The pre-market actions are broken down here:
STATE OF THE MARKETS
SGX Nifty signals the start of gap-up
Ingenious futures on the Singapore Stock Exchange traded 62 points, or 0.50 percent higher, at 12,419.50, in signs that Dalal Street was heading for a breakout start on Monday.
Tech View: Nifty50 May Hit All-Time Highs Soon
The bulls continued their march on Dalal Street and helped the benchmark Nifty50 index to post a positive close for the fifth consecutive session on Friday. In the process, the index ended up forming a strong bullish candle with an intraweek range of more than 700 points. Analysts said the index may now hit a new all-time high in the coming sessions.
Asian markets surge after Biden win
Risky assets received a boost on Monday on expectations of fewer regulatory changes and more monetary stimulus under US President-elect Joe Biden. E-mini futures for the S & P500 were up 0.6 percent. MSCI’s broader Asia Pacific equity index outside of Japan rose 0.1%. Japan’s Nikkei gained 2 percent. Korea’s Kospi rose 1.7 percent. China’s Shanghai composite was up 1%.
Brent crude exceeds $ 40 a barrel
Oil prices rose more than 2% Monday, and Brent futures rose above $ 40 a barrel, after Joe Biden took over the US presidency and increased risk appetite. January Brent crude futures rose 82 cents, or 2.1 percent, to $ 40.27 a barrel at 0101 GMT, while December US WTI crude was at $ 37.98 a barrel, or 84 cents a barrel. 2.3 percent.
US stocks closed lower on Friday
The Dow Jones Industrial Average closed 0.2 percent lower, while the Nasdaq was flat during the day, as did the S & P500 index. But despite the lackluster Friday, the latest week was the best since April with a 7.3 percent gain for the S & P500 index.
Gland Pharma IPO Opens Today
Hyderabad-based Gland Pharma’s initial public offering (IPO) to raise up to Rs 6,480 crore is scheduled to open on Monday. While analysts are optimistic about the company’s outlook and recommend subscribing to the topic, some believe valuations are a bit expensive.
Today’s second quarter results
Delta Corp, IndiaMART InterMESH, Equitas SFB and Oil India are among the companies that are scheduled to announce their quarterly earnings on Monday.
FPIs buy shares worth Rs 4870 cr
Net Foreign Portfolio Investors (FPIs) were buyers of domestic shares amounting to Rs 4,869.87 crore, data available from NSE suggested. The DIIs were net sellers to the tune of Rs 2,938.66 crore, the data suggests.
MONEY MARKETS
Rupee: The Indian rupee strengthened for the second day in a row and closed 28 paise higher at 74.08 against the US dollar on Friday, supported by gains in domestic stocks and the expectation of Joe Biden’s victory in the US presidential election.
10-year bonds: The yield on India’s 10-year bonds rose 0.19 percent to 5.87 after trading in a range of 5.83 to 5.87.
Call rates: The weighted average call money rate overnight stood at 3.14%, according to RBI data. It moved in a range of 1.8-3.45 percent.
The day planner
- Second Quarter Results: Bayer Crops I DRL I Delta Corp I Equitas Bank I IndiaMart I JK Cement I OIL
- BoJ Opinion Summary (05:20 am)
- Speech by the President of the ECB, Lagarde (2:55 p.m.)
- BoE Governor Bailey Speech (04.05 pm)
- US Consumer Inflation Expectations Oct (09:30 PM)
MACROS
US stimulus unlikely before January … Joe Biden’s victory in the presidential election and the unresolved state of control of the Senate left little prospect for a major fiscal stimulus package before January. While President Donald Trump last month promised a major act of post-election stimulus, it was based on his assumption that he would win reelection. He now has little political incentive, or capital, to push a deal through a divided Congress in his remaining weeks in office. Democratic and Republican lawmakers were quick to reaffirm their opposing positions Friday as Biden approached his victory. Biden, in his victory speech at the weekend, promised swift action against the pandemic and an orderly transfer of power.
Biden’s victory may bring the rupee down … The rupee is likely to decline against the US dollar, as traders are likely to buy the latter after a clear mandate in the US presidential election removed political and fiscal uncertainty in that country. Last week’s volatile trading will give way to a more orderly market, as traders will return to currency fundamentals and price in expectations with the new US government. “I expect the dollar to gain in the short term because of the stability that Biden provides and also because the markets expect spending to increase, “said Ashish Vaidya, DBS Bank’s chief treasury officer.
The telecommunications industry seeks a reactivation of prices … The telecommunications industry has called the recent Supreme Court verdict allowing telecommunications companies to distribute the payment of adjusted gross revenue installments for 10 years as only partial relief, saying that a ‘price revival’ it would be critical to the long-term growth of the sector. “The order came as a kind of conclusion and closure on a long-pending issue, so the industry is relieved from the perspective of its legal closure. However, it can be qualified as a partial relief only, ”said the Director General of the Cellular Operators Association of India, SP Kochhar.
Indian Stock Retail Holding Reaches Rs 10 Lakh Cr… India’s strong growth is now anchored in democratic ownership, much more firmly than ever. Retail savers now collectively own more than Rs 10 lakh crore of shares, a seemingly overwhelming ownership threshold that was first breached. His conviction has also raised the proportionate retail ownership of full-growth assets to an 11-year high: 7.01% as of September 30, 2020. In real value terms, the retail stake in companies listed on the NSE reached a All-time high of Rs 10.58 lakh. crore as on September 30, up from Rs 9.16 lakh crore on June 30
SBI chief says India will contract much less … The contraction of the Indian economy could be much less than previously estimated, as business activity recovers from abysmal levels driven by factory openings and structural changes in consumer behavior, although corporate investments may have to wait longer said the president of the State Bank of India, Dinesh Kumar Khara. . “The numbers that have been talked about on the contraction are changing very fast,” Khara told ET in an interview. “As the economy opens up, these numbers will change dramatically.”
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