Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals a flat start; Asian shares muted

The Indian rupee is expected to start the week on a weak note, having slipped past a crucial threshold on Friday due to a strong U.S. dollar.

The one-month non-deliverable forward suggests that the rupee will open around 84.08 to the U.S. dollar, up from 84.06 in the previous session and above its all-time low of 84.07.

On Friday, the local currency fell below 84 for the first time, a level that the Reserve Bank of India (RBI) had been defending for the past two months.

Shares of HCL Tech are expected to be in the spotlight today as the company prepares to announce its second-quarter results later in the evening.

The stock has shown an upward trend over the past five days, rising nearly 3% despite prevailing negative market sentiments.

Shares of Network18 Media & Investments are expected to attract attention on Monday after the company reported a widened consolidated loss of Rs 221 crore for the September quarter, compared to Rs 83 crore in the same period last year.

In its Q2 FY25 earnings released on Saturday, the Reliance Industries (RIL)-backed firm showed an increase in net losses both year-on-year and quarter-on-quarter.

The market is eagerly anticipating the second-quarter earnings report from India’s leading conglomerate, Reliance Industries Ltd (RIL), which is set to be released today, alongside reports from 13 other companies.

Notable firms scheduled to announce their results include Angel One, Alok Industries, HCL Technologies, Oriental Hotels, Rajoo Engineers, Rita Finance, Nutraplus India, and Taparia Projects, among others.

Hyundai Motor India (HMI), the second-largest passenger vehicle manufacturer in the country after Maruti Suzuki, plans to raise up to Rs 27,870 crore through an offer for sale (OFS).

Following the OFS, its promoter, Hyundai Motor Company (HMC) of South Korea, will reduce its stake from 100% to 82.5%. HMC is required to further decrease its stake to 75% or lower to comply with regulatory standards. This could potentially impact HMI’s stock price.

Asian stocks hardly budged in early holiday-thinned trade on Monday, with investors nervous as to how markets in mainland China would react to government economic stimulus promises over the weekend which, though broad, were light on detail.

Minister of Finance Lan Foan pledged to “significantly increase” debt, but left investors guessing on the overall size of the stimulus, a vital detail needed to gauge the longevity of a stock market rally.

Oil prices fell by a dollar in early Asian trading on Monday after disappointing Chinese inflation data over the weekend stoked fears about demand.

Brent crude futures were down $1.12 at $77.92 per barrel by 2228 GMT, and U.S. West Texas Intermediate crude futures fell $1.07 to $74.49 per barrel.

Indian benchmark equity indices, Sensex and Nifty50, experienced daily and weekly losses on Friday, impacted by foreign outflows, slowing corporate earnings, and rising tensions in the Middle East.

The NSE Nifty 50 dropped around 0.2%, while the S&P BSE Sensex fell 0.4% this week. Both indices also declined about 4.5% last week, marking their worst performance since June 2022. Currently, both are down 5% from the record highs reached on September 27, with losses recorded in eight of the last ten sessions.

Domestic markets ended marginally lower last week, let down by continued selling pressure from foreign investors. However selective strength in heavyweight stocks helped limit the losses in the later sessions.

GIFT Nifty on the NSE IX traded higher by 11 points, or 0.04 per cent, at 25,086, signaling that Dalal Street was headed for muted start on Monday.