GIFT NIFTY indicates gap-up opening for Indian markets amid positive cues from Asian markets

The Indian equity benchmarks are set to stage a gap up opening on Wednesday, October 21, as indicated by NIFTY futures traded at GIFT City in Gandhinagar. NIFTY Futures at GIFT City advanced 123 points to 23,018 amid positive cues from Asian markets.

The Indian equity benchmarks snapped their two-day winning streak on Monday as sentiment turned cautious after Brent crude prices in international markets moved above $108 per barrel.

The SENSEX dropped 876 points to close at 73,853 and NIFTY50 index fell 257 points to close at 22,889.

Japan's Nikkei rose 1.23%, Taiwan Weighted gained 1.8%, South Korea's KOSPI surged 3.76% and China's Shanghai Composite declined 0.17%.

Overnight, US shares mostly ended higher on the back of strong profit reports from Equifax, Hasbro and other companies, while oil prices eased back after nearing their highest levels since the war with Iran began.

Dow Jones Industrial Average advanced 1.02%, S&P 500 index gained 0.28% and tech heavy Nasdaq index slipped 0.02%.

Back home, foreign institutional investors sold shares worth ₹1,148.64 crore on Monday while domestic institutional investors bought shares worth ₹3,201 crore, data from NSE showed.

At least 40 companies will declare their earnings for the September quarter of the financial year 2026-27 on Wednesday. They include Zomato-operator Eternal, renewable energy player Adani Green Energy, Taj operator Indian Hotels Company, chemical conglomerate SRF, hypermarket chain Vishal Mega Mart, electrical wires and cables manufacturer KEI Industries and NBFC Mahindra and Mahindra Financial Services.

Shares of oil marketing companies (OMCs), aviation companies and paint manufacturers will be in focus as crude oil prices remain elevated amid concerns over supply disruptions in the Middle East and risks to shipping through the region.

Brent crude futures rose 0.78% to $109.64 per barrel, while US West Texas Intermediate (WTI) crude gained 0.78% to $98.58 as of 0022 GMT. Prices edged higher after Iran's Revolutionary Guards Navy reported that a supertanker had caught fire after striking a sea mine south of the Strait of Hormuz.

Sustained high crude prices could increase input costs for sectors such as aviation, paints and oil marketing, while also raising concerns over fuel inflation and marketing margins for OMCs, depending on the extent to which higher costs are passed on to consumers.