Marketbuzz Podcast with Ekta Batra: Sensex, Nifty 50 headed for subdued opening, DMart, HDFC Bank in focus
Episode 1117, Oct 16, 2023, 03:27 AM
Indian benchmark indices — Sensex and Nifty 50 — are likely headed for a muted opening in the trading session of October 16. This follows the market's inability to sustain intraday gains during the previous session on October 13, especially due to a late-hour dip in bank recoveries.
Global oil prices have surged by approximately 6% due to heightened geopolitical tensions in Israel. However, on October 16, oil prices experienced a decrease, partially reversing the rally observed on October 13. Investors are on the lookout to determine whether the Israel-Hamas conflict escalates, potentially involving other nations and consequently driving prices higher, which could adversely impact the global economy.
Brent futures exhibited a decline of 0.4% to reach $90.55 per barrel, while US West Texas Intermediate (WTI) crude dropped by 41 cents, or 0.5%, to $87.28 a barrel as of 3:18 am. These shifts followed the notable 6% increase in both benchmarks during the previous session, marking their highest daily percentage gains since April, as investors factored in the likelihood of an extended Middle East conflict.
In recent developments, Iran issued a warning through a social media post, emphasizing the need to halt what they termed "war crimes and genocide" by Israel, cautioning about potential far-reaching consequences if action is not taken. This warning came after Axios reported that Tehran had conveyed a message via the U.N. to Israel, indicating that any ground offensive in the Hamas-controlled Gaza Strip would elicit a response from Iran.
The US market, meanwhile, closed lower on October 13 but was up for the second consecutive week. In morning trade, Asia was largely low and the GIFT Nifty indicated a softer start as earnings continue to be in focus.
Avenue Supermarts released its financial results over the weekend, and its stock is likely to exhibit a reaction in response. Furthermore, HDFC Bank, Federal Bank, Bank of Maharashtra, ICICI Securities, and Geo Financial Services are slated to announce their earnings for the July to September quarter later in the day. These companies are all set to release their financial figures today.
Tune in to the Marketbuzz Podcast for more news and cues
Global oil prices have surged by approximately 6% due to heightened geopolitical tensions in Israel. However, on October 16, oil prices experienced a decrease, partially reversing the rally observed on October 13. Investors are on the lookout to determine whether the Israel-Hamas conflict escalates, potentially involving other nations and consequently driving prices higher, which could adversely impact the global economy.
Brent futures exhibited a decline of 0.4% to reach $90.55 per barrel, while US West Texas Intermediate (WTI) crude dropped by 41 cents, or 0.5%, to $87.28 a barrel as of 3:18 am. These shifts followed the notable 6% increase in both benchmarks during the previous session, marking their highest daily percentage gains since April, as investors factored in the likelihood of an extended Middle East conflict.
In recent developments, Iran issued a warning through a social media post, emphasizing the need to halt what they termed "war crimes and genocide" by Israel, cautioning about potential far-reaching consequences if action is not taken. This warning came after Axios reported that Tehran had conveyed a message via the U.N. to Israel, indicating that any ground offensive in the Hamas-controlled Gaza Strip would elicit a response from Iran.
The US market, meanwhile, closed lower on October 13 but was up for the second consecutive week. In morning trade, Asia was largely low and the GIFT Nifty indicated a softer start as earnings continue to be in focus.
Avenue Supermarts released its financial results over the weekend, and its stock is likely to exhibit a reaction in response. Furthermore, HDFC Bank, Federal Bank, Bank of Maharashtra, ICICI Securities, and Geo Financial Services are slated to announce their earnings for the July to September quarter later in the day. These companies are all set to release their financial figures today.
Tune in to the Marketbuzz Podcast for more news and cues