The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 59-points gain.
The BSE Sensex was down 109.40 points at 60,029.06 while the Nifty50 shed 40.70 points to 17,889 and formed a bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,820.27, followed by 17,751.63. If the index moves up, the key resistance levels to watch out for are 17,984.87 and 18,080.83.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
Wall Street’s main indexes rose on Tuesday to record highs as a strong earnings season continued to lift sentiment for equities, while investors were looking ahead to the outcome of a critical Federal Reserve meeting.
The Dow Jones Industrial Average rose 138.79 points, or 0.39 percent, to 36,052.63, the S&P 500 gained 16.98 points, or 0.37 percent, to 4,630.65 and the Nasdaq Composite added 53.69 points, or 0.34 percent, to 15,649.60.
Asian Markets
Shares in Asia-Pacific were mixed in Wednesday morning trade as investors look ahead to the end of the US Federal Reserve’s two-day meeting for clues on tapering.
The S&P/ASX 200 in Australia jumped about 1.4 percent while that of Kospi declined 0.42 percent.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 59-points gain. The Nifty futures were trading at 17,980 on the Singaporean Exchange around 07:30 hours IST.
Auto dealer body claims Diwali 2021 is the worst in a decade
The twin impact of the chip shortage and subdued demand due the pandemic has hit retail automotive off-take making Diwali 2021 as the worst in a decade, according to the apex lobby body of automobile dealers.
While demand for cars and SUVs (passenger vehicles) has been robust, actual buys by the consumers have been much below desired levels because of depleted stock. On the other hand, demand for two-wheelers has been below expectations following the pandemic.
“This is the worst festive season which Indian auto retail has seen in the last decade,” Vinkesh Gulati, president of Federation of Automobile Dealer Association (FADA) said.
RBI Governor meets MDs & CEOs of PSU banks and certain private banks
The Reserve Bank of India's (RBI) Governor Shaktikanta Das met MDs & CEOs of public sector banks and certain private sector banks over a video conference on November 2, RBI said in a release. The meeting was attended by Deputy Governors M K Jain, M Rajeshwar Rao and T Rabi Sankar. The governor acknowledged the improvement in financial and operational resilience of the banking sector.
Das emphasised the need for banks to continue supporting the revival of economic activity. He advised banks to remain alert to any sign of vulnerabilities, and take timely remedial measures to mitigate risks and maintain stability.
China's Oct services activity expands at faster clip - Caixin PMI
Activity in China's services sector expanded at a faster pace in October, buoyed by robust demand, although rising inflationary pressures weighed on business confidence for the year ahead, a private survey showed on Wednesday.
The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 53.8 in October - the highest since July - from 53.4 in September. The 50-point mark separates growth from contraction on a monthly basis.
Oil prices fall as industry data shows big build in US inventory
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.
Brent crude futures fell by 98 cents, or 1.2 percent, to $83.74 a barrel by 0034 GMT, while U.S. West Texas Intermediate (WTI) crude futures tumbled by $1.32, or 1.6 percent, to $82.59 a barrel.
Results today
State Bank of India, Eicher Motors, Aditya Birla Fashion and Retail, Bata India, DCM Shriram Industries, GPT Infraprojects, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Likhitha Infrastructure, Pfizer, RattanIndia Power, Sharon Bio-Medicine, and Uflex will release September quarter earnings on November 3.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 244.87 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 6.00 crore in the Indian equity market on November 2, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks - Punjab National Bank and Escorts - are under the F&O ban for November 3. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
[With inputs from Reuters & other agencies]Top 10 things to know before the market opens - Moneycontrol.com
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