Indian benchmark equity indices, the BSE Sensex and Nifty 50, were trading above their opening levels after retreating from earlier highs on Monday.
By 1 PM, the BSE Sensex had risen by 901.65 points, or 1.14%, reaching 80,303.94, while the Nifty 50 stood at 24,419.35, up 238.55 points, or 0.99%.
On the Sensex, 11 of the 30 stocks were in the red, with losses led by JSW Steel (down 1.59%), followed by Larsen & Toubro, IndusInd Bank, Power Grid Corp., and Tech Mahindra. Conversely, ICICI Bank led the gains with an increase of 2.54%, followed by SBI, Infosys, Bajaj Finserv, and Sun Pharma.
In the Nifty 50, 30 out of 50 stocks were trading positively, with Shriram Finance up 4.71%, followed by ICICI Bank, BEL, BPCL, and Dr Reddy’s. JSW Steel saw the largest decline at 1.85%, with ONGC, Coal India, Kotak Mahindra Bank, and SBI Life also in the red.
Sector-wise, the PSU Bank index was the top performer, gaining around 1.8%, while the Bank and Financial Services indices also increased by about 1%. The Auto, IT, Metal, Pharma, Health, Oil, and Consumer Durables sectors were all in the green, whereas the FMCG index dipped by 0.41%.
In broader markets, the Nifty Midcap 100 rose by 0.58%, and the Nifty Smallcap 100 increased by 0.56%.
On Friday, Indian stock markets experienced their fifth consecutive session of declines, impacted by foreign investor selling, disappointing quarterly results, and valuation concerns. The benchmark indices fell for the fourth consecutive week, marking their longest losing streak since August 2023, with the Nifty50 and Sensex dropping over 7% during this period. On Friday, the Sensex fell by 662.87 points (0.83%), ending at 79,402.29, while the Nifty50 closed below the critical level of 24,200 at 24,180.80, down 218.63 points (0.9%). In broader markets, the BSE MidCap index dropped by 1.48% and the BSE SmallCap index declined by 2.4% during that session. Both mid- and small-cap indices have dropped nearly 9% in the past week, nearing the correction zone.
Sector-wise on Friday, the Nifty Auto, Media, Metal, and PSU Bank indices fell by 2% each. In contrast, defensive sectors like Nifty Pharma and FMCG gained up to 0.88%. Investors are also anticipating infrastructure output data to be released on Wednesday and the manufacturing PMI on Friday, alongside numerous companies announcing their quarterly results. Meanwhile, markets in the Asia Pacific region showed mostly positive movements on Monday morning.
Japan’s Nikkei 225 and Topix indices rose following elections in which the ruling Liberal Democratic Party lost its majority in the lower house. The LDP and its coalition partner Komeito secured 215 out of 465 seats, while the opposition parties gained ground. The Nikkei rose by 1.4%, leading gains in Asia, with the Topix up by 1.18%. South Korea’s Kospi climbed by 0.59%, and the Kosdaq gained 1.02%. Australia’s S&P/ASX 200 increased by 0.15%.
In Hong Kong, the Hang Seng index was up 0.13%, while mainland China’s CSI 300 rose by 0.11% and the Shanghai Composite increased by 0.17%. However, global stocks declined on Friday, finishing the week lower amid concerns regarding the upcoming US elections.
Former President Donald Trump and Vice President Kamala Harris are in a tight race in crucial swing states ahead of the November 5 election, raising investor anxieties about a potentially contested outcome affecting global markets.
The benchmark S&P 500 closed slightly lower for the week, down nearly 1%, driven by losses in utilities and financials, although technology and communication services gained. The Dow Jones Industrial Average fell by 0.61% to 42,114.40, the S&P 500 eased 0.03% to 5,808.12, and the Nasdaq Composite rose by 0.56% to 18,518.61. European shares also ended the week down by 0.03%, closing 1.2% lower overall.
In Asia, MSCI’s broadest index of shares outside Japan closed down 0.02%, losing nearly 2% for the week. Brent crude futures fell by 4.27% to $72.80 a barrel, while US West Texas Intermediate crude decreased by 4.43% to $68.60, with both finishing the previous week up around 4%.
US Treasury yields rose slightly as investors awaited key employment data this week for insights on future Federal Reserve interest rate cuts, with traders expecting a near-95% probability of a 25-basis-point cut in the Fed’s November meeting. The yield on benchmark US 10-year notes increased by 3.8 basis points to 4.24%.
The dollar index rose by 0.24% to 104.30. In gold trading, prices rose after retreating from record highs, with spot gold up 0.28% to $2,743.31 an ounce and US gold futures settling 0.2% higher at $2,754.60, having reached an all-time high of $2,758.37 earlier in the week.
