Here’s a breakdown of the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals negative start
Ingenious futures on the Singapore Stock Exchange traded 46.5 points, or 0.38 percent lower, at 12,154, in signs that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty Shapes Popup
After opening at the 12,120 level, Nifty touched an intraday high and low of 12,131 and 12.027, respectively, before settling at 1.78 percent, or nearly 212 points, higher at 12.120. In the process, the index formed a ‘Ascending Window’ candlestick pattern on the daily chart.
Asian markets operate mixed
It was established that an indicator of Asian stocks would hold on to a nearly three-year high. Australian stocks rose 0.7% and MSCI’s broader Asia-Pacific equity index outside of Japan added 0.22% to a level last seen in February 2018. Hong Kong and Singapore posted gains while that Japan traded higher. E-Mini futures for the S&P 500 were flat.
US stocks close
US stocks rose Thursday as investors bet Republicans would hold on to the Senate and avoid swings under a possible Joe Biden White House that would weaken corporate earnings. The Dow Jones Industrial Average rose 1.95% to close at 28,390.18 points, while the S&P 500 gained 1.95% to 3,510.45. The Nasdaq Composite was up 2.59% to 11,890.93.
Crude oil falls
West Texas Intermediate fell 32 cents, or 0.8%, to $ 38.47 a barrel at 0040 GMT, after falling nearly 1% on Thursday. Brent was not yet trading after falling 0.7% in the previous session. Crude contracts are still heading for their first weekly profit in four.
FIIs buy shares worth Rs 5,368 crore
Net Foreign Portfolio Investors (FPIs) were buyers of domestic equities amounting to Rs 5,368.31 crore on Thursday, data available with NSE suggested. The DIIs were net sellers to the tune of Rs 2,208.18 crore, the data suggests.
MONEY MARKETS
Rupee: The Indian rupee made a smart recovery on Thursday to end at 74.36 against the US dollar, posting a gain of 40 paise.
10-year bonds: The yield on India’s 10-year bonds fell 0.01 percent to 5.85 after trading in a range of 5.85 to 5.88.
Call rates: The weighted average call-money rate overnight stood at 3.16%, according to RBI data. It moved in a range of 1.8-3.45 percent.
DATA / EVENTS TO SEE
- Second Quarter Earnings: Ashok Leyland I BHEL I Cipla I Glenmark I ITC I REC I RCap I SAIL I Union Bank I Voltas
- Year-on-year growth of deposits in India October 23 (05.00 pm)
- RBI Foreign Exchange Reserves October 30 (05.00 pm)
- Year-on-year growth of bank loans in India October 23 (05.00 pm)
- RBA Statement on Monetary Policy (06:00 am)
- Halifax UK Home Price Index MoM Oct (02:00 pm)
- US Unemployment Rate Oct (07:00 pm)
MACROS
The legal dispute looms over the US poll … Two days after the controversial 2020 presidential election, Democrat Joe Biden appeared to be close to victory. But incumbent President Donald Trump signaled a legal challenge in at least four states, putting the country on edge. Biden had 253 electoral votes at the time of this writing, while Trump had 214 in his bench. Some media outlets have called Arizona for Biden, bringing his tally to 264. The winning number is 270 as results continue to come in from five battle states that have yet to be called for any of the candidates.
RBI announces more OMOs to support the market …On Thursday, RBI said it will continue to hold rupee 20 billion open market operations (OMO) purchase auctions, as well as OMOs in state development loans to support market confidence and ensure adequate liquidity. Since the announcements made after the Monetary Policy Committee meeting on October 9, the RBI has expanded the scale of purchases of open market operations of securities of the Government of India from Rs 10,000 crore to Rs 20,000 crore per auction. It is also conducting OMO buy auctions on SDL.
US Fed Keeps Monetary Policy Loose … The US Fed kept its loose monetary policy intact on Thursday and pledged again to do everything possible in the coming months to sustain a US economic recovery that slows amid a rolling coronavirus pandemic. propagates and faces uncertainty over a still-undecided presidential election. The economy is still growing, but “I wouldn’t say anyone is comfortable with this,” Fed Chairman Jerome Powell said after the last two-day policy meeting.
Sebi allows MFs to invest more abroad … Sebi has improved the overseas investment limits per fund house to $ 600 million from the existing $ 300 million. The general limit for the mutual fund industry is $ 7 billion. The regulator said mutual funds can make investments in currency-traded funds of $ 200 million per house of funds, within an overall industry limit of $ 1 billion. Previously, the investment limit was $ 50 million per fund house.
SAT maintains Rs 447 cr fine in RIL … The Securities Appeal Court (SAT) has ordered Reliance Industries (RIL) to pay Rs 447.27 crore, along with 12% interest, while dismissing an appeal filed by the company against the Securities and Exchange Board of India ( Sebi). RIL said it would appeal to the Supreme Court against the order. The court ordered RIL to pay the amount along with interest as of November 2007 within 60 days of its order.
WhatsApp payment service clarifies … After facing regulatory hurdles and court battles for months, WhatsApp received approval in India to launch a payment feature on its messaging platform using the Unified Payments Interface. The go-ahead from the Indian National Payments Corporation for WhatsApp Pay limits the number of users who can use the feature on the platform to 20 million in the first phase. WhatsApp has around 400 million users in India.
Rules softened to facilitate the WFH … On Thursday, the government removed various requirements to allow business process management (BPM) and IT companies to adopt permanent ‘Work from home’ and ‘Work from anywhere’ policies, in a substantial reform initiative for the technology sector. had completely removed the registration requirement under the DoT’s Other Service Provider (OSP) guidelines, while the BPM industry dedicated to data-related work has been removed from the scope of OSP regulations.
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