Gift Nifty Points to Higher Open for Sensex, Nifty on Tuesday Even As Energy Ceasefire Falters, Asian Tech Stocks Sink

Mumbai, Oct 13: Indian equity markets are set for a hjgher open on Tuesday, with Gift Nifty trading just 56 points above the Nifty 50’s last close. The global cues are mixed: Russia has brushed aside US President Donald Trump’s “energy ceasefire”, while a tech-led sell-off has hit Asian stocks. 

Ukrainian President Volodymyr Zelenskiy said on Monday that Russia hit at least six energy targets during deadly airstrikes across Ukraine. He said the strikes show Moscow has no interest in the truce Trump announced over the weekend. 

Gift Nifty futures for the October 27 contract were at 22,419.50 at 7:44 am IST on Tuesday, down 2.00 points or 0.01 per cent from the previous close.

Asian stocks fell on Tuesday as a sell-off in US semiconductor shares spilled into regional markets, with worries over artificial intelligence financing and rising competition hurting sentiment. South Korea’s Kospi plunged 6.18 per cent, with SK Hynix down more than 8 per cent and Samsung Electronics 6.7 per cent lower. 

The Reserve Bank of India’s (RBI) weekend measures to defend the rupee redirect oil companies’ dollar purchases away from the spot market and tighten hedging rules. The rupee recovered at the start of Monday’s session, but that did not translate into sustained equity buying. 

Investors will also track a busy week of corporate earnings and US inflation data for fresh clues on interest rates. At home, foreign fund outflows, elevated energy prices and the rupee remain in focus. 

Russia-Ukraine 

Russia struck at least six energy targets, Zelenskiy said on Monday. Trump announced the purported ceasefire days after unveiling a deal to buy diesel from Russia. Ukraine’s European allies voiced scepticism and approved the largest set of EU sanctions since Russia’s 2022 invasion. 

Iran War 

Saudi Arabia stopped issuing public warnings of imminent attacks days before strikes on Riyadh airport that killed at least 18 people and wounded more than 300. The government has not said why no alerts were issued before the four Riyadh attacks in the past week, which come amid its war with Yemen’s Iran-aligned Houthis. On Monday, Saudi civil defence issued its first alerts since September 29, warning of potential threats in Riyadh and southern cities. 

Oil Prices 

Brent crude is at $105.42 a barrel, down 1.15 per cent, while West Texas Intermediate (WTI) is at $92.55, down 1.27 per cent, according to OilPrice.com data delayed by up to 11 minutes. Murban crude also rose 1.48 per cent to $112.24. Russian Deputy Prime Minister Alexander Novak said Moscow can lift diesel exports above the levels Trump outlined under the diesel deal. 

Asian Markets 

Asian stocks fell sharply on Tuesday morning, led by technology shares. South Korea’s Kospi tumbled 6.18 per cent to 5,989.50, Japan’s Nikkei dropped 2.5 per cent to 67,301.77 and Taiwan lost 1.94 per cent, while Shenzhen fell 1.73 per cent and Shanghai 0.92 per cent. Hong Kong’s Hang Seng declined 0.95 per cent to 24,040.41, New Zealand’s NZX 50 lost 0.59 per cent and Australia’s ASX 200 eased 0.19 per cent to 8,766.70. Singapore’s Straits Times edged up 0.03 per cent to 5,417.01. 

US Markets 

Wall Street ended mixed on Monday. The Dow Jones Industrial Average rose 195.60 points, or 0.38 per cent, to 51,850.55, the NYSE Composite gained 0.22 per cent, the S&P 500 slipped 0.06 per cent to 7,807.24 and the Nasdaq Composite fell 0.44 per cent to 27,245.90. The Nasdaq 100 lost 0.71 per cent, the Russell 2000 dropped 0.45 per cent and the VIX rose 2.49 per cent to 15.21. 

Monday’s Close 

The Sensex and Nifty 50 ended lower on Monday, reversing early gains as selling in information technology, fast-moving consumer goods and financial stocks weighed on sentiment. The Sensex fell 547.65 points, or 0.76 per cent, to close at 71,924.68, while the Nifty 50 declined 157.10 points, or 0.70 per cent, to settle at 22,363.35. Breadth was balanced, with 2,187 stocks advancing, 2,066 declining and 235 unchanged. The Nifty Media index surged 4.6 per cent, but Tech Mahindra (TECHM), ITC (ITC) and Hindustan Unilever (HINDUNILVR) weighed on the benchmarks. 

Sources

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