GIFT Nifty Futures Fall 224 Points as Brent Hits $115.36 Ahead of India Open
Key Facts
The November GIFT Nifty contract fell 224 points, or 0.98%, to 22,588 around 08:00 India time on Oct. 28, pointing to an expected weaker open for the Sensex and Nifty, according to Moneycontrol. The signal came before trading began in the Indian market, while Brent crude had risen $1.48, or 1.3%, to $115.36 a barrel at 01:40 GMT. The Houthis said they targeted Saudi Arabia’s largest oil refinery with a missile on Tuesday, but Saudi authorities did not immediately confirm the strike, according to a Reuters report. The facility has capacity of 550,000 barrels a day, putting supply concerns at the forefront of factors surrounding oil prices.
The signal from Indian futures ran counter to trading elsewhere; Japan’s Nikkei rose 1.2% and South Korea’s Kospi gained more than 3% in early Asian trading on Wednesday. U.S. stocks closed higher in the previous session, with the Nasdaq up 1.18%, the S&P 500 up 0.60% and the Dow Jones up 0.03%. In Mumbai, the Sensex ended Tuesday at 73,598.67, down 8.08 points, while the Nifty closed at 22,749.75, down 3.45 points. Moneycontrol said the GIFT Nifty contract pointed to a weaker start for the two Indian indexes despite global gains. That reading is a pre-open indicator and does not represent the outcome of Wednesday’s session.
Higher oil prices matter for India’s economy, which depends on energy imports, as crude movements put fuel and supply costs among the factors the market is tracking. The HSBC Flash survey for October showed an improvement in services activity, with its index rising to 56.2 from 55.2 in September. By contrast, the manufacturing Purchasing Managers’ Index fell to 54.9 from 55.1, while the manufacturing output index rose to 57.6 from 57.5. The survey said manufacturers’ new export orders recorded their fastest increase since June 2025, alongside easing input-cost inflation.
Selling-price increases also slowed to their weakest pace in about four years, according to the HSBC Flash survey published in October. The indicators combine stronger services and export orders with a modest cooling in the overall manufacturing reading, alongside a rise in the factory output index. Official data showed India’s industrial production index grew 8.0% year over year in August, compared with 6.7% in July, according to India’s Ministry of Statistics. The July figure was a previous quick estimate, while manufacturing sector growth reached 9.0% in August. These readings provide a backdrop for industrial activity ahead of the release of the following month’s data.
India’s Ministry of Statistics set Oct. 28 as the release date for the quick estimate of the industrial production index for September. The ministry typically publishes the estimate on the 28th of each month, or on the next working day if the date falls on a holiday. The release coincides with the second day of the Federal Open Market Committee meeting, held on Oct. 27 and 28. The Federal Reserve was expected to leave interest rates unchanged at Wednesday’s meeting, according to an Associated Press report. The Fed calendar listed a news conference on Oct. 28 at 2:30 p.m., without naming the speaker on the open page. The committee’s next meeting is scheduled for Dec. 8 and 9, 2026, with a news conference on Dec. 9 at 2:30 p.m. Washington time.
Another event expected during Wednesday’s session is the listing of Jio Platforms, after the company raised $3.2 billion in its initial public offering the previous week. Applications for the offering totaled $77 billion, according to Reuters. Investors are watching the listing in a session preceded by futures signaling a weaker open, while Asian and U.S. markets posted gains in their previous trading. The market is also monitoring supply developments after the Houthis said they targeted the Saudi refinery, while Saudi authorities did not immediately confirm the strike. Oil movements, industrial production data and the Fed decision remain key points on investors’ agenda.