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Market Movers: What changed for D-Street while you were sleeping

Here’s breaking down the pre-market actions.

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Last Updated: Oct 24, 2019, 08.05 AM IST
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Market Movers: What changed for D-Street while you were sleeping
Nifty futures on the Singapore Exchange were trading 27.50 points, or 0.24 per cent, higher at 11,666, indicating a positive start for Dalal Street.
NEW DELHI: Index heavyweights ITC, Maruti Suzuki will set the tone for the domestic equity market on Thursday with their quarterly earnings.

Here’s breaking down the pre-market actions.

TRADE SETUP

Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange were trading 27.50 points, or 0.24 per cent, higher at 11,666, indicating a positive start for Dalal Street.

Tech view: Nifty50 faces hurdle at 11,700
Nifty50 came off the day’s high on Wednesday and ended up forming an indecisive Doji candle on the daily chart. The index negated the formation of higher lows after six sessions, as the NSE barometer consolidated after the recent rally. Analysts said the index is trading above key moving averages, but for it to advance further, a crucial hurdle at 11,700 needs to be taken out.

Asian markets gain, Nikkei at 1-year high
Asian shares pulled ahead on Thursday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-US trade war while Brexit uncertainties kept overall sentiment in check. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent with Japan's Nikkei up 0.5 per cent at a one-year high. South Korea's KOSPI inched 0.4 per cent higher.

US stocks settled higher
A late wave of buying left stocks modestly higher on Wall Street after a day of bobbing between small gains and losses, AP reported. The S&P500 index rose 8.53 points, or 0.3 per cent, to 3,004.52. The Dow Jones Industrial Average index gained 45.85 points, or 0.2 per cent, to 26,833.95. The Nasdaq composite added 15.50 points, or 0.2 per cent, to 8,119.79.

Oil pares US stock-draw gains
Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in US crude stocks. Brent crude futures fell 39 cents, or 0.6 per cent, to $60.78 a barrel.

Maruti, ITC to announce Q2 results
ITC, Maruti Suzuki, Bandhan Bank, InterGlobe Aviation, PNB Housing, RNAM, United Spirits, Colgate-Palmolive and Raymond are among some of the firms that will declare Q2 earnings later in the day.

FIIs sell Rs 213 crore worth stocks

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 213.23 crore on Wednesday, data available with NSE suggested. DIIs also were net sellers to the tune of Rs 137.38 crore, data suggests.

MONEY MARKETS


Rupee: The Indian rupee rose 3 paise to close at 70.91 against the US dollar on Wednesday amid lack of triggers and geopolitical uncertainties.

10-year bonds: India 10-year bond yield fell 0.52 cent to 6.51, after trading in 6.51-6.53 range.

Call rates: The overnight call money rate weighted average was 5.10 per cent, according to RBI data. It moved in a range of 3.60-5.25 per cent.

The DAY PLANNER

  • Key Q2 Earnings: Bandhan Bank, ITC, IndiGo, Maruti, PNB Housing,
  • Maharashtra, Haryana election results
  • ECB President Mario Draghi’s last policy meeting
  • India Oct Deposit Growth
  • India Oct Forex Reserves

MACROS

Maharashtra, Haryana election results out today
Results for elections to the Maharashtra and Haryana assemblies will be out today. Both Maharashtra and Haryana are ruled by the Bharatiya Janata Party, which came to power in the states in 2014. The Maharashtra assembly election and the Haryana assembly election are the first state elections to take place in the country since the 2019 Lok Sabha polls that saw PM Narendra Modi win a second term in office after a handsome BJP victory.

Cabinet okays BSNL-MTNL merger
The Union Cabinet on Wednesday approved the merger of the two ailing state-owned telecom companies - Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) as part of a revival package that includes raising sovereign bonds, monetising assets and voluntary retirement scheme (VRS) for employees. Pending this, MTNL will act as a subsidiary of BSNL. Announcing a four-step revival plan for the two companies, telecom minister Ravi Shankar Prasad said government wants to make the two state-owned telecom companies more competitive by putting in Rs 29,937 crore.

Govt allows fuel retailing by non-oil companies
In the biggest reform in fuel retailing sector in almost two decades, the government on Wednesday relaxed norms for setting up petrol pumps, allowing non-oil companies to venture into the business - a move that could help private and foreign firms to enter the world's fastest-growing market. At present, to obtain a fuel retailing license in India, a company needs to invest Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals.

Risk of contagion rising in Indian financial sector: S&P
The Indian financial sector is facing rising risk of contagion and failure of any large finance company will adversely impact economic growth, S&P Global Ratings said in a report on Wednesday. According to the report, a bank failure could disrupt interbank market, payments, hurt credit availability and adversely affect economic growth.

IMF sees Indian economic growth rebounding to 7% next fiscal
The International Monetary Fund (IMF) sees Indian economic growth rebounding to around 7 per cent in the next financial year, supported by measures like monetary policy stimulus and corporate income tax cuts. Jonathan Ostry, Deputy Director, Asia Pacific, IMF, said the recent tax cuts, government's progress in addressing lingering weaknesses in the financial sector and measures to support growth sectors are seen as factors underpinning growth in the near term.
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Japan factory activity shrinks at quickest pace since 2016
Japanese factory activity shrank at the fastest pace in over three years in October, largely hurt by slumping new orders and output, in yet another sign of broadening economic cracks in the face of slowing global demand and trade frictions. The weak reading adds to pressure on the government and the central bank to take steps to shield the economy from heightening risks to the outlook from a Sino-US trade dispute, slowing global growth and a sales tax hike at home.
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