GIFT NIFTY indicates strong start for Indian markets despite weak cues from Asian markets

The Indian equity benchmarks are set to stage a gap up opening on Friday, October 23, as indicated by NIFTY futures traded at GIFT City in Gandhinagar. NIFTY futures at GIFT City advanced 110 points or 0.5% to 22,821.

The Indian equity benchmarks fell for a third straight session on Thursday, October 22, as rising crude prices in global markets dented investors' sentiment towards equities.

The SENSEX dropped 460 points or 0.62% to close at 73,249 and NIFTY50 index plunged 124 points to settle at 22,688.

Meanwhile, Asian markets were trading lower tracking a surge in crude prices and a selloff in technology shares. Japan's Nikkei dropped 2%, China's Shanghai Composite fell 2.13%, Hing Kong's Hang Seng index slipped 0.45% and South Korea's KOSPI fell 2.5%.

Overnight, US shares ended lower on Thursday dragged down by a selloff in artificial-intelligence stocks while oil surged to its highest level since May.

Dow Jones Industrial Average advanced 0.02%, S&P 500 index fell 1.21% and tech heavy Nasdaq index plunged 2.6%.

Brent crude futures surged as much as 1.35% to a fresh 5-month high of $114.7 per barrel due to concern of further energy supply disruption after Houthi attacks ‌on top exporter Saudi Arabia.

Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world's largest crude exporter and Yemen-based Houthis.

Clashes between the Houthis and a Saudi-led coalition that backs Yemen's internationally recognised government have raged since the Iran-aligned Houthis pushed towards Bab el-Mandeb, a shipping chokepoint at the mouth of ‌the ⁠Red Sea.

In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port has been shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday.

Back home, foreign institutional investors sold shares worth ₹3,458.70 crore on Thursday while institutional investors bought shares worth ₹2,891.32 crore, data from National Stock Exchange showed.

At least 75 companies will announce their earnings for the September quarter of the financial year 2026-27 on Friday, October 23.

They include information technology and consulting major Infosys, thermal power producer Adani Power, integrated steel manufacturer JSW Steel, NBFC Shriram Finance, commercial vehicle maker Tata Motors, drug maker Torrent Pharmaceuticals, motor and generator manufacturer CG Power and Industrial Solutions and oil marketing company Bharat Petroleum Corporation Ltd (BPCL).