Stock Market Outlook: Indices look to erase loss as fear factor subsides

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By S Jha

New Delhi, October 10: The US bourses staged a major turnaround as all the indices ended in green on Monday, while the Dow Jones Future is up on Tuesday morning. The Asian bourses are also in green, suggesting a gap up opening for Nifty.

Nifty was hammered to the 19500 level, as the bears took control of the bourses on Monday. While the crude oil has jumped to the level of $88 per barrel, the investors appear not worried about the prospects of a regional war in Middle East.

The US, France, the UK, Germany, and Australia have firmly committed that they would standby Israel. Back channels negotiations are underway to exchange hostages in Israel-Gaza conflict zone. Nifty is seen to be trading in the range of 19350-650, and a direction may come in the market only if the extreme ends are broken as per chartists.

TCS will be announcing quarterly result on Wednesday after the market hour. The Indian bourses henceforth may take direction from the cues emerging out of the quarterly earnings. TCS, HCL Technology, and other largecap IT stocks were firm yesterday even when the bearish sentiments prevailed in the market. Incidentally, the market expectations from the IT firms are not bullish, and any surprise can bring the bulls chasing the scrips.

Some of the IT stocks which are trending include the likes of Birlasoft and Nucleus Software. On the other hand, Map My India and Avantel are seen to be firm despite bearish sentiments in the market, while Adani firms had come under the bear attack yesterday.