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Market Round-up
Market news: Stock indices up on opening:
RBI extends Trading Hours.
The Indian market opened higher on Tuesday following gains in the global markets. At 9.50am, the SGX Nifty was trading with 137 points up 1.19 percent higher at 11,807.00, Sensex up with 468 points.
- Asian Stocks| Asian shares looked set to climb on Tuesday as investors shrugged off US election jitters and took hope in strong factory output data in China, Europe and the United States, although the dollar and gold firmed on political uncertainty. Australia’s ASX 200 jumped 1.17 percent in early trading, while Hong Kong’s Hang Seng index futures rose 0.28 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.84 percent higher. Japan markets are closed for a holiday on Tuesday.
- US Stocks| Wall Street’s major indexes bounced back on Monday after their steepest weekly loss since March, as investors geared up for an event-packed week centered around the US presidential election. The Dow Jones Industrial Average rose 1.6 percent to close 423.45 points higher, ending the day at 26,925.05. The S&P 500 added 1.2 percent to end the trading day at 3,310.24. The Nasdaq Composite closed 0.4 percent higher at 10,957.61.
3.| The Indian benchmark equity indices, Sensex and Nifty, ended Monday’s volatile session higher led by robust gains in banking and financial stocks. The Sensex ended 143.51 points or 0.36 percent higher at 39,757.58 while the Nifty gained 26.75 points or 0.23 percent to close at 11,669.15. Broader indices ended mixed as the Nifty Smallcap100 slipped over 1 percent while the Nifty Midcap100 ending higher.
- Rupee | The rupee continued its downward journey on Monday, sliding another 33 paise to settle at 74.43 against the US dollar, tracking muted domestic equities and strong American currency amid global risk aversion. The local unit opened at 74.40 at the interbank forex market then lost further ground and settled at 74.43, the lowest in over two months.
- Crude Oil| Oil prices slipped on Tuesday as worries about soaring COVID-19 cases, rapidly rising Libyan supply and US election jitters outweighed growing hopes that major producers would hold back on planned production increases. US West Texas Intermediate (WTI) crude futures slipped 6 cents, or 0.2 percent, to $36.75 a barrel, while Brent crude futures fell 15 cents, or 0.4 percent, to $38.82.
- October PMI At Decade-High| India’s manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 56.8 in September to 58.9 in October, and pointed to the strongest improvement in the health of the sector in over a decade.
- RBI | The Reserve Bank of India has extended trading hours for currency and rupee markets including forex derivatives, government securities, commercial paper and certificates of deposit by 90 minutes. The revised trading hours for rupee and bond markets are from 10 am to 3:30 pm as per Indian Standard Time as against 2 pm earlier. The revised timings will be effective from November 9, 2020.
- 8. NPAs| Domestic banks, which have the highest bad loan pile in the world, pose a huge risk to the recovery of the pandemic-ravaged economy unless the government rescues them, four former Reserve Bank governors warn in a soon-to-be-released book. While Raghuram Rajan blames excessive investments by companies and the exuberance of bankers, coupled with inability to act fast as the prime causes for NPAs (Non-Performing Assets), Yaga Venugopal Reddy opines that the bad loans are not only a problem but a consequence of other problems. Duvvuri Subbarao sees NPAs as a big and real problem that needs to be contained, and Chakravarthy Rangarajan blames the lingering real sector problems, partly policy-driven most recently seen with demonetisation, aggravated the crisis.
- Emergency Credit Line Guarantee Scheme | The government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs by one month till November 30, 2020. The scheme has been extended till November 30 or till such time that an amount of Rs 3 lakh crore is sanctioned under the scheme, whichever is earlier, the Finance Ministry said in a statement said.
- GST | The Finance Ministry on Monday said it would transfer Rs 6,000 crore as the second tranche of GST compensation shortfall to 16 states and 3 Union Territories — including Maharashtra, Bihar, Assam, Puducherry, and Delhi. The Centre had on October 23 transferred Rs 6,000 crore to 16 states and 2 UTs of Delhi and Jammu and Kashmir
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