Negative opening likely on weak global cues; F&O expiry may trigger volatility

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could slide 59 points at the opening bell.

Trading could be volatile as traders roll over positions in the F&O segment from the near month October series to November series. The October 2023 F&O contracts will expire today, 26 October 2023.

Global markets:

Overseas, Asian stocks are trading lower on Thursday as U.S. shares slumped following a batch of poor corporate earnings.

US stocks dropped on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer. Traders also kept an eye on the latest comments by US President Joe Biden after he had asked Israel to delay its invasion so that more hostages held by Hamas could be freed.

Domestic markets:

Back home, the domestic stock market tumbled for the fifth consecutive session on Wednesday amid mounting tensions in the Middle East and a surge in US bond yields. The barometer index, the S&P BSE Sensex dropped 522.82 points or 0.81% to 64,049.06. The Nifty 50 index shed 159.60 points or 0.83% to 19,122.15.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,236.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,569.36 crore in the Indian equity market on 25 October, provisional data showed.

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