In India, however, equities showed a more balanced tone. After a weak start, benchmark indices recovered through the morning session. By noon, the Sensex had crossed the 84,000 mark, up around 180 points, while the Nifty 50 traded above 25,700. Gains were led by auto, FMCG, and banking stocks, even as IT counters remained under pressure amid muted global tech sentiment. Consumer-oriented shares such as Asian Paints advanced over 5 percent on expectations of easing input costs, while select private banks also lent support to the indices.
Investor participation remained active on hopes that festive demand would support earnings in consumer and auto sectors. Broader market sentiment was cautious but not negative, with mid- and small-cap indices showing mild gains despite volatile global cues.
In the currency market, the Indian rupee initially strengthened following reported Reserve Bank of India intervention but later gave up part of its gains as importers stepped in to cover positions. The rupee was quoted around Rs 87.85 per US dollar, slightly weaker than its early high of Rs 87.75.
Overall, the mood in Asia at midday remained defensive, shaped by nervousness in global markets and concerns over banking sector stability in the US. However, India’s relative outperformance stood out, aided by domestic liquidity, retail inflows, and expectations of strong festival-season spending.
Market watchers expect afternoon trade to stay range-bound, with possible volatility ahead of the weekend and the ongoing earnings season. Investors are also keeping an eye on US. Treasury yields and Federal Reserve commentary for fresh cues on the global interest rate outlook.