Indian equity benchmarks are likely to open lower on Tuesday, October 27, as GIFT Nifty futures signalled a weak start despite a recovery in domestic stocks and gains across global markets.
GIFT Nifty was trading at around 22,672.50, down 101.5 points or 0.45%, indicating a cautious start for the Nifty 50. Investors will track global market trends, foreign institutional investor (FII) activity, quarterly earnings and developments in global technology stocks.
On Monday, the Sensex rose 483 points to close at 73,607, while the Nifty 50 gained 153 points to settle at 22,753. Both benchmarks recovered sharply from their intraday lows, snapping a four-session losing streak.
Global markets rally on AI optimism
US stocks closed higher on Monday as Anthropic's initial public offering (IPO) filing boosted sentiment towards artificial intelligence-related stocks. The gains helped the S&P 500 and Nasdaq recover after two consecutive weeks of losses.
Dow Jones: Rose 146.42 points, or 0.28%, to 52,361.58.
S&P 500: Gained 53.09 points, or 0.70%, to 7,676.77.
Nasdaq Composite: Advanced 214.04 points, or 0.83%, to 26,169.38.
Asian markets also advanced, tracking Wall Street's gains as investors assessed upcoming technology earnings and the Federal Reserve's interest rate decision.
FII and DII activity
Foreign institutional investors returned to net selling in Indian equities on October 26, while domestic institutional investors continued to support the market.
| Investor category | Net activity on October 26 |
|---|---|
| FIIs | Net sellers of ₹1,462.49 crore |
| DIIs | Net buyers of ₹2,609.57 crore |
FIIs purchased shares worth ₹9,324.90 crore and sold ₹10,787.39 crore. DIIs bought equities worth ₹17,389.57 crore and sold ₹14,780 crore, according to provisional exchange data.
Nifty technical outlook: Key levels to watch
According to market analysts cited in the supplied updates, the Nifty's immediate support lies around 22,400–22,600, while 22,800 is a key resistance level.
A sustained move above 22,800 could open the way towards 23,000. However, a break below the support zone could weaken the recent recovery.
Top Nifty 50 gainers and losers
Top gainers in the previous session
| Stock | Change | Closing price |
|---|---|---|
| Dr Reddy's Laboratories | +6.62% | ₹1,310.90 |
| JSW Steel | +6.28% | ₹1,260.00 |
| BSE Ltd | +3.97% | ₹3,359.00 |
| Adani Ports | +2.92% | ₹1,752.50 |
| Eternal | +2.57% | ₹325.55 |
Top losers in the previous session
| Stock | Change | Closing price |
|---|---|---|
| Shriram Finance | -4.62% | ₹825.00 |
| Tata Consumer Products | -2.84% | ₹936.50 |
| Bajaj Finance | -1.10% | ₹918.70 |
| HDFC Life | -0.91% | ₹519.00 |
| HDFC Bank | -0.69% | ₹688.05 |
Stocks in focus today
Shares of Paytm, Tata Consumer Products, Dalmia Bharat, REC and DCM Shriram are likely to remain in focus as investors assess quarterly earnings, fundraising plans, credit rating updates, regulatory developments and business announcements.
Market outlook: The domestic market's rebound and positive global cues provide some support, but the lower GIFT Nifty, continued FII selling and upcoming global events could keep investors cautious at the opening bell.
Source: Market updates and provisional exchange data supplied in the prompt. Figures and market levels have not been independently verified.
