Market may extend recent losses

Domestic bourses are likely to see a soft start of the day's trading session, extending their recent decline triggered by uncertainty over the outcome of the upcoming US presidential election. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 30 points at the opening bell.

In overseas stock markets, most Asian stocks were trading lower marked by growing uncertainty about the outcome of the US presidential election next week. US stocks closed lower yesterday, 3 November 2016, marking the S&P 500's longest losing streak since the depths of the financial crisis, as Facebook shares slumped and investors fretted over election uncertainty. Fresh polls released yesterday, 3 November 2016 reportedly showed that Democrat Hillary Clinton, who is seen as the status quo candidate by markets, maintained her narrow lead over Republican Donald Trump. Investors generally view Clinton as a known quantity, but there is deep uncertainty about what a Trump win might mean for US economic policy, free trade and geopolitics. Meanwhile, the Bank of England (BOE) scrapped its plan to cut interest rates, which it said could now move up or down, and raised its forecasts for 2017 growth and inflation sharply due to the slide in sterling since Britain's vote to leave the European Union. The BOE's nine policymakers all voted to keep rates on hold. There was also unanimous support to stick with August's bond-buying plans.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 706.77 crore yesterday, 3 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 534.98 crore yesterday, 3 November 2016, as per provisional data.

Wipro announced the appointment of Gilles Grange, as the regional head of its operations in France. In his new role, Gilles will be responsible for building and strengthening the company's presence in France by pursuing new business opportunities and growing its visibility in the region. He will be based in Paris, and report to Christophe Martinoli, Vice President and Head of Continental Europe. The announcement was made after market hours yesterday, 3 November 2016.

Bharti Airtel will be in focus. Bharti Airtel International (Netherlands) BV (Airtel) and Zain Telecom (Zain) have reached an agreement, pursuant to which Zain is to pay to Airtel about $129 million for the settlement of all of Airtel's claims on account of the Nigeria Litigation, certain tax matters and associated legal costs. Under the terms of the 2010 share sale/purchase agreement, Zain had provided Airtel certain indemnities covering the Nigeria Litigation and for certain tax claims. A separate settlement has been reached between Airtel and Econet Wireless settling all claims, disputes whatsoever, between the two including in Nigeria and Netherlands. With these settlements, Airtel has closed several ongoing major litigations in Nigeria, UK and Netherlands. The announcement was made after market hours yesterday, 3 November 2016.

NMDC announced that it has kept unchanged price of lump iron ore at Rs 2,100 per wet metric tonne and that of fines iron ore price at Rs 1,760 per wet metric tonne with effect from 3 November 2016 compared with prices in October. The announcement was made after market hours yesterday, 3 November 2016.

Key benchmark indices edged lower in what was a volatile session of trade yesterday, 3 November 2016. The Sensex fell 96.94 points or 0.35% to settle at 27,430.28, its lowest closing level since 8 July 2016.

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