Indian markets witnessed a rebound in sentiment as both Sensex and Nifty50 registered strong gains on Tuesday. The S&P BSE Sensex rallied nearly 600 points while the Nifty50 rose over 150 points.
Tax cut reports lifted market sentiment while the markets in the near-term are likely to be driven by earnings outcome and Auto volume numbers which will be a crucial indicator of revival in consumer spending.
On the global front, investors would eye the outcome of US Fed meet (scheduled for October 29-30) which will influence the market trend, and any developments on the trade talk front between the US and China.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 581 points to 39,831 while the Nifty50 rallied 159 points to close at 11,786 on Tuesday.
Sectorally, the S&P BSE Auto index and Metal index rallied over 4 percent each, followed by the Energy index which was up 1.99 percent, and the Consumer Discretionary index gained 1.7 percent. The telecom index lost over 4 percent.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall St sees profit taking:
The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the U.S. and China, said a Reuters report.
The Dow Jones Industrial Average fell 20.04 points, or 0.07%, to 27,070.68, the S&P 500 lost 2.54 points, or 0.08%, to 3,036.88 and the Nasdaq Composite dropped 49.14 points, or 0.59%, to 8,276.85.
Asian Markets stuck in a range:
Asian shares were trading in a range ahead of the outcome of the US Federal Reserve policy meeting. Also, there are signs that a Sino-U.S. first-stage trade deal could be delayed.
Investors now expect the Fed to cut interest rates by 0.25 percentage point for the third time this year later in the day, said a Reuters report.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with an 18 points gain or 0.15 percent. The Nifty futures were trading around 11,824-level on the Singaporean Exchange.
September Quarter Earnings on Wednesday:
As many as 50 companies will declare their results for the quarter ended September which include names like Container Corp, Graphite India, IFB Industries, Indoco Remedies, JK Tyre, OnMobile, PTC India, Quess Corp, Ramco Industries, Tata Chemicals, Tata Global Beverages, United Bank of India etc. among others.
India forms panel to address telecoms woes:
India has formed a panel of bureaucrats to suggest ways to alleviate financial pressures on the telecoms sector, a ministry source said on Tuesday, days after a court order that will push mobile carriers to pay overdue government levies and interest, said a Reuters report.
A panel comprising senior civil servants will consider the industry’s demands, such as the postponement of airwaves auction payments due for the 2020/21 and 2021/22, the source said.
Gold steady on potential trade delay:
Gold prices held steady on prospects of a delay in the U.S.-China trade pact, while cautious investors awaited the Federal Reserve’s decision on interest rates later in the day, said a Reuters report.
Spot gold was steady at $1,488.23 per ounce. The U.S. gold futures GCcv1 were unchanged at $1,490.40 per ounce.
India to spend $100 bn on energy infra: PM Modi
India will invest a massive $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years, Prime Minister Narendra Modi said on October 29 as he sought investment from oil kingpin Saudi Arabia and other nations to boost supplies.
Rupee closes 6 paise higher at 70.84
The rupee pared some of its early gains to close with a marginal rise of 6 paise at 70.84 against the US dollar on October 29 as foreign fund inflows and lower crude oil prices rendered some support.
On the institutional front, FPIs were net buyers in Indian markets for Rs 876 cr while the DIIs were also net buyers to the tune of Rs 144 cr, provisional data showed.
Donald Trump says Baghdadi’s top replacement also ‘terminated’
US President Donald Trump on October 29 said the person likely to be first in line to replace Islamic State’s slain leader Abu Bakr al-Baghdadi has also been “terminated.”
Oil prices drop; Brent Crude trading around $61.4/bbl
U.S. crude falling for the third day after an industry report that stocks at the Cushing delivery hub for the benchmark rose last week, shrugging off a drop in overall inventories. Brent crude was down 15 cents, or 0.2%, at $61.44 a barrel after gaining 2 cents on Tuesday.
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