Equity Alert
Mkt may rise Thu; Trump says India to stop buying Russian oil
This story was originally published at 08:24 IST on 16 October 2025
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Equity Alert: Mkt may rise Thu; Trump says India to stop buying Russian oil
MUMBAI--0804 IST--Benchmark indices are seen moving upward Thursday, extending Wednesday's gains, after US President Donald Trump said Prime Minister Narendra Modi has assured him that India will stop buying crude oil from Russia. This came months after Washington imposed punitive tariffs on New Delhi over oil purchases from Moscow.
India "can't immediately stop buying Russian oil, bit of a process, which will be over soon", Trump said at a joint news conference with Federal Bureau of Investigation Director Kash Patel at the Oval Office. "That's a big stop. Now we've got to get China to do the same thing."
"Within a short period of time, they (India) will not be buying oil from Russia. And they will go back to Russia after the war is over," he said. Trump said he was in the midst of negotiating a trade deal with India and Pakistan. "I heard that they are shooting at each other. I said here's the deal, you go to war, I will put a 200% tariff. I am going to stop you from doing any business in the US. I said it to both of them, within 24 hours the war ended. It would have been a nuclear war," Trump said.
The derivatives contract of the GIFT Nifty shows a slight positive start for the market. At 0803 IST, the GIFT Nifty's October contract was at 25469.50 points, nearly 146 points higher than the Nifty 50's latest close. On Wednesday, the Nifty 50 closed at 25323.55, up 178.05 points or 0.7%. The BSE Sensex settled at 82605.43, up 575.45 points or 0.7%. The resistance for Nifty 50 is pegged at 25500-25600 points and support is seen at 25250 points.
Market participants will watch for the September quarter earnings of the Nifty 50 companies scheduled to detail their results Thursday – Nestle India, Eternal, Infosys, Jio Financial Services, and Wipro. They will also asses the earnings of LTIMindtree, another information technology company which will details its results Thursday.
On the global front, Wall Street indices closed higher Wednesday, with Morgan Stanley and Bank of America rallying after robust quarterly results. The rise in the market came against mounting trade tensions between the US and China. Markets in Asia rose in early trade Thursday. (Simran Rede)
Equity Alert: S&P 500, Nasdaq rise on better-than-expected bank earnings
MUMBAI--0748 IST--The S&P 500 and the Nasdaq Composite index ended higher Wednesday, buoyed by better than expected earnings of Bank of America and Morgan Stanley. An upbeat start to the earnings season largely overshadowed concerns around US-China trade ties and a US government shutdown. US Treasury Secretary Scott Bessent told CNBC in an interview that Washington did not want to escalate a trade conflict with China, adding that US President Donald Trump was ready to meet Chinese President Xi Jinping in South Korea later this month.
Strong quarterly reports from Bank of America and Morgan Stanley improved trader sentiment on Wall Street. Shares of Bank of America ended 4.4% higher and those of Morgan Stanley rose almost 5%. Bank results from earlier this week indicate that major US companies might be performing better than forecasts. The earnings also provide cues on the US economy's condition at a time when many macroeconomic reports are delayed due to a government shutdown.
"It appears as if the banks have hit the ball out of the park, exceeding both earnings and revenue expectations...that's an indication that the economy remains strong and, coupled with the likelihood that the Fed will cut rates again at the end of this month, (it) is bolstering investor optimism," Sam Stovall, chief investment strategist at CFRA Research, was quoted by CNBC as saying.
While there has been higher volatility in the US stock market, this hasn't deterred US federal officials from pursuing tough talks with China, Treasury secretary Scott Bessent was cited as saying by CNBC. "We won't negotiate because the stock market is going down, we will negotiate because we are doing what is best economically for the US," he said.
Shares of chipmaker ASML rose 3?ter the company reported September orders and operating income above market expectations, lifted by booming AI investment, Reuters reported. Meanwhile, shares of medical equipment maker Abbott fell over 2% following downbeat quarterly revenue. Shares of Bunge rose almost 13% despite the grain trading company lowering its earnings forecast following its merger with Viterra.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6671.06 |
0.4 |
|
NASDAQ Composite |
22670.08 |
0.66 |
|
Dow Jones Industrial Average |
46253.31 |
(-)0.04 |
(Eshitva Prakash)
End
US$1 = INR 88.08
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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