Market may open higher

Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could rise 13 points at the opening bell.

In overseas markets, most Asian stocks were trading higher, after Chinese manufacturing gauges climbed to two-year highs, adding to evidence of improvement in the region's biggest economy. Japanese shares were trading lower ahead of the Bank of Japan's meeting. US stocks closed lower yesterday, 31 October 2016 as stronger-than-expected consumer spending data underlined the view that the economy is growing at a steady pace, while a drop in oil prices and election uncertainty weighed on the minds of investors.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 106.77 crore on Sunday, 30 October 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 13.15 crore on Sunday, 30 October 2015, as per provisional data. The stock market had remained closed yesterday, 31 October 2016 for Diwali Balipratipada holiday.

Shares of auto companies will be in focus as companies start unveiling monthly sales volume data for October 2016 from today, 1 November 2016.

Tata Steel announced yesterday, 31 October 2016 that ratings agency Brickwork Ratings downgraded the company's credit rating to BWR AA from BWR AA+, with negative outlook for the unsecured non-convertible debenture (NCD) issues of Rs 4000 crore. The ratings agency also downgraded ratings to BWR AA- from BWR AA for the company's unsecured subordinated perpetual debt issues of Rs 2500 crore, with negative outlook. The sudden change of guard at the holding company/group level has not only heightened the management risk for Tata Steel, but also has exposed it to uncertainty over continuity of critical decisions on cost cutting and deleveraging the balance sheet concerning the unprofitable UK operations and restructuring its European business, the ratings agency said. Unless the company takes appropriate measures in this regard, it may lead to a further deterioration in financial profile of the company, as also a rating action, the agency added.

Yes Bank announced yesterday, 31 October 2016 that it has received the approval from Reserve Bank of India (RBI) for appointment of Ashok Chawla as Non-Executive Part-time Chairman of the bank for a period of three years from the date of his taking charge. Accordingly, Chawla took charge as Non-Executive Part-time Chairman of the bank with effect from 30 October 2016 upon the expiry of the term of the current Chairperson of the bank, Radha Singh. Ashok Chawla, an independent director, was appointed on the board on 5 March 2016.

Among macro economic data, Markit Economics will announce the India Manufacturing Purchasing Managers' Index (PMI) data for October 2016 today, 1 November 2016. The seasonally adjusted Nikkei India Manufacturing PMI fell to 52.1 in September from 52.6 in August.

Key benchmark indices settled with small losses on the occasion of special muhurat trading session held on Sunday, 30 October 2016. The Sensex dropped 11.30 points or 0.04% at 27,930.21, its lowest closing level since 27 October 2016.

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