Indian benchmark equity indices were trading slightly higher on Friday. By 1 PM, the BSE Sensex was up 224 points, or 0.28%, at 81,230, while the Nifty 50 stood at 24,840, up 90 points, or 0.37%.
Among the BSE Sensex stocks, Axis Bank led the gains with a 2.41% rise, followed by TCS and Tata Motors. Conversely, losses were seen in Infosys (down 2.19%), along with Titan, Maruti Suzuki India, IndusInd Bank, and Mahindra & Mahindra.
On the Nifty 50, only six stocks were in the green, with Wipro leading at a 2.96% increase, followed by Axis Bank, Eicher Motors, TCS, and Sun Pharma. Shriram Finance recorded the largest loss at 2.72%, along with Infosys, Maruti Suzuki India, BPCL, and Titan.
Sector-wise, the Consumer Durables index was the biggest laggard, falling 1.33%, followed by declines in the Oil & Gas and Realty indices. Most other sectoral indices were also in the red, except for Private Banks.
In the broader market, the Nifty Smallcap 100 dipped 1.67%, and the Nifty Midcap 100 fell 1.11%. India’s volatility index, India VIX, rose 3.64%.
In the previous session, the benchmark indices closed lower due to the expiry of Nifty 50 contracts and ongoing foreign institutional investor (FII) selling throughout October. The BSE Sensex ended down 495 points (0.61%) at 81,006, while the Nifty 50 fell 221 points (0.89%) to close at 24,750. Broader indices also declined, with the Nifty Midcap 100 and Nifty Smallcap 100 both dropping over 1%.
Notably, the Nifty IT index was an exception, closing 1.19% higher, while other sectoral indices, particularly Nifty Auto and Realty, suffered losses exceeding 3%.
In the Asia-Pacific region, markets were mixed as investors evaluated crucial GDP growth data from China and inflation figures from Japan. China’s economy grew 4.6% year-on-year in the third quarter, slightly exceeding analysts’ expectations and putting pressure on policymakers to consider further stimulus measures.
Japan’s headline inflation for September was recorded at 2.5%, with core CPI, excluding fresh food prices, rising to 2.4%, marginally above estimates. Consequently, the Nikkei 225 was up 0.4%, mirroring gains in the broader Topix index.
In South Korea, the Kospi fell 0.25%, while the small-cap Kosdaq was down over 1%. China’s CSI 300 increased by 0.18%, and the Shanghai Composite rose by 0.09%. Hong Kong’s Hang Seng Index climbed 0.98%.
The US dollar remained close to an 11-week high against major currencies, bolstered by strong US economic data and speculation about a potential election victory for Donald Trump, which is seen as inflationary. The dollar index held steady at 103.78 after hitting 103.87, the highest since August 2.
Recent US data revealed a stronger-than-expected 0.4% rise in retail sales last month, along with a drop in initial jobless claims. Traders currently assign a 74% probability to a 50 basis point interest rate cut in the Federal Reserve’s remaining meetings this year, down from 85.6% the previous day.
The European Central Bank also cut rates by a quarter point on Thursday, with sources indicating a potential further cut in December.
Polls show that Democratic candidate Kamala Harris’s lead over Republican Donald Trump has narrowed from seven points in late September to just three, with both candidates nearly tied in key battleground states.
Weakness in the yen contributed to a 0.4% gain in Japanese stocks, while equities in the region faced overall pressure. Australia’s benchmark fell 0.7%, and South Korea’s KOSPI was down 0.05%.
Gold prices remained steady at $2,693.02 per ounce, close to the record high of $2,696.59 reached overnight.
Crude oil futures saw slight increases, supported by an unexpected drop in US oil inventories and ongoing tensions in the Middle East. Brent crude futures rose 16 cents to $74.61 per barrel, while US West Texas Intermediate crude was up 17 cents to $70.84 per barrel.
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