Pre-Open Points To Flat Start As Oil Rises

Mumbai, October 6: Indian shares flatlined at pre open signalling a muted start for benchmarks as oil rose. 

The central bank is set to announce its policy tomorrow. 

The Nifty and Sensex rose around 0.6% and 0.7%, respectively, in the previous session, snapping a four-session decline and rebounding after the market’s longest weekly losing run in 25 years. 

The recovery was supported by a pullback in crude oil prices and reduced fears of a sharp tightening in US monetary policy after softer-than-expected US jobs data lowered expectations of a near-term rate increase. 

Gains were also supported by positive quarterly business updates from some financial companies, while consumer and energy stocks advanced. Investors are now awaiting the Reserve Bank of India’s monetary policy decision on Wednesday. 

Markets are largely pricing in a 25-basis-point increase in the repo rate, which would mark the central bank’s first rate hike since February 2023. Expectations for tighter policy have strengthened amid crude oil prices above $100 a barrel, renewed pressure on the rupee and concerns over the weakest monsoon in a decade. 

Foreign portfolio investors remained net sellers for a seventh straight session on Monday, pulling out Rs 4,699 crore, according to provisional NSE data. Domestic institutional investors more than offset the outflows, buying equities worth Rs 5,182 crore.  

Axis Bank, a private-sector lender, reported a 20.7% year-on-year increase in total deposits and a 22.7% rise in gross advances as of September 30, 2026, according to its quarterly business update.  

Kotak Mahindra Bank: Net advances grew 24.7% from a year earlier as of September 30, the lender said in its business update.  

Trent, the Tata Group retailer, reported a 23% year-on-year increase in standalone revenue from operations for the September quarter.  

Godrej Consumer Products expects consolidated revenue to grow in the high teens in the second quarter.  

Metropolis Healthcare: Revenue for the September quarter increased 15% year-on-year, supported by double-digit growth in both patient volumes and the number of diagnostic tests conducted. 

Asian markets gain 

Asian equities advanced on Tuesday, tracking gains on Wall Street after technology stocks pushed the Nasdaq to a record high. Japan’s Nikkei rose 0.2%, while US stock futures were also marginally higher. Nasdaq futures gained 0.04%, while S&P 500 futures rose 0.07%. 

The positive tone in Asian markets comes as investors assess the outlook for US interest rates following softer-than-expected jobs data, which has reduced expectations of a near-term Federal Reserve rate hike. 

Nasdaq hits record 

US equities ended higher on Monday, with the Nasdaq climbing 1% to a record closing level. The S&P 500 gained 0.7%, while the Dow Jones Industrial Average rose 0.2%. 

Technology stocks led the advance, with Nvidia gaining 2.1% to a record close. Microsoft, Meta Platforms and Tesla also ended higher as investors turned their focus towards the upcoming third-quarter earnings season. 

The gains came despite a sharp rise in US Treasury yields. The 10-year yield climbed to 5.35%, its highest level since 2002, while the 30-year yield also touched a multi-decade high. Still, expectations of a Federal Reserve rate hike this month have eased following the weaker jobs data. 

Oil prices edge higher 

Crude oil prices edged higher in Asian trade after declining in the previous session. Brent crude rose 0.4% to $100.8 a barrel, while West Texas Intermediate gained 0.3% to $89.7 a barrel. 

Brent had fallen 1.9% on Monday and WTI declined 1.84%, as Middle Eastern crude exports recovered and G7 nations pledged to increase supplies through emergency stock releases. However, risks to shipping through the Strait of Hormuz remain a key concern for the oil market. 

Source

• Exchanges