News

Weak start for markets

Indian benchmark indices, the Sensex and Nifty, opened lower, defying positive cues from GIFT Nifty after Thursday's sharp rally. While gains in Wall Street, a rebound in Asian equities following the recent technology-led selloff, and softer crude oil prices may support sentiment, elevated energy prices, geopolitical uncertainties, and continued foreign institutional investor (FII) selling remain key near-term risks.

At 9:20 AM on October 16, the Sensex was down 138 points at 74,178, while the Nifty slipped 0.10% to 22,975.

Rupee Check

The rupee extended its winning streak for a sixth consecutive session, opening 33 paise higher at 94.72 per US dollar.

Global Update

Asian markets traded higher, with Japan's Topix rising 1.7%, Hong Kong's Hang Seng gaining 0.9%, and China's Shanghai Composite advancing 0.4%. Indonesia bucked the regional trend, plunging 8% amid concerns over its potential exclusion from global stock indices. US equity futures were largely flat, with S&P 500 futures trading near the unchanged mark.

US markets ended higher on Thursday, recovering from early losses as investors rotated into healthcare and consumer stocks amid concerns over valuations and debt levels of AI-related companies. The Dow Jones Industrial Average rose 1.08% to 52,177.69, the S&P 500 gained 0.33% to 7,744.06, and the Nasdaq Composite edged up 0.08% to 26,713.03.