Gift Nifty points to weak start for Indian markets; Jio Platforms lists at 10 am today

The Indian stock market may open lower on October 28, according to market experts. Gift Nifty has also pointed to a sluggish start.

Nifty futures were trading at 22,749, down about 62.50 points, or 0.27%, from the previous close. This is being read as a negative start for the Indian market indices.

The day is important for the IPO market, as the initial public offering of Reliance-backed Jio Platforms is set to hit the stock market today. Long awaited, it is counted among the biggest public issues of the year and has been widely discussed. Shares of Jio Platforms will list on the NSE and BSE at 10 am on Wednesday, October 28.

Investors will be watching several stocks today. These include Jio Platforms, Reliance Industries, Hindustan Unilever, Adani Ports and Special Economic Zone, Adani Enterprises, TVS Motor Company, Hyundai Motor India and Hero MotoCorp. Meesho, Vedanta, Larsen & Toubro (L&T), Maruti Suzuki India, Infosys, Tata Capital, Bajaj Auto, Waaree Energies and Vedanta Iron and Steel Limited (VISL) will also be in focus.

Explaining the market's direction, Jay Thakkar, Vice President and Head of Derivatives and Quant Research at ICICI Securities, advised investors to buy a few stocks for the near term. His list has Central Depository Services Limited (CDSL) futures, Zydus Lifesciences futures and Sun Pharmaceutical Industries futures.

Some other market experts have also advised investors to buy shares. They have suggested Birla Cable Ltd, Union Bank of India Ltd, Quality Wallz (India) Ltd, Gandhar Oil Refinery India Ltd and National Stock Exchange of India Limited (NSE).

The picture this morning, then, is that both Gift Nifty and Nifty futures point to a weak start. All eyes are on the listing of Jio Platforms at 10 am on the NSE and BSE.