Sensex, Nifty set for a subdued opening amid mixed global cues; Axis Bank, IEX shares in focus

The Indian benchmark indices are set for a marginally higher opening, tracking mixed global cues. The US markets closed unevenly, while the Asian markets were trading in the green. 

According to news reports, sources in the government said on Wednesday that there has been a major development in the India-US trade talks. As per a post by ANI on X, the government official was cited as saying that engagement between the two sides is going on, and the negotiating team from India is in the US. They are trying to see if we can have a win-win solution between the two sides. 

On the global front, US President Donald Trump said that Prime Minister Narendra Modi has assured that India would not buy oil from Russia. As an answer to ANI’s question, Trump responded, “He’s (PM Modi) a great friend of mine. We have a great relationship.. I was not happy that India was buying oil. And he assured me today that they will not be buying oil from Russia. That’s a big stop. Now we’ve got to get China to do the same thing.” 

On the other hand, the RBI administration, led by Sanjay Malhotra, warned that the Trump Administration’s tariff and visa policies could substantially harm India’s exports, small businesses, and employment. In its latest Monetary Policy Committee (MPC) minutes, it described these measures as a “comprehensive assault on India with successive announcements over the past few weeks.” 

In terms of international markets, Asian indices were trading higher, except for Singapore’s Straits Times, which was down by 0.40%. Japan’s Nikkei 225 was up by 0.80%, while the South Korean KOSPI soared by 1.80%. The Shanghai Composite rose 0.32%, whereas the Hang Seng index was trading flat. 

The US markets were a mixed bag, as tensions in US-China relations kept investors cautious. The S&P 500 gained 0.40% to end the session at 6,671.06, and the Nasdaq closed 0.66% higher at 22,670.08. Meanwhile, the Dow Jones Industrial Average fell 0.04% to 46,253.31

The Gift Nifty futures index pointed towards a positive start for the indian markets. At 8:45 am, the Gift Nifty index was above at a premium of 29 points, or 0.11% at 25,465.50. Yesterday, the benchmark indices closed higher, with the Sensex jumping 575.45 points, or 0.70%, to close at 82,605.43, while the Nifty 50 rose 0.71% to 25,323.55. 

Stocks in focus:

Axis Bank - The private lender recorded a steep fall in profits of 26.4% to Rs 5,089.6 crore from last year’s Rs 6,917.6 crore. Net interest income (NII) increased by 1.9% year-on-year (YoY) to Rs 13,744 crore. 

HDB Financial Services - The company reported a decline of 1.6% YoY in net profit in Q2 for the current financial year, to ₹581 crore. NII rose 19.7% to Rs 2,193 crore, and total income grew 18.4% to Rs 2,851 crore.

HDFC Life Insurance Company - The company’s profit grew 3% to Rs 448.3 crore, while net premium income rose 13.6% to Rs 18,871.2 crore, vs last year’s Rs 16,613.7 crore

Bharat Electronics - BEL receives orders worth Rs 592 crore for major orders, including tank subsystems and overhauling, communication equipment, combat management system, ship data network, train collision avoidance system (Kavach), laser dazzler, jammers, upgrades, spares, services, etc.

Indian Energy Exchange - Sebi passed its largest order regarding an insider trading case involving Indian Energy Exchange shares worth Rs 173 crore. 

Hero Motocorp - The motorcycle and scooter manufacturer announced that it has entered the Spanish market by partnering with Noria Motos, a subsidiary of the ONEX Group, while introducing its Euro 5+ compliant models.

Angel One - The company saw a 50% decline in net profit on a YoY basis, which fell to Rs 211.7 crore, and its revenue also dipped by 20% to Rs 1,201 crore.