US stocks rose sharply in overnight trade, recovering from declines in the previous session, as investors viewed more fiscal stimulus as likely and after news that President Donald Trump will leave the hospital where he is being treated for coronavirus. The Dow rose 1.7 per cent, the S&P 500 1.8 per cent and the Nasdaq 2.3 per cent.
Asia’s stock markets also edged higher on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei rose 0.4 per cent, and South Korea's Kospi rose 0.6 per cent.
At 7:30 AM, the SGX Nifty was trading 20 odd points higher, indicating a positive start for the Indian indices today.
In commodities, oil prices climbed more than 5 per cent on Monday after the update on Trump's health. Brent rose 5.1 per cent to settle at $41.29 a barrel.
Back home, investors will today track the Market Services PMI data for September scheduled to be released later in the day. Besides, they will react to stock-specific developments while the Rupee's trajectory, oil price movement, and Covid related newsflow will also be keenly followed. According to the latest figures by Worldometer, India's case tally increased to 66.8 lakh, while the country's death toll now stands at 1 lakh three thousand six hundred.
Tata Motors might trade actively today after Jaguar Land Rover reported a 50 per cent growth in September quarter sales at 1.13 lakh vehicles on a sequential basis. The sales, however, fell 11.9 per cent on a year-on-year basis.
Britannia Industries on Monday said its board has approved issuing bonus debentures and payment of dividend to reward its shareholders. The board approved bonus debenture issue of one unsecured, non‐convertible, redeemable fully paid‐up debenture of the face value Rs 29, for every one fully paid‐up equity share. Besides, it also approved payment of dividend of Rs 12.50 per every one fully paid up equity share.
Housing finance major HDFC Ltd on Monday said its individual loan disbursements in the second quarter of FY21 reached 95 per cent of the level in the year-ago period and September saw the strongest recovery since the outbreak of COVID-19 pandemic, suggesting business is returning to pre-crisis levels.
And, now, a quick look at other top headlines.
The government has appointed three external members to the central bank’s panel that decides interest rates. Last week, RBI had to defer its three-day interest-rate meeting. Sources indicated that the fresh dates for the MPC meeting will be shortly announced by the central bank and most likely it will be held early next week.
Adani Ports yesterday announced the completion of acquisition of Krishnapatnam Port Company for an enterprise value of Rs 12,000 crore. This will give Adani Ports a controlling stake of 75 per cent in KPCL from the CVR Group and other investors.