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Market Ahead, October 9: Top factors that could guide markets today

All eyes will be on the monetary policy address of RBI Governor Shaktikanta Das at 10 am today

BSE
Photo: iStock

The main Wall Street indices closed higher overnight after US President Donald Trump said talks with Congress had restarted on targeted fiscal relief. The Dow rose 0.43 per cent, the S&P 500 gained 0.8 per cent and the Nasdaq added 0.5 per cent.

In Asia, the trend was mixed. Japan's Nikkei and Austrlaia's ASX 200 were trading with slight cuts in early deals while Hong Kong was up 0.1 per cent..

Meanwhile, at 7:30 AM, the SGX Nifty was trading around 40 points higher at 11,873 levels, indicating a higher opening for the domestic indices today.

In commodities, oil prices pushed higher amid hurricane-related shutdowns and possible OPEC production cuts. Brent crude settled up 3.2 per cent to $43.34.

Back home, all eyes will be on the monetary policy address of RBI Governor Shaktikanta Das at 10 am today. Economists and bond traders polled by Business Standard are anticipating a pause in policy rates, and are expecting the monetary policy committee of the RBI to wait for more rate transmission. Market participants also await the MPC's outlook on the economy.

Meanwhile, rate-sensitive stocks and sectors like banks, real estate, and auto will react to the MPC's decision. You can follow all the live updates right here on the Business Standard's website.

Besides, a total of five companies including Rashtriya Chemicals & Fertilizers, and Steel Strips Wheels are scheduled to announce their quarterly earnings today.on October 9.

On the Covid front, India on Thursday registered 70,824 new Covid-19 cases, taking the tally past 69 lakh, according to Worldometer. The death toll is over 1 lakh 6 thousand now. Additionally, the World Health Organization reported a record one-day increase in global coronavirus cases on Thursday, led by a surge of infections in Europe.

Now, a quick look at other top news.

Lakshmi Vilas Bank said on Thursday that it had received an indicative non-binding offer from the Clix Group. The offer suggests the private equity firm would be amalgamated with LVB. According to the offer, Clix Group’s stake in the struggling bank could exceed 74 per cent with its capital infusion of Rs 1,500–1,700 crore.

Adani Enterprises on Thursday said it has raised Rs 125 crore through allotment of non-convertible debentures on a private placement basis. Meanwhile, Fitch has affirmed Adani Green Energy Restricted Group 2's notes at 'BBB-', and the outlook is negative.

The Sebi has tightened norms on inter-scheme transfers for mutual funds, imposing conditions on when the facility can be used and placing greater accountability on fund managers deciding on such transfers. ISTs involve a scheme buying or selling a debt instrument from another scheme of the same fund house. The practice can create conflicts related to valuation, a matter that Sebi has flagged earlier.

And, Vedanta's delisting offer will close today. According to media reports, the company's promoters need around 60 crore more shares to be tendered for the delisting to succeed.