Indian Stock Market Today: GIFT Nifty Signals Higher Opening; Swiggy, Cyient and NLC India in Focus
The Indian stock market is expected to open higher on Friday, October 23, with GIFT Nifty indicating early gains. Ahead of the opening bell, GIFT Nifty was trading near 22,800, up approximately 165 points, or 0.73%, from its previous close.
However, rising crude oil prices, selling in US technology stocks and weakness across Asian markets could influence investor sentiment. Shares of Swiggy, Cyient, Colgate-Palmolive India, NLC India and several other companies are also likely to remain in focus following quarterly earnings announcements and business updates.
Global market cues are expected to play an important role in Friday's trading session. GIFT Nifty's gains indicate a potentially higher opening for the Sensex and Nifty. However, volatility could persist despite the initial upward momentum.
Weakness in Asian markets and selling pressure in US technology stocks may affect investor sentiment. Global developments, quarterly corporate earnings and crude oil price movements are likely to remain key factors influencing market activity.
Rising crude oil prices remain a key concern for global financial markets. According to the available trading data, international benchmark Brent crude climbed above $114 per barrel, while US West Texas Intermediate (WTI) crude traded near $100 per barrel. The reported levels were described as the highest since 2022.
Higher crude oil prices could increase economic pressure on India, a major oil importer. Rising prices may increase the import bill, add to inflationary risks and put pressure on the rupee. They could also affect operating costs in sectors such as aviation, paints, tyres and logistics.
If oil prices remain elevated, investors may pay closer attention to companies whose profitability is directly exposed to raw material and fuel costs.
Shares of artificial intelligence (AI) and technology companies fell sharply in the US market following inflation-related data. According to the available figures, CoreWeave shares declined by approximately 16%, Nebius fell 11%, Oracle dropped 9% and Dell Technologies lost as much as 11%.
The sell-off was associated with a combined reduction of approximately $80 billion in the market value of these companies. The decline highlighted investor concerns over rising capital requirements and borrowing costs in the AI infrastructure sector.
Weakness in US technology stocks could influence global investor sentiment. However, the impact on Indian equities will also depend on domestic market cues, foreign investor activity and trading trends in Indian IT stocks.
Swiggy reported a consolidated loss of Rs 922 crore for the second quarter, down from Rs 1,092 crore in the corresponding period last year. Revenue increased 36.1% year-on-year to Rs 7,571 crore. Performance in its quick-commerce and food-delivery businesses will remain in focus.
Cyient's consolidated profit declined 7.3% to Rs 132.5 crore, while revenue rose 25.5% to Rs 2,235 crore. Investors may track the company's profitability and growth outlook.
Colgate-Palmolive India's second-quarter profit increased 4.3% to Rs 341.6 crore. Revenue rose 12.3% to Rs 1,705.8 crore.
Cement manufacturer Nuvoco Vistas reported a 79.2% increase in consolidated profit to Rs 65.3 crore. Revenue grew 13.5% to Rs 2,790 crore.
BlueStone Jewellery reduced its loss to Rs 3.2 crore from Rs 51.7 crore in the year-ago period. Revenue increased 45% to Rs 745 crore.
CreditAccess Grameen reported a 299% increase in standalone profit to Rs 501.6 crore. Revenue rose 31.3% to Rs 1,350.7 crore. Investors may monitor the company's financial position and microfinance business performance.
NLC India has signed agreements to explore opportunities in coal gasification, synthesis gas and beach sand mineral processing in Odisha. The company is considering a potential investment of approximately Rs 2,000 crore in a beach sand mineral processing facility as part of its long-term expansion plans.
eMudhra has decided to voluntarily exit the global SSL/TLS certificate business and increase its focus on enterprise solutions and trust services.
Mainboard listings involving sheet metal fabrication, Bonfiglioli Transmission, Tombo Imaging India and Sahajanand Medical Technologies, along with the SME listing of Shelze India, may also draw market attention.
