Indian Stock Market Overview
The Indian stock market is expected to open on a positive note, with the Nifty futures trading higher by 0.14% at 25,437. The Nifty 50 index ended in the green on Wednesday, snapping its two-day fall, while the Sensex slipped 575.45 points, or 0.70%, to 82,605.43.
Global Market Cues
Asian stocks rose at the open after US equities closed higher in a volatile session as investors weighed renewed US-China trade tensions. The Hang Seng futures jumped 0.35%, while Japan’s Nikkei jumped 0.95%. Meanwhile, oil prices rebounded from a five-month low, with Brent crude climbing above $62 a barrel.
Q2 Earnings Updates
Axis Bank reported a net profit of Rs 5,090 crore, down 26.4% year-on-year, while HDFC Life reported a net premium income of Rs 18,871 crore, up 13.6% year-on-year. Oberoi Realty reported a revenue of Rs 1,779.04 crore, up 34.8% year-on-year.
Stocks in Focus
Some of the top stocks to watch today include Wipro, Infosys, Nestle India, and L&T Finance. The Nifty Options 20th Oct Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 25,300.
Rupee Update
The Indian rupee settled sharply higher against the US dollar, despite paring some gains from its intraday high. The Indian currency settled 73 paise stronger against the US dollar at 88.07.
Market Outlook
The Indian stock market is expected to remain volatile, with investors keeping a close eye on the upcoming Q2 earnings season and global market cues. The Nifty 50 index is expected to trade in a range of 25,000-26,000, with the Sensex trading in a range of 82,000-84,000.