Market may open higher; key earnings, economic data eyed

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.

Among key corporate results, HDFC, Tata Motors and IRCTC among others will release their September 2021 quarter earnings today, 1 November 2021.

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for October starting from 1 November 2021.

On the macro front, Markit Manufacturing PMI for October will be declared today, 1 November 2021.

Global markets:

Overseas, Asian stocks are trading mixed on Monday as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.

China's official manufacturing Purchasing Managers' Index for October came in at 49.2 over the weekend, below the 50 level separating expansion from contraction. It represented the second straight month of shrinking manufacturing activity in the country, following September's official manufacturing PMI reading of 49.6.

However, a private survey released Monday showed Chinese manufacturing activity growth in October expanding with the Caixin/Markit manufacturing PMI coming in at 50.6.

Wall Street capped a choppy day of trading Friday with modest gains for stocks, nudging the major indexes to more all-time highs.

Investors will be monitoring the Federal Reserve's two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.

Meanwhile, leaders of the world's 20 biggest economies (G-20) endorsed on Saturday a global minimum tax aimed at stopping big business from hiding profits in tax havens, and also agreed to get more Covid vaccines to poorer nations. G-20 leaders broadly backed calls to extend debt relief for impoverished countries and pledged to vaccinate 70% of the world's population against Covid-19 by mid-2022.

Domestic markets:

Back home, the domestic equity market tumbled on Friday, extending losses for the third trading session. The S&P BSE Sensex slumped 677.77 points or 1.13% to 59,306.93. The Nifty 50 index fell 185.60 points or 1.04% to 17,671.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,142.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,342.51 crore in the Indian equity market on 29 October, provisional data showed.

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