Nifty, Sensex open cautiously as Israel-Hamas peace deal progresses

The share market opened on a cautious note on Friday as the IsraelHamas peace deal talks began taking shape with US President Donald Trumps 20point Gaza Peace PlanInvestors remained watchful amid mixed global cues the ongoing US government shutdown and the domestic earnings seasonThe Nifty 50 index opened at 2516765 recording a minor decline of 1415 points or 006 per cent while the BSE Sensex opened lower by 9665 points or 012 per cent at 8207545Experts noted that US markets which had recently hit lifetime highs ended a bit lower as the lack of government data kept investors cautiousThe absence of fresh economic triggers coupled with uncertainty over the prolonged US government shutdown weighed on global sentimentMeanwhile the IsraelHamas truce led to a decline in oil prices on reduced Middle East risk premia while gold and silver continued to move upwardAjay Bagga Banking and Market Expert told ANI that India has witnessed multiple days of foreign portfolio investor FPI net inflows in the secondary marketsHe highlighted that the blockbuster oversubscription of the LG Electronics IPO reflects strong investor appetite for primary market offeringsThe wait is now twofold Bagga said Some relief from the US tariffs by November is a small probability The second is the earnings season which has begun well The focus will remain on domestic sectors benefiting from continued government infra spending the consumption boost from GST 20 income tax cuts and the RBIs rate cuts and liquidity injection Globally linked sectors like IT will wait for more positives from the global macro but are near their cycle troughs he addedIn sectoral trends on the NSE Nifty Auto FMCG Media and Metal indices opened flat in red On the other hand Nifty IT was up by 022 per cent Nifty PSU Bank by 011 per cent Nifty Realty by 013 per cent and Nifty Consumer Durables gained 031 per centOn the commodities front gold and silver prices witnessed sharp declines after recently touching record highsManav Modi Metal Analyst at Motilal Oswal Financial Services said Gold and silver prices fell more than 2 per cent after marking alltime highs and breaching USD 4000 and USD 50 briefly As the dollar pushed higher and investors booked profits following the ceasefire deal between Israel and Hamas both metals witnessed some pressure Silver has turned into steep backwardation suggesting acute supply tightness unmatched against rising demandLG Electronics continued to remain in focus after its public issue was subscribed 5402 times on day three The allotment is scheduled to be completed today and the shares will be listed on October 14Among quarterly results Tata Consultancy Services TCS reported strong earnings that were ahead of market expectations The company posted revenue of Rs 65799 crore up 37 per cent QoQ and 24 per cent YoY Operating profit stood at Rs 16565 crore up 68 per cent QoQ and 71 per cent YoY The Board also recommended an interim dividend of Rs 11 per shareOther companies expected to announce their secondquarter results today include Elecon Engineering Company Waaree Renewable Technologies GK Energy Yash Highvoltage Bizotic Commercial Pro Fin Capital Services Intense Technologies Affordable Robotic amp Automation Sayaji Pune and Oswal OverseasAcross Asian markets sentiment remained subdued Japans Nikkei 225 fell 102 per cent Hong Kongs Hang Seng slipped 107 per cent while South Koreas KOSPI was the only major index trading higher gaining 132 per cent Taiwans markets remained closed for the National Day holidayThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever