STATE OF THE MARKETS
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 25 points, or 0.14 per cent, higher at 17,775, signaling that Dalal Street was headed for a positive start on Monday.
- Tech View: Nifty50 on Friday witnessed selling pressure for the second straight session to end below the 17,700 level. Analysts said the index has reached a good support zone and that recovery from here on cannot be ruled out.
- India VIX: The fear gauge eased about 3 per cent to 17.42 level on Friday over its close 17.91 on Thursday.
Asian shares traded mostly lower
Asian shares were traded mixed during the early hours as post-election jump in Japan’s Nikkei boosted the morale, whereas firm dollar ahead of Fed’s meeting wobbled the sentiments. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.37 per cent.
- Japan’s Nikkei rallied 2.25%
- South Korea’s Kospi gained 0.45%
- Australia’s ASX 200 advanced 0.65%
- China’s Shanghai declined 0.35%
- Hong Kong’s Hang Seng tanked 1.52%
Wall Street settled higher
US stocks shook off early declines and the S&P 500 and Nasdaq inched to fresh intraday highs on Friday as gains in Microsoft helped offset declines in Amazon and Apple after disappointing quarterly earnings from the online retailer and iPhone maker. about slowing economic growth denting profits.
- Dow Jones gained 0.25% at 35,819.56
- S&P 500 jumped 0.19% to 4,605.38
- Nasdaq advanced 0.33% at 15,498.39
Dollar holds firm as Fed decision looms
The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes.
- The Dollar Index was little changed at 94.166.
- Euro was flat about $1.15575
- Pound weakened slightly $1.36775
- Yen held slipped to 114.175 per dollar
- Yuan depreciated to 6.4055 against the greenback
Oil falls after China releases reserves
Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4. Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4%, to $83.20 a barrel.
FPIs sell shares worth Rs 5,143 crore
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 5,142.63 crore, data available with NSE suggested. DIIs were net buyers to the tune of 4,342.51 crore, data suggests. FPIs took out Rs 13,550 crore from equities in the month of October.
Q2 earnings today
HDFC, Tata Motors, Indian Railway Catering & Tourism Corporation, Relaxo Footwears, Indian Railway Finance Corporation, Whirlpool of India, Aditya Birla Capital, Bayer Cropscience, Phoenix, Carborundum Universal and Devyani International are among the companies that will announce their September quarter results today.
3 IPOs to kick off today
As many as three IPOs including PB Fintech (parent company of Policybazaar and Paisabazaar), SJS enterprises and Sigachi Industries will kick off today. The companies will be eyeing to raise more than Rs 6,575 crore from the primary markets. Today is the last day to bid for FSN e-commerce Ventures, which runs Nykaa.
Rupee: The Indian rupee eked out a marginal 4 paise gain to close at a one-week high of 74.88 against the US dollar on Friday despite volatile domestic equities.
10-year bonds: India 10-year bond jumped 0.33 per cent to 6.38 after trading in 6.36 – 6.39 range on Friday.
Call rates: The overnight call money rate weighted average stood at 3.24 per cent on Friday, according to RBI data. It moved in a range of 2.00-3.50 per cent.
DATA/EVENTS TO WATCH
- Q2 Results: HDFC | Tata Motors | IRCTC | Relaxo Footwears
- CN Caixin Manufacturing PMI OCT (7:15 pm)
- IN Markit Manufacturing PMI OCT (10:30 am)
- GB Markit/CIPS Manufacturing PMI Final OCT (3 pm)
- US Markit Manufacturing PMI Final OCT (7:15 pm)
- US ISM Manufacturing PMI OCT (7:30 pm)
Taxman widens Pandora probe against Indians
The Income Tax (I-T) department has broadened the line of questioning as it begins its probe into information leaked by the ‘Pandora Papers’. Beyond disclosing their ownership in existing foreign assets, people named in the Pandora expose are being told to spell out details of bank accounts which no longer exist and were closed long ago, firms that were dissolved, directorships in overseas firms and tax residency status over the past 16 years.
Big brands put localising on fast track
Large brands are quickly integrating local and regional nuances in their branding, apps, campaigns and marketing, as they have been facing increased flak from social media users of late over some allegedly controversial consumer interactions as well as advertisements.
October turns out to be deadliest month in J&K
October turned out to be the deadliest month for Jammu and Kashmir this year with 44 killings, which included 19 militants, 13 civilians and 12 armed forces personnel.
Niti Aayog, World Bank ready electric vehicles financing push
Niti Aayog and the World Bank are working together to facilitate a programme for faster and easier financing of electric vehicles (EV) after high-street banks seemed lukewarm due to a small resale market, higher default probabilities and significant upfront costs.