Stock Market News:
The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 22 points.
The BSE Sensex declined 70 points to 60,836, while the Nifty50 fell 30 points to 18,053 and formed a bullish candle on the daily charts as the index showed a smart recovery from the day’s low and closed higher than the opening levels.
As per the pivot charts, the key support level for the Nifty is placed at 17,983, followed by 17,948 and 17,892. If the index moves up, the key resistance levels to watch out for will be 18,095, followed by 18,130 and 18,186.
Stay tuned to Moneycontrol to find out what happens in the 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:
US stocks closed lower for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought.
The Dow Jones Industrial Average fell 146.51 points, or 0.46 percent, to 32,001.25, the S&P 500 lost 39.8 points, or 1.06 percent, to 3,719.89 and the Nasdaq Composite dropped 181.86 points, or 1.73 percent, to 10,342.94.
Asia-Pacific markets opened lower on Friday as markets continued to process the US Federal Reserve’s 75 basis point interest rate hike. Japan’s Nikkei 225 fell 1 percent in early trade. The Topix slid 0.8 percent. In South Korea, the Kospi declined fractionally. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. Australia’s S&P/ASX 200 slipped 0.23 percent.
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 22 points. The Nifty futures were trading around 18,092 levels on the Singaporean exchange.
RBI to chart own rate path despite 75-bps hike by US Fed
The Reserve Bank of India (RBI) will likely increase its policy repo rate by 35-50 basis points (bps) in the upcoming monetary policy after the US Federal Reserve raised its benchmark interest rate by a three-quarter point, fund managers and economists said.
But the Indian central bank may also look at various domestic and global factors before deciding on a rate hike, founders and managing directors of some companies added.
Money market dealers expect long-term yields to continue trading in the current narrow range unless there is any new major development as central banks have been signalling an end to peak the hike cycle or at least a slowing down in the pace hikes.
US is not in recession, White House not preparing for one: Officials
The United States is not in a recession, White House chief of staff Ron Klain said on Thursday, adding that economic data showed the nation’s economy was solid.
“We are not in a recession,” US President Joe Biden’s top aide told MSNBC in an interview following the release of weekly US jobless data earlier on Thursday. “Unemployment claims remain at a historical low… The economy is growing. It is strong. It is creating jobs.”
Press Secretary Karine Jean-Pierre told MSNBC earlier Friday “We are not — there are no meetings or anything happening like that in preparing for a recession because…look, what we’re seeing right now is a strong labor market.”
Japan’s service sector activity growth hits 4-month high
Japan’s services sector activity grew at the fastest clip in four months in October, a private survey showed on Friday, as the easing of restrictions on foreign tourism and an improvement in domestic travel boosted sentiment.
Despite the pickup in activity, however, high import costs heaped pressure on the sector as prices of fuel, energy and raw materials increased. The final au Jibun Bank Japan Services purchasing managers’ index (PMI) rose to a seasonally adjusted 53.2 from the prior month’s 52.2, growing at the quickest rate since June.
India tops list of countries with cheapest manufacturing costs: Report
India has edged past China and Vietnam to be ranked as the country with the cheapest manufacturing cost, as per a list compiled by US News and World Report. On a scale of 100, India has scored cent percent when it comes to cheap manufacturing costs, the survey conducted by the American media company suggested.
The country has an overall ‘Open for Business’ score of 37, the report said. It added that India has scored low on other scales – 16.2/100 when it comes to ‘favourable tax environment’, 18.1/100 in the ‘not corrupt’ sub-category and 3.5 in ‘transparent government policies’.
The report, however, gives India a score of 81.9/100 in the ‘not bureaucratic’ sub-category.
Results on November 4
Britannia Industries, Cipla, Titan Company, GAIL India, InterGlobe Aviation, Aditya Birla Fashion and Retail, City Union Bank, Cummins India, Dreamfolks Services, Elgi Equipments, Escorts Kubota, Go Fashion (India), Mahindra Logistics, Marico, Tube Investments of India, TVS Motor Company, and Wockhardt will be in focus ahead of their September FY23 quarter earnings on November 4.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 677.62 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 732.11 crore on November 3, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The NSE has retained LIC Housing Finance and Punjab National Bank under its F&O ban list for November 4. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies