Indian benchmark indices, the BSE Sensex and Nifty 50, opened higher on Friday, October 30, the final trading session of the week, despite weak global cues, rising crude oil prices and renewed concerns over geopolitical tensions between the US and Iran.
At the opening bell, the Sensex rose to 74,199.69, compared with its previous close of 74,151.04. The Nifty 50 opened at 22,964.50, against its previous close of 22,936.75.
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However, elevated crude oil prices remained a key concern for investors, with Brent crude trading above $117 per barrel. Reports suggesting that the US could resume military strikes against Iran after the November 3 mid-term elections have added to geopolitical uncertainty. Meanwhile, US benchmark indices ended lower overnight.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the rising crude oil prices were adding to the market's headwinds and limiting the scope for a sustained rally.
"The crude oil headwind is getting stronger with Brent rising above $117. There are reports of the US likely resuming strikes against Iran after the mid-term elections which are due on November 3. Even though FII selling has weakened, with occasional buying in recent days, the market construct appears unfavourable for a rally," he said.
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Vijayakumar also pointed to a recovery in small-cap stocks following last week's sharp selloff. He said the earlier decline was triggered by forced liquidation of margin-funded long positions, while domestic institutional investors (DIIs) and other investors were using the correction to accumulate growth stocks despite elevated valuations.
"Sustained capital flows into mid- and small-cap funds facilitate accumulation of these stocks," he said. However, he cautioned investors that large-cap stocks could offer better value, having remained temporarily out of favour amid foreign institutional investor (FII) selling.
On global cues, Vijayakumar said strong US economic growth and elevated inflation could keep bond yields high, making US assets attractive to safe-haven investors.
"The impressive 3.4% US Q3 GDP numbers and high PCE inflation number at 3.6% mean that US bond yields will remain elevated and will continue to attract safe-haven funds," he said.
Stock Market Today: Top Gainers And Losers
Among individual stocksTrent, Sun Pharma, and Infosys were among the top gainers on the BSE, while BEL, SBI and UltraTech Cement featured among the top losers.
Broader Markets Today
The broader markets, bucking the trend, slipped in trade. The Nifty Smallcap 100 index falling 0.84% and the Nifty Midcap 100 index dropped 0.53%.
Sectoral Indices Today
Sectorally, Nifty IT and Pharma emerged as the top-performing indices, while Consumer Durables and FMCG lagged behind.
India VIX Today
India VIX, the market's volatility gauge, advanced over 2%.
Q2 Results Today: 213 Companies To Announce Earnings
Investors will also keep an eye on the September quarter earnings, with as many as 213 companies scheduled to announce their Q2 FY27 results on Friday.
Reliance Industries, Jio Platforms, Sun Pharmaceutical Industries, Bharat Electronics, Indian Oil Corporation, Varun Beverages, Bank of Baroda, GAIL India, Dixon Technologies, PB Fintech, Delhivery, Max Healthcare Institute and NTPC Green Energy are among the prominent companies scheduled to report their earnings.
Other companies declaring results include Lodha Developers, Aditya Birla Capital, Phoenix Mills, Ajanta Pharma, Navin Fluorine International, LIC Housing Finance, Sun TV Network, Indraprastha Gas, Aarti Industries, Engineers India, Welspun Living, SJVN, Zee Entertainment Enterprises and Quess Corp.
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