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Indian stock markets are expected to open slightly higher on Monday, with investor attention focused on earnings reports from major players like HDFC Bank, Kotak Mahindra Bank, and Tech Mahindra.
As of 07:14 a.m. IST, the Gift Nifty stood at 24,927.5, indicating that the NSE Nifty 50 index may open marginally above its last close of 24,854.05 on Friday. Both the NSE Nifty 50 and S&P BSE Sensex had posted losses in the previous week, marking the third consecutive week of declines.
Analysts attributed the recent market downturn to sustained foreign outflows as investors shifted focus toward China, where stimulus measures and cheaper stock valuations are drawing attention. Additionally, the ongoing mixed corporate earnings season has added to market caution.
The reaction to HDFC Bank’s earnings, a key component of India’s benchmark indexes, will likely influence Monday’s trading. The private lender reported a higher-than-expected standalone net profit for the September quarter and plans to reduce its loan-to-deposit ratio over the next two to three years.
Meanwhile, Kotak Mahindra Bank may face selling pressure due to a sequential margin contraction and deterioration in asset quality for the second quarter. Tech Mahindra, which reported revenue growth over the weekend, will also be closely watched by market participants.
Foreign institutional investors have been net sellers of Indian equities for 15 consecutive sessions, offloading shares worth ₹54.86 billion ($652.7 million) on Friday. October is shaping up to be the worst month for the Nifty since September 2022, with the index down 3.7% so far.
Stocks to Watch:
- JM Financial: The Reserve Bank of India has lifted restrictions on one of its units.
- Tata Steel: The steelmaker signed a contract with Italy’s Tenova for an electric arc furnace at its Port Talbot plant in Wales.
- JSW Steel: JSW’s joint venture with JFE Steel Corp announced a deal to acquire thyssenkrupp Electrical Steel India for $482.1 million.
