Market Movers: What changed for D-Street while you were sleeping

China-stock-market---AFP

NEW DELHI: Domestic equity market may open on a cautious note on Monday ahead of September industrial production data, while US President Donald Trump’s weekend comments on the ongoing trade talks with China have also created confusion among global investors.

Here’s breaking down the pre-market actions.

TRADE SETUP

Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange traded 15.50 points, or 013 per cent, lower at 11,931.50, indicating a negative start for Dalal Street.

Tech view: Bears back into the game
Nifty50 on Friday could not hold above the 12,000 mark and slipped below the immediate support at 11,946 level, bringing the bears back into the game. The NSE barometer has fallen below its five-day exponential moving average and analysts said the reclaiming of 11,946 level will be initial step to recovery.

Asian shares gain on Trump comments
Asian shares edged higher on Monday after US President Donald Trump said over the weekend that trade talks with China were moving along “very nicely”, though uncertainty remained over whether a deal would be signed this year. Japan’s Nikkei was up 0.2 per cent to inch closer to a recent 13-month high. South Korea’s KOSPI index was off 0.2 per cent.

US stocks ended higher on Friday
US stocks closed higher, as investors continued to gauge the development of US-China trade scenarios, and the latest consumer sentiment. The Dow Jones index rose 6.44 points, or 0.02 per cent, to 27,681.24. The S&P500 index was up 7.90 points, or 0.26 per cent, to 3,093.08. The Nasdaq Composite index increased 40.80 points, or 0.48 per cent, to 8,475.31

Oil prices drops in early trade
Oil prices fell on renewed caution over the prospects of a trade deal between the US and China. Brent crude fell by 39 cents, or 0.6%, to $62.12 a barrel while WTI crude sliiped 35 cents, or 0.6%, to $56.89

Adani Ports, CIL to announce Q2 results
Adani Ports, Coal IndiaNSE -0.55 %, Hindalco, NMDCNSE 0.34 %, NHPC, Oil IndiaNSE -1.54 %, SJVN, Mahanagar Gas, India CementsNSE -0.88 %, Hindustan Aeronautics and Finolex IndustriesNSE 1.33 % are among some of the firms that will declare Q2 earnings later in the day.

FIIs buy Rs 932 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 932.20 crore on Friday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 584.48 crore, data suggests.

Ayodhya verdict big positive for markets
Market analysts and economists said the SC verdict, ending an over a century-old dispute, would be good for the economy and markets in general, as it has removed a major uncertainty over the country’s polity and policy. It will help improve confidence of global investors towards the Indian economy, they felt.

MONEY MARKETS

Rupee: The rupee weakened by 32 paise to close at Rs 71.28 a US dollar on Friday from its Thursday’s close of 70.96.

10-year bonds: India 10-year bond yield rose 0.78 cent to 6.56, after trading in 6.53-6.56 range.

Call rates: The overnight call money rate weighted average was 5.06 per cent, according to RBI data. It moved in a range of 3.70-5.25 per cent.

MACROS

BJP gives up on Maharashtra power
The BJP on Sunday met Maharashtra governor Bhagat Singh Koshyari and informed him that it would not be able to form the government in the state as it does not have enough numbers . BJP sent ‘best wishes’ for Shiv Sena to form a government with Congress and NCP. Acting Chief Minister Devendra Fadnavis accompanied by state BJP chief Chandrakant Patil, Pankaja Munde and other BJP leaders met Koshyari. NCP has initiated talks with Shiv Sena to form the government. The Congress may also join such an arrangement and get the Speaker’s post and other portfolios.

Ram Temple construction from April 2
The start of the Ram temple’s construction at Ayodhya may be marked by a special event on Ram Navami, which falls on April 2 next year, said people with knowledge of the matter. That timeline will chime with the Supreme Court’s November 9 order to set up a trust in three months for the temple’s construction. It’s not clear if this will be a shilanyas, or laying of the foundation stone, as such a ceremony was held in 1989. Ram Navami is Lord Ram’s birthday.

Talks with China have moved slowly, Trump admits
Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked but added that Beijing wanted a deal more than he did, Reuters reported. That was a more upbeat tone than just a few days earlier when Trump stressed that the White House would not agree to a full rollback of existing tariffs.

Industrial production data to be out today
Industrial production data will be out on Monday. According to the median of estimates of 15 economists polled by Cogencis, industrial production is likely to have contracted 2.5% in September–the second successive month in which it may have declined after posting a fall of 1.1% in Augustled by a sharp fall in production by key infrastructure industries.

Japan sees surprise drop in machinery order
Japan’s machinery orders fell for a third straight month in September, raising doubts that business spending will be strong enough to offset external pressures, which have clouded the outlook for the export-reliant economy. Capital spending has been a bright spot for the world’s third-largest economy, driven by refurbishing of aged infrastructure, urban development, automation and investments to cope with a labour crunch in the rapidly ageing population.

Aramco IPO prospectus flags risks
Saudi state oil giant Aramco will sell up to 0.5% of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering (IPO), its prospectus said. Aramco fired the starting gun on what is likely be the world’s largest listing on Nov. 3 after a series of delays. The offering, set to rank it as the world’s most valuable company, will begin on Nov. 17, the prospectus said.

More services may soon enjoy export benefits
Services such as animation, visual effects, nursing and tele-medicine may soon enjoy the benefits offered under the Service Exports from India Scheme (SEIS) as the government plans to expand the ambit of the flagship incentive programme. The department of commerce is considering adding more services to the already 120-odd services that get the benefits.

No claimants for dormant Swiss accounts of Indians
No claimants have come forward for about a dozen dormant Swiss bank accounts linked to Indians, leaving the funds lying in these accounts at the risk of getting transferred to the Switzerland government. The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians.

Indian economy currently facing challenges: FM
Finance Minister Nirmala Sitharaman on Sunday unveiled a book on global finance, and said it suggests solutions for challenges that the world and Indian economy is currently facing. Launching the book titled ‘The Rise of Finance: Causes, Consequences and Cure’, she said it will help “understand the current economic situation facing both the world and Indian economy”. India’s economic growth slumped to an over six-year low of 5 per cent in the first quarter ended June this fiscal due to slower consumer demand and private investment amid deteriorating global environment.

[“source=economictimes”]