Indices drift higher in early trade; breadth positive
Media, IT and PSU Bank shares advanced while auto, realty and metal shares declined.
At 09:25 IST, the barometer index, the S&P BSE Sensex advanced 106.73 points or 0.14% to 73,427.93. The Nifty 50 index rose 28.35 points or 0.12% to 22,727.20.
In the broader market, the Nifty MidCap 150 Index rose 0.23% and the BSE 250 SmallCap Index added 0.03%.
The market breadth was positive. On the BSE, 1,484 shares rose and 1,284 shares fell. A total of 94 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 871.83 crore, while domestic institutional investors (DIIs) were net buyers of Rs 643.35 crore in the Indian equity market 28 October 2026, according to provisional data.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined 0.12% to 7.420 compared with previous session close of 7.440.
In the foreign exchange market, the rupee edge higher against the dollar. The partially convertible rupee was hovering at 95.2550 compared with its close of 95.2800 during the previous trading session.
MCX Gold futures for the 4 December 2026 settlement fell 0.09% to Rs 1,43,580.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 102.16.
The United States 10-year bond yield fell 1.17% to 4.992.
In the commodities market, Brent crude for the December 2026 settlement declined $1.36 or 1.22% to $110.28 a barrel.
Stocks in Spotlight:
Hero MotoCorp shed 0.04%. The company reported a 4.55% year-on-year increase in standalone net profit to Rs 1,456.2 crore in Q2 FY27 from Rs 1,392.8 crore in Q2 FY26. Revenue rose 21.1% to Rs 14,687.4 crore from Rs 12,126.4 crore.
RR Kabel declined 0.32%. The company reported a 55.3% year-on-year increase in consolidated net profit to Rs 180.6 crore in Q2 FY27 from Rs 116.3 crore in Q2 FY26. Revenue increased 51.8% to Rs 3,284 crore from Rs 2,163.8 crore.
Global Market:
Dow futures rose 169 points, signalling a strong opening for US stocks.
Asian indices were mixed on Thursday, as gains in artificial intelligence-linked shares offset concerns following Alphabet's weaker-than-expected earnings.
Investors assessed the latest technology earnings alongside the Federal Reserve's decision to keep interest rates unchanged. Semiconductor stocks drew support from gains in US chipmakers, while concerns about the cost of AI infrastructure and the returns on investment remained in focus. Alphabet's post-market earnings miss added uncertainty ahead of further results from major technology companies.
US stocks ended higher on Wednesday, after the Federal Reserve kept its benchmark interest rate unchanged. The Dow Jones Industrial Average rose 97.53 points, or 0.19%, to 52,475.10. The S&P 500 gained 21.37 points, or 0.28%, to 7,743.97, while the Nasdaq Composite advanced 72.04 points, or 0.27%, to 26,549.85.
The Fed maintained its target range at 3.75%-4.00% in a 10-2 vote. It upgraded its assessment of economic activity but said inflation remained elevated. Governors Lisa Cook and Beth Hammack dissented, preferring a 25-basis-point rate increase. Markets subsequently raised the implied probability of a December rate hike to 85%, from 78.3% a day earlier, according to CME FedWatch data.
Microsoft shares gained more than 4% in extended trading after the company reported stronger-than-expected cloud revenue. Azure growth accelerated to 48% in its fiscal first quarter, beating its previous guidance and supporting optimism about demand for cloud computing and AI services. Investors will continue to assess Microsoft's capital expenditure and data-centre investment plans.
Alphabet shares fell more than 7% in after-hours trading after its third-quarter results missed analysts' expectations. Revenue rose 25% year on year to $127.58 billion, below the $127.97 billion forecast. Net income fell to $26.17 billion from $34.98 billion a year earlier, while earnings per share came in at $2.12, below estimates of about $3.01. An $8.7 billion loss on equity investments weighed on reported earnings.
Google Cloud remained a bright spot, with revenue surging 103% to $30.7 billion, driven by demand for AI infrastructure and enterprise services. However, investors remained concerned about the scale of capital expenditure and the returns from AI investment.
Investors are awaiting US third-quarter GDP, September personal income and spending figures, and the Personaonsumption Expenditures price index on Thursday. The PCE index is the Federal Reserve's preferred inflation gauge. Initial jobless claims are also due.
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