Gift Nifty Points to Flat-to-Weak Open for Sensex, Nifty on Monday

Mumbai, October 16: Indian equity markets are set for a flat to marginally weak open on Monday, with Gift Nifty futures pointing to a start slightly below Friday’s close. The signal follows a second straight session of gains in which the Sensex and Nifty 50 ended higher, led by information technology stocks. Brent crude above USD 105 per barrel, the Houthi attacks on Saudi infrastructure and the widening regional war remain the key triggers for the opening session. 

Gift Nifty Levels 

Gift Nifty futures for the near-month October 27 contract were trading at 23,094.50, down 18.50 points or 0.08 per cent, in late afternoon trade on Friday. That is 51.65 points below the Nifty 50’s closing level of 23,146.15, which points to a flat to marginally lower opening on Monday. The contract opened at 23,100.50 and rose to a high of 23,150.50, but a sharp early dip dragged it to a low of 22,904.00, a fall of 246.50 points from the day’s peak. The November 23 contract was quoted at 23,179.50, down 36.50 points or 0.16 per cent. 

Asian Stocks 

Asian markets ended mostly higher on Friday, with South Korea’s Kospi leading the gains. The Kospi jumped 2.05 per cent to 5,668.05, Japan’s Nikkei 225 rose 1.39 per cent to 65,324.29 and Australia’s ASX 200 added 1.00 per cent to 8,806.70. Hong Kong’s Hang Seng gained 0.52 per cent to 24,186.83, Taiwan’s index advanced 0.30 per cent to 47,111.26, the SGX-CNBC China Growth index rose 0.28 per cent to 1,397.50, the Shanghai Composite climbed 0.24 per cent to 3,716.28 and Singapore’s Straits Times index gained 0.22 per cent to 5,415.53. On the negative side, Malaysia fell 0.98 per cent to 1,607.76, New Zealand’s NZX 50 lost 0.57 per cent to 13,753.73, Thailand’s SET eased 0.18 per cent to 1,573.01 and China’s Shenzhen Component slipped 0.12 per cent to 11,802.46. 

Oil Prices 

Brent crude fell 0.36 per cent, or USD 0.38, to USD 105.54 per barrel, while West Texas Intermediate lost 0.75 per cent, or USD 0.73, to USD 97.24 per barrel, according to delayed OilPrice.com data. The gap between the two benchmarks stood at USD 8.30 per barrel, while Murban crude slipped 0.87 per cent to USD 109.97. Supply worries persisted as Yemen’s Houthis fired missiles at the presidential palace complex in Aden on Thursday, killing five people, and the Saudi-led coalition said the group had attempted attacks on dozens of Saudi sites, including 20 on King Khalid International Airport in Riyadh this month. For India, crude above USD 105 per barrel keeps pressure on inflation, the import bill and the rupee. 

Friday’s Close 

The Sensex and Nifty 50 ended higher for a second straight session on Friday, helped by a strong rally in information technology stocks. The Sensex rose 413.66 points, or 0.56 per cent, to close at 74,729.27, while the Nifty 50 gained 148.80 points, or 0.65 per cent, to settle at 23,146.15, near the day’s high of 23,149.85 after opening at 23,065.10. For the week, the Nifty 50 gained 625.70 points, or 2.78 per cent, from 22,520.45 a week earlier. Broader indices also advanced, with the Nifty 100 up 0.61 per cent, the Nifty 500 up 0.40 per cent and the Nifty Next 50 up 0.46 per cent, though the Nifty Midcap 100 slipped 0.11 per cent and the Nifty Smallcap 100 was marginally lower at 0.01 per cent. 

Sectoral indices were mostly positive, with the Nifty IT index surging 3.92 per cent to 31,924.10. The Nifty Media index rose 1.92 per cent to 1,648.25, the Nifty Metal index gained 0.95 per cent to 12,133.20, the Nifty Auto index added 0.75 per cent to 25,768.50 and the Nifty PSU Bank index climbed 0.67 per cent to 8,094.95. The Nifty Bank index edged up 0.06 per cent to 55,844.00. On the losing side, the Nifty Consumer Durables index fell 0.61 per cent, Nifty Oil & Gas lost 0.45 per cent, Nifty FMCG shed 0.39 per cent, Nifty Realty declined 0.33 per cent and Nifty Pharma eased 0.14 per cent. 

Sources

• Gift Nifty
• NSE data
• BSE
• Reuters
• CNBC
• OilPrice.com