Stock Market Outlook: World on edge over Israel’s Gaza ground action

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By S Jha

New Delhi, October 16: Now voices are getting space in the international media, advising caution to Israel after the savage Hamas attacks, which left over 1400 Israelis dead. Israel is likely to launch the ground action anytime soon in its hot pursuit against Hamas.

Brent crude oil has steadily come to the level of $90 per barrel after the Hamas attacks on Israel. Crude oil is trading with marginal gains on Monday morning. Bond yields, both in India and the US, are marginally lower. The dollar index is also marginally lower. The Dow Jones Futures is marginally up, while most of the Asian indices are trading on flat note with negative biases.

The market participants claim that the Indian indices may remain in the shadow of the Israel-Palestine conflict, and any rally in the market could be sold out. However, the Indian indices have shown resilience amid the ongoing quarterly results season. Nifty is seen by market participants to be trading in the range of 19450 to 19850, and they assess that any breach on the either side of the range could kick in trending move in the indices.

HDFC Bank will be announcing its quarterly result today. The banking sector had largely given good results in the last quarter. They are expected to stay the course. The RBI in its recent report had noted with concerns the steady rise in the personal loan portfolios. HDFC Bank is the largest constituent of Bank Nifty.

In the Friday session, Nifty and Bank Nifty had staged smart recovery in the mid-session, while falling for ‘sell on rally’ theme on the street. Tata Motors, trending on the back of its plan for three new EV variants as well as selling stakes in Tata Technology, had gained handsomely to reach an all-time high of Rs 668. Maruti was also bullish in Friday session. The railway stocks were buzzing in the Friday session. The shoe manufacturers are also trending up.