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STATE OF THE MARKETS
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 35 points, or 0.19 per cent, higher at 18,233, signaling that Dalal Street was headed for a positive start on Tuesday.
- Tech View: Nifty50 on Monday found support at its 20-day moving average as the index eventually formed a reversal ‘Hammer’ candle on the daily chart.
- India VIX: The fear gauge eased marginally higher to 17.61 level on Monday over its close 17.54 on Friday.
Asian shares traded higher
Asian shares opened mostly higher on Tuesday, boosted by gains in US shares that hit record highs as Tesla topped $1 trillion in value. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.17 per cent.
- Japan’s Nikkei soared 1.82%
- South Korea’s Kospi added 0.53%
- Australia’s ASX 200 gained 0.22%
- China’s Shanghai advanced 0.31%
- Hong Kong’s Hang Seng fell 0.17%
US stocks ended higher
US stock markets struck fresh records on Monday as investors awaited earnings results from tech firms and cheered the latest Tesla surge. The Dow Industrials and S&P 500 closed at record highs as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter with bellwethers in multiple sectors poised to announce
results.
- Dow Jones added 0.18% at 35,741.15
- S&P 500 gained 0.47% to 4,566.48
- Nasdaq rallied 0.90% to 15,226.71
Dollar steady after recent lows
The dollar has bounced off recent lows and was firm in choppy trade on Tuesday ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook.
- Dollar Index rose to 93.856
- Euro held near to $1.1598
- Pound firmed at $1.3758.
- Yen was holding at 113.83 per dollar
- Yuan was slipped to 6.3822 against the greenback
FPIs sell shares worth Rs 2459 cr
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 2459.1 crore, data available with NSE suggested. DIIs turned net buyers to the tune of 2390.23 crore, data suggests.
Q2 earnings
Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Ambuja Cements, Cipla, Torrent Pharma, PI Industries, ABB India, Canara Bank, Persistent Systems, Dr Lal Pathlabs, Nippon Life India Asset Management, Central Bank of India, Sanofi, Birlasoft and Zensar Technologies are among the companies that will announce their September quarter results today.
MONEY MARKETS
Rupee: The rupee declined by 18 paise to close at 75.08 against the US currency on Monday due to a spike in crude oil prices and a stronger greenback in the overseas markets.
10-year bonds: India 10-year bond eased 0.22 per cent to 6.35 after trading in 6.33 – 6.38 range on Monday.
Call rates: The overnight call money rate weighted average stood at 3.33 per cent on Friday, according to RBI data. It moved in a range of 2.00-3.45 per cent.
DATA/EVENTS TO WATCH
- Q2 Results: Bajaj Finance | Kotak Mahindra Bank | Axis Bank
- GB CBI Distributive Trades OCT (3:30 pm)
- EA ECB Enria Speech (6:15 pm)
- US Redbook YoY 23/OCT (6:25 pm)
- US S&P/Case-Shiller Home Price YoY AUG (6:30pm)
- US New Home Sales SEP (7:30 pm)
- US New Home Sales MoM SEP (7:30 pm)
- US CB Consumer Confidence OCT (7:30 pm)
MACROS
Centre to privatise 13 airports by the end of this fiscal year
The government plans to complete the privatisation process for 13 airports run by the state-owned Airports Authority of India (AAI) by the end of this fiscal year. “We have sent a list of 13 airports to the aviation ministry that are to be bid out on PPP (public-private partnership). The plan is to complete the bidding of these airports by the end of this fiscal,” AAI chairman Sanjeev Kumar told ET in an interview.
RP-SG Group, CVC Capital win Lucknow and Ahmedabad franchises of IPL
The Sanjiv Goenka-led RP-SG Group and private equity firm CVC Capital won bids for two Indian Premier League teams. The RP-SG Group bid Rs 7,090 crore and will own the Lucknow franchise. CVC Capital bid Rs 5,625 crore for the Ahmedabad franchise. The Board of Control for Cricket in India (BCCI) had set Rs 2,000 crore as the base price.
Govt may not infuse capital in PSBs in FY23
The government may not allocate funds towards bank capitalisation in the FY23 budget, a first in a decade. This comes as all state-run banks have turned profitable and the newly set up bad bank is expected to help free up capital for lenders.
Q3 growth poised for rebound: Nomura
India’s GDP growth appears poised for a sequential rebound in Q3, but industrial production could contract sequentially in September and October due to chip and coal shortages, global financial services group Nomura has said.
