The indexes snapped seven straight sessions of gains in the previous session. The market was closed on Wednesday for a holiday.
Gains in the domestic market, however, are likely to be limited, as global oil prices rose in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports.
India is the world’s third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation.
Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Asian shares rose on Thursday on hopes that major central banks could start slowing the pace of interest rate hikes in the coming months. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.59% higher and set for third straight session of gains.
In early domestic trading, the Nifty’s metal index , rising 2%, was the best performer among other sectors. JSW Steel Ltd and Hindalco Industries Ltd led gains on the Nifty 50 index, climbing more than 3% each.
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Market live updates: Bond yields decline as U.S. 10-yr yield drops to 4%
Indian government bond yields fell at the open on Thursday, tracking a sharp decline in U.S. yields, with the 10-year note easing to 4% levels. The benchmark Indian 10-year government bond yield was at 7.3781% as of 0430 GMT. The yield fell seven basis points (bps) to end at 7.4424% on Tuesday. Indian financial markets were shut on Wednesday for a local holiday.
Glenmark Pharmaceuticals Ltd said on Wednesday U.S. FDA has placed the firm’s Baddi facility in the Indian state of Himachal Pradesh under an import alert.
Price as on 27 Oct, 2022 10:16 AM, Click on company names for their live prices.
Looking to move Axis Bank up in terms of its ranking as a bank in India, says Amitabh Chaudhary
#EarningsWithETNOW | "Looking to move @AxisBank up in terms of its ranking as a bank in India," says Amitabh Chaud… https://t.co/nv4GZGzYRv
— ET NOW (@ETNOWlive) 1666845413000
There is a near-term under current of ‘risk-on’ in equity markets globally triggered by expectations that the central banks will start moderating their rate hikes. The cue has come from Canada where their central bank raised rates only by 50 bp against expectations of 75 bp. Markets expect the Fed to moderate rate hikes starting December. Consequently the dollar index has fallen below 110 and the 10-year US bond yield has dipped to 4.03%. This might nudge FPIs to turn buyers imparting strength to the market. Nifty’s recent range of 17500-17800 looks set to be decisively broken on the upper end today. Financials, select autos and capital goods are well set to continue their recent rally. The spike in Brent crude above $95 is a concern.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
NYKAA SLIDES FURTHER, HITS FRESH 52-WEEK LOW
Market live updates: Gland Pharma tumbled 11% after it reported a 20.14 per cent decline in consolidated net profit at Rs 241.24 crore for the second quarter ended September 30, on lower sales and higher expenses. The company had posted a consolidated net profit of Rs 302.08 crore in the same period last fiscal, Gland Pharma said in a regulatory filing.
Price as on 27 Oct, 2022 09:51 AM, Click on company names for their live prices.
JSW Steel USA ties-up financing of US$ 182 million with Intesa Sanpaolo and Banco BPM, includes US$ 70 million under SACE guarantee, for modernizing Baytown Plate Mill facility.
Price as on 27 Oct, 2022 09:40 AM, Click on company names for their live prices.
US economy likely returned to growth last quarter
But for now anyway, the U.S. economy has likely returned to growth after having shrunk in each of the first two quarters of 2022.
At least that’s what economists expect to see Thursday when the Commerce Department issues its first of three estimates of gross domestic product — the broadest measure of economic output — for the July-September period.
Dabur India on Wednesday reported a fall in quarterly profit as higher commodity prices weighed on margins, and said it would acquire a majority stake in spices and seasoning maker Badshah Masala.
Price as on 27 Oct, 2022 09:26 AM, Click on company names for their live prices.
All sectors trade in the green
Opening Bell: Sensex jumps over 350 points, Nifty near 17,800; HDFC rises 2%, Gland Pharma sheds 3%
Alembic Pharmaceuticals receives USFDA final approval for Paclitaxel injection
Price as on 27 Oct, 2022 09:10 AM, Click on company names for their live prices.
INDIAN RUPEE OPENS UP 0.70% AT 82.15 PER U.S. DOLLAR
PREVIOUS CLOSE 82.7250
Pre-open session: Sensex rises 40 points; Nifty above 17,690
Nykaa to announce September quarter earnings on Nov 1
Asia shares jump as investors anticipate smaller interest rate rises
Asian shares rose on Thursday on growing expectations that major central banks could start slowing th pace of interest rate hikes in coming months, while the dollar’s retreat lifted commodities and pushed treasury yields lower.
Quarterly earnings today
SBI Card, Indus Towers, Tata Chemicals, REC, V-Guard Industries, Balaji Amines, Anupam Rasayan, Tamilnad Mercantile Bank, PNB Housing Finance and Aditya Birla Sun Life AMC are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 94.5 points, or 0.53 per cent, higher at 17,933, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty forms bearish candle
While the MACD indicator remains in a buy mode, the headline equity index Nifty formed a strong bearish candle and a bearish engulfing pattern on a daily scale, restricting its upside momentum.
Tokyo shares open lower after falls in US tech stocks
Tokyo shares opened lower on Thursday after the tech-rich US Nasdaq index fell following disappointing results from Microsoft and Google parent company Alphabet. The benchmark Nikkei 225 index was down 0.12 percent, or 32.04 points, to 27,399.80 at the open, while the broader Topix index slipped 0.14 percent, or 2.72 points, to 1,915.49.
S&P 500 ends lower, snapping rally on mounting slowdown fears
The S&P 500 ended a three-day winning streak on Wednesday, closing in negative territory as gloomy earnings guidance added to growing fears of a global economic slowdown.
Oil prices continue climb on strong crude demand
Oil prices continued to rise in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports and a weaker U.S. dollar. Brent crude futures rose 25 cents, or 0.3%, to $95.94 a barrel by 0015 GMT. U.S. West Texas Intermediate (WTI) crude rose 19 cents, or 0.2%, to $88.10.
Rupee rises 7 paise to close at 82.81 against US dollar
The rupee appreciated by 7 paise to close at 82.81 against the US dollar on Tuesday, as easing crude oil prices buoyed investor sentiments.
Sensex, Nifty on Tuesday
The 30-share Sensex ended 288 points lower at 59,544, while its broader peer, Nifty50, ended just above the 17,650 mark.