Nifty, Sensex open steady amid lack of positive triggers; eyes on global trade deals, Bihar polls

Mumbai (Maharashtra) [India], October 31 (ANI): The stock markets opened on a steady note on Friday, with the benchmark indices trading marginally lower amid a lack of strong positive triggers.
The markets are currently being driven by hopes of a possible trade deal between the European Union (EU) and the United States (US), along with expectations of bottoming out of earnings downgrades.
The Nifty 50 index opened at 25,863.80, down 14.05 points or 0.05 per cent, while the BSE Sensex began the day at 84,379.79, slipping 24.67 points or 0.03 per cent.
Market expert Ajay Bagga, Banking and Market Expert, told ANI, "Indian markets are steady for now but lack a positive catalyst with bottoming earnings downgrades and hopes for a EU and US trade deal the key drivers. On the political front, the Bihar elections, which have ramifications for the Federal government coalition, will be creating some uncertainty till the results are declared on November 14th."
In the broader market indices on NSE, the Nifty 100 index was seen trading flat in red during opening, while the Nifty Midcap 100 and Nifty Smallcap 100 gained marginally and opened in green.
Among the sectoral indices, Nifty Auto rose 0.21 per cent, while Nifty FMCG also gained. The Nifty IT index was flat in green, while Nifty Metal, Pharma, and Realty came under slight pressure in the opening session.
Ajit Mishra, SVP, Research, Religare Broking, said, "Going ahead, indications point toward continued consolidation, with support seen in the 25,600-25,800 zone for the Nifty, while a decisive rebound above 26,100 could reignite momentum. Amid this phase, participants should focus on stock-specific opportunities in sectors and themes demonstrating relative strength and use the ongoing correction to accumulate quality names on dips."
The IPO market continues to remain active with several key issues in focus. Lenskart Solutions, the technology-driven eyewear retailer, is set to open its IPO tomorrow, October 31.
The issue size is Rs 7,278.02 crore, consisting of a fresh issue of Rs 2,150 crore and an offer for sale of Rs 5,128.02 crore. The price band is fixed between Rs 382 to Rs 402 per share. The company operates over 2,700 stores globally, including 2,067 in India as of FY25.
Orkla India, which offers a diverse range of food products, saw its public issue subscribed 2.7 times on day two. The bids were led by institutional investors (7.6x), retail investors (2.1x), and QIBs (6 per cent).
Studds Accessories, a Faridabad-based two-wheeler helmet and motorcycle accessories manufacturer, had its public issue subscribed 1.5 times on day one, led by institutional investors (2.1x), retail investors (2.2x), and QIBs (2 per cent).
Several major companies are set to announce their Q2FY26 results today, including ACC, Bajaj Electricals, Bank of Baroda, Bharat Electronics, Bharat Petroleum Corporation, Dr. Lal PathLabs, Maruti Suzuki India, Medplus Health Services, NOCIL, Northern Arc Capital, Patanjali Foods, Shriram Finance, Vedanta, and Zensar Technologies.
In global developments, United States President Donald Trump said he had a "truly great meeting" with Chinese President Xi Jinping in South Korea, where both leaders reached several key agreements to ease trade tensions and strengthen cooperation.
However, US markets fell on Thursday amid investor concerns over excessive AI capital expenditure by technology giants without equivalent revenue growth.
The week's three major central bank events concluded with the Federal Reserve cutting rates, while the ECB and BOJ held steady. Hawkish Fed comments have made a December rate cut less certain.
Despite strong Big Tech results, investors remain cautious about the large AI-related spending. The Trump-Xi meeting was seen as a partial postponement, with a major trade deal expected in the coming months.
Across Asia, market trends were mixed. Japan's Nikkei 225 surged 1.41 per cent, Singapore's Straits Times fell 0.22 per cent, Hong Kong's Hang Seng dropped 0.66 per cent, Taiwan's Weighted Index rose 0.51 per cent, and South Korea's KOSPI gained 0.42 per cent. (ANI)