Indices trade sideways; auto shares under pressure
At 11:30 IST, the barometer index, the S&P BSE Sensex rose 107.18 points or 0.15% to 73,964.78. The Nifty 50 index lost 6.50 points or 0.02% to 22,883.25.
In the broader market, the BSE 150 MidCap Index declined 1.36% and the BSE 250 SmallCap Index fell 1.88%.
The market breadth was weak. On the BSE, 1,008 shares rose and 3,028 shares fell. A total of 246 shares were unchanged.
IPO Update:
Jio Platforms received bids for 23,27,13,888 shares as against 19,75,25,934 shares on offer, according to stock exchange data at 11:25 IST on 21 October 2026. The issue was subscribed 1.18 times.
The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed between Rs 1,065 and 1,119 per share. An investor can bid for a minimum of 12 equity shares and multiples thereof.
Paras Healthcare received bids for 5,49,213 shares as against 1,20,83,331 shares on offer, according to stock exchange data at 11:25 IST on 21 October 2026. The issue was subscribed 0.05 times.
The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed between Rs 660 and 693 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.
Buzzing Index:
The Nifty Auto index fell 1.42% to 25,227.25. The index slipped 2.01% in the two consecutive trading sessions.
Sona BLW Precision Forgings (down 3.22%), TVS Motor Company (down 1.81%), Eicher Motors (down 1.71%), Uno Minda (down 1.61%), Tube Investments of India (down 1.57%), Bharat Forge (down 1.52%), Bajaj Auto (down 1.39%), Bosch (down 1.31%), Mahindra & Mahindra (down 1.1%) and Maruti Suzuki India (down 0.96%) declined.
Global Markets:
Asian equity indices opened higher on Wednesday, led by gains in Japan and South Korea, as renewed optimism over artificial intelligence (AI) investments supported sentiment following the previous session's sell-off.
Asian technology stocks had come under pressure on Tuesday amid concerns over heavy AI infrastructure spending and rising financing costs. Investors are assessing corporate earnings to determine whether substantial investments in AI will translate into sustainable growth.
Sentiment received a boost from Super Micro Computer's stronger-than-expected preliminary revenue guidance for Q1 FY27. The company expects revenue of $18.5 billion to $19.5 billion, up from its earlier forecast of $14.5 billion to $15.5 billion and above analyst expectations of around $15 billion. It also raised its gross margin outlook to 12%-12.5% from 10.4%-10.8%, citing a more favourable customer and product mix.
Meanwhile, Japan's exports rose 16.7% year-on-year in September, marking the 13th consecutive month of growth. However, the increase fell short of market expectations. Exports to the US climbed 22.9%, while shipments to China increased 8.6%. Japan's trade deficit narrowed to 536.6 billion yen.
Overnight, US equity markets ended mixed on Tuesday, 20 October 2026. The Dow Jones Industrial Average advanced 1.02% to 52,495.88, while the S&P 500 gained 0.28% to 7,712.57. The Nasdaq Composite edged down 0.02% to 26,424.82 as weakness in technology stocks offset gains elsewhere.
Healthcare and industrial stocks supported the Dow's advance as investors assessed corporate earnings and reassessed valuations of technology companies. Concerns over the cost and potential returns from AI-related investments continued to influence market sentiment.
SpaceX shares rose over 8% in extended trading after third-quarter revenue surged 161% year-on-year to $14.58 billion, while net income reached $4.4 billion against a loss of $1.1 billion a year earlier. Strong demand for AI computing capacity drove AI revenue up more than ninefold. Meanwhile, Netflix fell 6% on concerns over slowing revenue growth.
On the economic front, US housing starts fell 5.2% month-on-month in September, while building permits declined 0.2%. Single-family housing starts dropped 4.6% to an annualized rate of 859,000 units. Single-family permits fell 4% to 845,000, their lowest level in three and a half years, signaling continued weakness in the housing sector.
Meanwhile, crude oil prices rose on Wednesday amid renewed concerns over supply disruptions in the Middle East. Brent crude gained 85 cents to $109.64 a barrel. Prices had fluctuated on Tuesday following conflicting reports about progress in US-Iran diplomatic efforts. Continued threats to energy infrastructure and shipping routes kept supply risks in focus.
Corporate earnings are expected to remain a key driver of global markets this week. Investors will assess whether earnings growth can support equity valuations amid elevated borrowing costs and uncertainty over AI spending. Developments in the Middle East and movements in crude oil prices are also likely to influence sentiment.
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