Indian Indices:
Indian shares are likely to witness cautious opening as the global cues look unsupportive with SGX Nifty trading 31 points lower. Indian equity benchmarks are likely to witness a bearish opening on Thursday, the day of the October derivative expiry, tracking negative cues from markets across Asia as a renewed slump in oil prices and disappointing earnings outlook from the likes of Apple Inc. signaled weakness in the global economy, curbing risk taking appetite.
Losses in the SGX Nifty Index Futures for October delivery which were trading at 8,584, down by 31 points or 0.36 per cent at 10:44AM Singapore time, signal that the Sensex may have a gap down opening today.
Shares of Emami, Glenmark Pharma, IOC, ONGC, JSW Steel, Maruti Suzuki and Vijaya Bank will be in focus today as the companies unveil their September quarter earnings.
Two-wheeler giant Hero MotoCorp may witness buying momentum after it on Wednesday in after-market hours reported that its net profit for Q2 FY 2016-17 rose by 27.7 per cent year-on-year to a record Rs 1,004.2 crore on highest ever sales volume.Volatility may remain high at the domestic bourses as traders roll over their positions amid the October Futures & Options (F&O) contract expiry.
On the economic front, India has moved up one place in the latest World Bank’s Doing Business Rankings to 130 but gaps between policy reforms and their implementation remain.
Global Market:
Asian stocks fell as investors weighed a mixed bag of earnings and falling oil prices. Traders are cautious amid growing speculation of a Fed interest rate hike in the near-term and the US Presidential elections next month.
Shanghai Composite fell, Hang Seng tumbled over 1 per cent and Nikkei 225 was trading in the red.
Wall Street ended mostly in the red on Wednesday amid tepid outlooks from Apple and Bayer AG. However, acceleration in US private sector growth in October and rise in new home sales in September to almost an eight-year high, signaled a pickup in the world’s biggest economy, supporting sentiment.
A combined gauge measuring US manufacturing and services rose to 54.9 in October, up from 52.3 in September, with a reading above 50 signaling expansion. Sales of US new homes rose by 3.1 per cent to a 593,000-annualized rate in September.
Major Headlines of the day:
Mistry hints at huge impairments of $18 billion for Tata group
Dr Reddy's Labs enters into collaboration with Gland Pharma
Hero Motocorp to invest Rs205 crore in Ather Energy
Trend in FII flows:The FIIs were net buyers of Rs -1450.65 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs 989.46 Cr, as per the provisional figures.
UPCOMING RESULTS:
TORRENTPOWER, GLENMARK, ONGC, MCDOWELL, TVSMOT, MRF, BEL, BAJFINANCE, TECHM, TEXRAIL, DCMSRIRAM, VRLLOG, EMAMILTD, VIJAYABANK, PVR, TATAELXSI, IOC, DISHMAN, CASTROLIND, JUBILANT, MARUTI, ESCORT, JKPAPER.
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