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Market Ahead, October 30: All you need to know before the Opening Bell

Today, a total of 61 companies, including Concor, Tata Global Beverages, and Tata Chemical, are scheduled to announce their September quarter results

BS Web Team  |  New Delhi 

Corporate results, expiry of October series of Futures and Options contracts due Thursday, and global cues would be the key factors determining the trajectory today.

would watch out for the United States' Federal Reserve's interest rate decision slated to be declared later today. Investors are pricing in a 25 bps rate cut even as they await the Fed's comments on the economic outlook.

Besides, the British government's decision to call for snap elections on December 12 to break the Brexit deadlock could affect sentiment.

A bonanza is in the offing for the stock as the Prime Minister's Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT).

Officials of Department of Economic Affairs (DEA) and Revenue Department in the Finance Ministry have held meetings in this regard with the Prime Minister's Office (PMO).

Yesterday, the benchmark indices gained the most in three weeks on Tuesday as investors lapped up shares of blue chip companies amid reports that the government was planning to abolish the dividend distribution tax (DDT)

The S&P BSE Sensex added 582 points or 1.48 per cent to end the session at 39,832 levels. On the NSE, the benchmark Nifty50 index settled at 11,786.85, up 160 points or 1.37 per cent.

The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Bandhan Bank for not bringing down the promoters’ stake in the bank to 40 per cent in the stipulated time period.

India will invest $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years, Prime Minister Narendra Modi said on Tuesday as he sought investment from oil kingpin Saudi Arabia and other nations to boost supplies.

The rupee closed with a marginal rise of 6 paise at 70.84 against the US dollar as foreign fund inflows and lower crude oil prices rendered some support.

Today's Nifty levels

Benchmark indices hit a four-month high in the intra-day trade on Tuesday and formed a large bullish candle on daily charts. According to the pivot charts, the key support level for the Nifty is placed at 11,627, followed by 11,700

Intra-day trade recommendation: Religare Broking suggests BUYING HDFC at the current price. The target price is set as Rs 2,190 with a stop loss placed at Rs 2,070

EARNINGS ALERT

Today, a total of 61 companies, including Concor, Tata Global Beverages, and Tata Chemical, are scheduled to announce their September quarter results.

GLOBAL CUES

On the global front, Asian were stuck in tight ranges early on Wednesday, as the prospect of a rate cut by the Federal Reserve was countered by worries that Sino-US first-stage trade deal could be delayed.

The sentiment was dented after a US administration official said an interim trade agreement between Washington and Beijing might not be completed in time for signing in Chile next month as expected.

-- Trends on SGX Nifty, the Singaporean exchange for Nifty Futures, suggest a positive start for the domestic indices. At 7:10 am, the index was trading 17 points higher at 11,823 level.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16 per cent, while Japan's Nikkei slid 0.07 per cent.

On Wall Street, the Dow Jones settled 0.07 per cent lower, the S&P500 slipped 0.08 per cent, and the Nasdaq Composite closed 0.59 per cent lower.

First Published: Wed, October 30 2019. 07:23 IST
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