Indian equity markets are expected to open higher on Friday, October 9, after a sharp sell-off pushed benchmark indices to multi-month lows in the previous session. GIFT Nifty futures indicated a potentially positive start, with the Nifty 50 having closed Thursday at 22,231.80, its lowest level in 18 months. The Sensex ended at 71,593.24, a 32-month low.
The previous session’s decline reflected concerns over rising crude prices, elevated global bond yields and a weakening rupee. Foreign portfolio investors sold Indian equities worth Rs.12,943.58 crore on Thursday, while domestic institutional investors purchased shares worth Rs.10,703 crore, providing partial support to the market.
Investors are also monitoring the September-quarter earnings season and developments affecting Indian technology companies. Although a technical recovery is possible after the steep decline, continued pressure from oil prices and overseas markets remains a key concern.
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