, with spot gold trading at USD 4,130.43 per ounce, up 0.1 per cent. Crude oil prices fell slightly, with Brent crude down 0.30 per cent at USD 65.79 and US WTI crude easing 0.26 per cent to USD 61.63, though both remained set for weekly gains.

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

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