The Indian stock market opened on a steady note on Friday, with benchmark indices trading marginally lower amid mixed global cues and the absence of major domestic triggers. Investor sentiment was supported by expectations of a possible trade agreement between the European Union (EU) and the United States (US), along with optimism that corporate earnings downgrades may have bottomed out.
The BSE Sensex opened at 84,379.79, down 24.67 points (0.03%), while the Nifty 50 started at 25,863.80, slipping 14.05 points (0.05%). Broader indices showed a mixed trend, with the Nifty Midcap 100 and Nifty Smallcap 100 trading in the green, while the Nifty 100 index remained flat.
Market expert Ajay Bagga noted that the markets lacked a strong positive catalyst at present. “Indian markets are steady for now but lack a positive catalyst, with bottoming earnings downgrades and hopes for an EU-US trade deal being the key drivers. On the political front, the Bihar elections could create some uncertainty until results are declared on November 14,” he told ANI.
Among sectoral indices, Nifty Auto rose 0.21%, while Nifty FMCG also traded higher. The Nifty IT index remained flat, whereas Nifty Metal, Pharma, and Realty witnessed mild pressure.
According to Ajit Mishra, SVP–Research at Religare Broking, the near-term outlook suggests continued consolidation. “Support is seen in the 25,600–25,800 zone for the Nifty, while a rebound above 26,100 could reignite momentum. Participants should focus on stock-specific opportunities and use dips to accumulate quality names,” he said.
The primary market remains active, with several key IPOs drawing investor attention. Lenskart Solutions, the technology-driven eyewear brand, will open its ₹7,278 crore IPO on October 31, comprising a fresh issue of ₹2,150 crore and an offer for sale of ₹5,128 crore. The price band is set at ₹382–₹402 per share.
Meanwhile, Orkla India’s public issue was subscribed 2.7 times on day two, led by institutional investors, while Studds Accessories’ IPO saw 1.5 times subscription on the first day.
A slew of major corporates are scheduled to announce their Q2 FY26 earnings today, including ACC, Bajaj Electricals, Bank of Baroda, Bharat Electronics, BPCL, Maruti Suzuki India, Patanjali Foods, Vedanta, and Shriram Finance.
Globally, sentiment was mixed following a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea. Trump described it as a “truly great meeting,” citing progress in trade cooperation, though markets remained cautious.
US indices closed lower on Thursday amid concerns over rising capital expenditure by tech giants on AI without corresponding revenue growth. While the Federal Reserve cut rates earlier this week, hawkish commentary has dampened expectations of another cut in December.
Across Asia, markets traded mixed — Japan’s Nikkei 225 surged 1.41%, Taiwan’s Weighted Index gained 0.51%, and South Korea’s KOSPI rose 0.42%, while Hong Kong’s Hang Seng fell 0.66% and Singapore’s Straits Times dipped 0.22%.
-ANI