Opening Bell : Markets likely to make positive start on Wednesday
Indian equity markets are likely to make a positive start on Wednesday, after IMF raised India's growth projection for this fiscal year. However, traders are likely to remain cautious after U.S. President Donald Trump's fresh warning that countries aligning with BRICS could face new U.S. tariffs.
Some of the key factors to be watched:
IMF raises India's GDP growth forecast to 6.6% for FY26: International Monetary Fund (IMF) has revised upwards India's GDP growth forecast for the current fiscal to 6.6 per cent compared to its earlier estimate of 6.4 per cent on the back of strong growth, offsetting the impact of US tariffs on Indian shipments.
Ministry of Mines classifies limestone as major mineral, eases mining, sale restrictions: Ministry of Mines has classified limestone as a major mineral completely. The move will promote ease of doing business, as the leaseholders will be able to sell or utilise limestone for any purpose without any end-use restrictions based on artificial regulatory distinction of minor or major mineral.
India starts probe into increased imports of chemical from South Korea: India has initiated a probe to ascertain if a significant spurt in imports of a chemical, used in the plastic industry, from South Korea is impacting the domestic producers.
Credit growth of PSU banks outperformed private banks: Financial Services Secretary M Nagaraju has said that public sector banks have emerged stronger and more resilient, with credit growth outperforming their private peers in the recent past.
Gem and Jewellery sector will be in limelight: The Gem and Jewellery Export Promotion Council (GJEPC) has said that the overall gems and jewellery exports rose by 6.55 per cent in September to $2,914.29 million (Rs 25,737.50 crore) despite global headwinds as festive and wedding season demand gains momentum.
On the global front: The US markets ended mostly in red on Tuesday after US President Donald Trump accused China of an economically hostile act by purposefully not buying U.S. soybeans and threatened to terminate business with China having to do with cooking oil and other elements of trade as retribution. Asian markets are trading mostly in green on Wednesday, despite renewed trade tensions between the United States and China.
Back home, Indian equity benchmarks erased opening gains and ended lower on Tuesday amid weak trends in Asian and European markets and fresh foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 240.10 crore on Monday, according to exchange data. Finally, the BSE Sensex fell 297.07 points or 0.36% to 82,029.98 and the CNX Nifty was down by 81.85 points or 0.32% to 25,145.50.
Some of the important factors in trade:
WPI inflation eases to 0.13% in September: Wholesale price inflation (WPI) softened to 0.13 per cent in September on easing in prices of food articles, fuel and manufactured items, government data showed. WPI-based inflation was 0.52 per cent in August and 1.91 per cent in September last year.
Direct tax revenue up 6% to Rs 11.89 lakh crore till October 12: The government data showed that net direct tax collection grew 6.33 per cent so far this fiscal to over Rs 11.89 lakh crore due to higher corporate tax mop-up and slower refunds.
India, Canada discuss energy, tech, food security: Commerce and Industry Minister Piyush Goyal said India and Canada discussed possibilities to increase cooperation in areas such as energy, technology and food security, reaffirming New Delhi's commitment to strengthening trade and investment ties based on mutual trust and respect.
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