The pre-market actions are broken down here:
STATE OF THE MARKETS
SGX Nifty marks a positive start
Ingenious futures on the Singapore Stock Exchange were trading 32 points or 0.27 percent higher at 11.961, a sign that Dalal Street was headed for a positive start on Monday.
Tech View: resourceful bulls in no mood to budge
Despite having recovered strongly from a low of 10,800 in recent sessions, the index shows no major signs of fatigue. Nifty formed a bullish candle on the daily chart, negating Thursday’s indecisive Doji candle. It showed that the bulls are not in the mood to budge just yet.
Asian stocks rise in early trading
Asian stock markets started the week with cautious gains on Monday as investors clung to hopes of US stimulus spending. MSCI’s broader Asia-Pacific stock index outside of Japan rose 0.1 percent in early trading. Australia’s S & P / ASX 200 was 0.1% higher. Japan’s Nikkei fell 0.3%.
Oil prices spread losses
Oil prices fell for the second consecutive session on Monday as US producers began to restore production after the weakening of Hurricane Delta, while a strike that had affected production in Norway came to an end. December Brent crude fell 55 cents, or 1.3 percent, to $ 42.30 a barrel and the US WTI for November was $ 40.08 a barrel, down 52 cents, or 1.3 percent.
US stocks closed higher on Friday
US stocks closed higher on Friday as Wall Street focused on updates on the coronavirus stimulus. The Dow Jones industrial average rose 161.39 points, or 0.57 percent, to 28,586.90. The S & P500 index rose 30.30 points, or 0.88 percent, to 3,477.13. The Nasdaq Composite Index rose 158.96 points, or 1.39 percent, to 11,579.94.
Mazagon Dock, UTI AMC Listed Today
State defense company Mazagon Dock Shipbuilders and UTI Asset Management Company (AMC), whose IPOs ran from September 29 to October 1, will debut on the market on Monday. Mazagón had received stellar response from investors and subscribed a whopping 157.41 times. UTI Asset Management Company (AMC) was subscribed 2.31 times.
DIIs buy shares worth Rs 127 cr
Net Foreign Portfolio Investors (FPIs) were sellers of domestic stocks to the tune of Rs 39.39 crore, data available from NSE suggests. The DIIs were net buyers to the tune of Rs 126.61 crore, the data suggests.
Sebi can investigate Vedanta’s opt-out offers
Who is to blame for the failure of the Vedanta exclusion? The management of the resource company and its bankers seem to believe that technical glitches in the exchange platform caused them. But the oldest bag in Asia is different. The dispute has drawn the attention of Sebi, who will likely ask BSE to verify the source of 120 million unconfirmed offers and whether the offers were genuine or there was foul play as some shareholders allege. That caused sharp swings in the share price, as well as creating confusion, according to people familiar with the development.
MONEY MARKETS
Rupee: The rupee strengthened by 8 paise to close at 73.16 against the US dollar on Friday after the Reserve Bank of India decided to keep the benchmark interest rate unchanged.
10-year bonds: The yield on India’s 10-year bonds fell 1.30% to 5.93 after trading in the 5.92-6.04 range.
Call rates: The weighted average call money rate overnight stood at 3.43%, according to RBI data. It moved in a range of 1.8-3.90 percent.
DATA / EVENTS TO FOLLOW
India Industrial Production YoY AUG (5.30 pm)
India SEP inflation rate YoY (5.30 pm)
India Manufacturing Production, Year Over Year, August (5.30 pm)
Japan PPI SEP monthly (05:20 am)
Speech by the President of the ECB, Lagarde (4:30 pm)
Vehicle sales in China, year-over-year, SEP (08:30 pm)
China FDI (YTD) YoY SEP (08:30 pm)
IMF / World Bank Virtual Annual Meeting
MACROS
States can lobby to vote in the GST Council … Opposition-ruled states are likely to push for a split vote at the Goods and Services Tax Council (GST) meeting on Monday on the two options offered by the Center on the compensation deficit, if their demands are ignored. . About 10 states want a group of ministers (GoM) to review the proposals or for the council to consider a third option that involves the Center and the states sharing the burden of the proposed loans to cover the shortfall. Up to 21 states, Tamil Nadu and those governed by the BJP, back the loan of Rs 1.1 lakh crore, the first option.
Today new gold bonds are opened…. Investors could invest money in the seventh series of sovereign gold bonds due to open on Monday, as analysts believe the recent drop in gold prices could be temporary. Wealth managers are advising clients, especially the wealthy, to transfer some money from fixed deposits to SGBs, citing bullish prospects for gold and lower taxes. In the latest gold bond offering, which will end on October 16, investors will have to pay Rs 5,001 per gram of gold after the Rs 50 per gram discount for digital payments.
Retail investors can soon access G-sec…. Retail and corporate investors are likely to soon have direct access to the government bond market. RBI and Clearing Corporation of India (CCIL) are working to put in place a system that would pave the way for the fluid trading of government securities (G-secs) by non-institutional investors and traders. The plan, which is expected to be implemented in the coming months, has been discussed in recent meetings between senior RBI and CCIL officials.
Trump pushes for simplified stimulus deal … The Trump administration asked Congress on Sunday to pass a simplified coronavirus relief bill, as talks on a more comprehensive plan were again at a standstill. A new $ 1.8 billion White House proposal has drawn criticism from both Democrats and Republicans, but investors seem optimistic that spending will resume at some point. “Markets still have high hopes for a large-scale stimulus package and are indifferent about whether it will come this side of November or not,” said Tapas Strickland, an economist at National Australia Bank.
Home buying is recovering in some cities … Record home loan rates, discounts and incentives offered by developers, and lower taxes are helping the Indian residential real estate sector weather the pandemic-induced slowdown. Home buyers are making the most of these factors, including the financial benefits and flexible payment plans that builders offer.
RBI QE Revives Confidence in Government Documents … This may be quantitative easing (QE), in the style of the Reserve Bank of India. The RBI has bought sovereign bonds worth a record 13,445 crore in secondary market deals, bringing some confidence to government paper debt markets, experts say. Between September 28 and October 1, the central bank bought papers for four consecutive days. During the period, RBI did not sell any paper.
Trump no longer has Covid-19… US President Donald Trump said Sunday that his doctors had discovered that he no longer had COVID-19 and that he would not be a transmission risk to others as he again staged large demonstrations during the final weeks of the race for the White House.
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