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

Here’s breaking down the pre-market actions.

ETMarkets.com|
Oct 29, 2019, 07.50 AM IST
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NEW DELHI: Optimism over progress on US-China trade deal and hopes of another Fed rate cut may give domestic stocks a positive start on Tuesday.

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 13 points, or 0.11 per cent, higher at 11,679, indicating a positive start for Dalal Street.

Tech view: Nifty has support at 11,500
Buying has emerged on dips in the past couple of sessions, suggesting that the bulls are in no mood to give in. But a breach below the 11,500 mark on a closing basis may lead them to concede ground, analysts said.

Asian shares at 3-month high
Asian shares scaled a three-month high on Tuesday after Wall Street hit all-time peaks amid hopes of progress in Sino-US trade talks and for another dose of policy stimulus from the Federal Reserve this week. Japan's Nikkei led the way with a rise of 0.6 per cent to reach ground last trod a full year ago. E-Mini futures for the S&P500 extended their gains by 0.1 per cent.

US stocks gain ahead of Fed meet
In overnight trade, US stocks surged on renewed optimism about US-China trade talks, with the S&P500 hitting a new record. Wall Street investors also were buoyed by expectations that the Federal Reserve will proceed with another interest rate cut on Wednesday, AFP reported. The Dow Jones Industrial Average rose 132.25 points, or 0.49 per cent, to 27,090.31 while the S&P 500 gained 16.79 points, or 0.56 per cent, to 3,039.34.

Oil prices fall ahead of inventory data
Oil prices edged lower in quiet trade on Tuesday as concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing, while investors awaited U.S. inventory data. Brent futures were down 3 cents at $61.54 a barrel.

Airtel, Hind Zinc to announce Q2 results
Bharti Airtel, Hindustan Zinc, Petronet LNG, Tata Metaliks and Wonderla Holidays are among some of the firms that will declare Q2 earnings later in the day.

DIIs buy Rs 54 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 6 crore on Sunday, data available with NSE suggested. DIIs also were net buyers to the tune of Rs 54 crore, data suggests.

MONEY MARKETS

Rupee: The rupee appreciated by 12 paise to settle at 70.90 against the US dollar on Friday on the back of firm domestic equities and easing crude oil prices.

10-year bonds: India 10-year bond yield fell 0.02 cent to 6.50, after trading in 6.49-6.51 range.

Call rates: The overnight call money rate weighted average was 5.06 per cent, according to RBI data. It moved in a range of 3.60-5.40 per cent.

The DAY PLANNER

  • Q2 Earnings: Airtel | Hind Zinc | Pentronet LNG | Tata Metalics
  • British MPs vote on snap poll
  • US Sept home sales data
  • UK nationwide housing prices

MACROS
Johnson loses fresh bid for snap election
British Prime Minister Boris Johnson on Monday again failed in his attempt to call for a snap election in December amid the political deadlock over the UK's departure from the European Union (EU). Reacting to the results, Johnson said that his government will introduce a short bill calling for an early election on December 12. This comes hours after EU leaders approved the UK's request for a three-month extension to the Brexit process

Trump expects a trade deal with China soon
US President Donald Trump repeated his confidence that Washington and Beijing are moving towards a partial "phase one" trade deal, which he expects to sign on the sidelines of the APEC summit in Santiago in mid-November, AFP reported.

US Fed expected to cut rates tomorrow
If the Federal Reserve cuts interest rate for the third time this year on Wednesday after a two-day FOMC meeting, bond market participants don’t expect further easing on the cards after October due to waning fears around a no-deal Brexit and a US-China tariff spat. But a lack of improvement in the manufacturing sector alongside deteriorating data abroad should still push the Fed to proactively ease policy. The Fed has cut policy rate twice this year, in July and September.

Diwali sales give retailers relief
Sales of apparel, smartphones, electronics and consumer products grew about 7-9% during Diwali thanks to lastminute shopping, giving brick and mortar retailers a strong finish to their makeor-break festive season, reports ET. Most consumer goods makers and offline retailers had been cautious about business during this year’s festive season due to a slowing economy and poor consumer sentiment in both urban and rural India over the past three quarters. While footfalls were similar to those last year, sales rose as the average shopping basket was bigger, some retailers said.

Prices of cancer, cardiac drugs may be slashed
The prices of some antibiotics and drugs used to treat cancer and cardiac diseases are likely to be cut as the government inches closer to updating the list of essential medicines and bring some of them under price control. In a departure from the usual practice, not all essential drugs will find their prices capped. The Standing National Committee on Medicines, which has been tasked with preparing the shortlist, will meet stakeholders on November 4 to consider their views before the National List of Essential Medicines (NLEM) 2019 is updated and finalised.

27 EU lawmakers to visit Srinagar today
A delegation of 27 lawmakers from European Union nations is set to visit Srinagar on Tuesday to assess the ground situation in Jammu and Kashmir. The trip comes just two days before the state is set to turn into a Union territory following the August 5 decision to abrogate the special status granted to Jammu and Kashmir and bifurcate it into centrally administered regions of J&K and Ladakh.

Gold may surge up to Rs 42,000 by Dec-end: analysts
Geo-political uncertainties, sustained Central bank buying and weak rupee against US dollar will keep gold under pressure and are likely to push the prices up to Rs 42,000 per 10 grams level by the end this year. "Geo-political uncertainties emerging from the Middle East may continue to underpin gold prices going ahead to USD 1,650 an ounce in Comex markets and Rs 42,000 in MCX," Commtrendz Research co-founder and CEO Gnansekar Thiagarajan told PTI. Gold prices were at Rs 38,302 per 10 grams in MCX, while it was at $1,506 in Comex.
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