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MARKETS  News  :

Markets may be under pressure as US stimulus package on hold; SBI, TCS, RIL to be watched for a gain.

• Asian stocks were mixed on Wednesday, weighed by a weaker Wall Street finish after US President Donald Trump dashed hopes for a fourth stimulus package with a tweet

Experts and Economists are of the view that the markets are likely to be under pressure on Wednesday onwards for sometime  following global peers. Trends in SGX Nifty suggest a soft opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 39,574.57, adding 600.87 points or 1.54%. The Nifty was at 11,662.40, climbing 159.05 points or 1.38%.

Asian stocks were mixed on Wednesday, weighed by a weaker Wall Street finish after US President Donald Trump dashed hopes for a fourth stimulus package with a tweet.

Wall Street had initially moved higher on Tuesday on news that President Trump had returned to the White House from his covid-19 hospitalization, removing some of the political uncertainty that hit investor sentiment last week. However, those gains sharply reversed when the president announced on Twitter that he had halted negotiations for additional stimulus until after the election.

Earlier on Tuesday, Federal Reserve Chairman Jerome Powell warned that the world’s largest economy was in for a weak recovery without more fiscal support.

The government on Tuesday appointed Dinesh Kumar Khara as chairman of State Bank of India (SBI), with Rajnish Kumar stepping down at the end of his three-year tenure.

Abu Dhabi Investment Authority (ADIA) will invest ₹5,512.50 crore in Reliance Retail Ventures Ltd (RRVL) for a 1.2% stake in the Reliance Industries subsidiary. This is the seventh stake sale by the Mukesh Ambani company to as many investors in less than four weeks, bringing the total money raised to ₹37,710 crore ($5.13 billion).

Tata Consultancy Services will announce its September quarter results and share details on its buyback today. The IT major is likely to report a firm Q2 earnings supported by healthy deal pipeline and cut in discretionary spends.

The Enforcement Directorate (ED) on Tuesday arrested Cox and Kings’ chief financial officer Anil Khandelwal and internal auditor Naresh Jain in the alleged money-laundering case involving Yes Bank’s former promoter Rana Kapoor.

Banks can sell additional tier-1 (AT-1) bonds only to qualified institutional buyers (QIBs) from now on, the Securities and Exchange Board of India (Sebi) said on Tuesday, with the transaction mandatorily over an electronic platform and with a minimum allotment and trading lot size at ₹1 crore.

Spot gold also fell on the news, dropping 1.4% to $1,886.01 per ounce by the end of the session and continued to slide after hours.

Tuesday’s declines may have been an overreaction as some market players had already priced in a failure in talks between Republicans and Democrats

The Trump administration’s about-face also fueled safe-haven demand for the dollar and US Treasuries.

The dollar index rose 0.468%, with the euro down 0.04% to $1.1729.

On Tuesday, U.S. 10-year yields rose to 0.773% from 0.762% late on Monday while 30-year yield grew to 1.585%, up from 1.567%.

Oil prices closed higher as hurricanes off the Gulf of Mexico and a worker strike in Norway threatened to curb supply, but post-close trading points to a lower open.

Brent crude futures fell to $42.19 a barrel in after-hours trading after settling at $42.65, and U.S. West Texas Intermediate (WTI) crude dropped to $40.13 a barrel from $40.67.

India’s services sector, hit severely due to the over two-month long pandemic-induced lockdown, neared recovery in September, with the purchasing managers’ index (PMI) for services rising to 49.8 from 41.8 in August, according to data analytics firm IHS Markit.

This signals a gradual normalisation of business activities after relaxation of lockdown curbs by the government, as per the survey.

The market is abuzz with a lot of  impacting cues and smart investors will keep themselves apprised of so as to take appropriate and timely investment decisions.

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