ETMarkets Morning Podcast: What will sway your market today?
Good morning, dear readers! The good news first. Oil prices have started tumbling, after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets. Brent was a $61.47 this morning and WTI crude was at $55.10 a barrel, down over 1 per cent.
But there are other irritants, ladies and gentlemen. Wholesale price inflation picked up in October to hit a six-month high at 3.59 per cent, thanks to faster rise in prices of food and fuel products. And trade deficit for first seven months of the financial year hit a three-year high in October, threatening to put pressure on the current account deficit.
That’s where we start the day. This is Saloni Goel, your market jockey, with the breakfast briefing to ready you for the day on Dalal Street.
US stock indices fell in overnight trade as shares of General Electric plunged for the second straight day and a drop in crude oil prices hit energy stocks. The Dow Jones Industrial Average fell 30.3 points
Asian stocks slipped this morning. Japan’s Nikkei was down 0.8 per cent, South Korea’s Kospi 0.5 per cent and Australian stocks hearly half a per cent.
Nifty futures on the Singapore Stock Exchange traded flat, indicating a flat start for the domestic market.
On Tuesday, the Nifty50 formed a lower high and lower low for the sixth consecutive session in a row. In the process, it made a bearish pattern as supports shifted lower. Options data showed the index is unlikely to visit the 10,400-10,500 levels during the November F&O series as there was plenty of call writing at strike prices 10,300, 10,400 and 10,500.
The rupee extended its fall for the second straight session on Tuesday and saw a big 26 paise plunge to hit an over one-month low of 65.42 against the greenback.
Bharat 22 ETF attracted good demand from institutional investors on Tuesday and the offer will open for retail investors today.
In company-specific news, Tata Motors will announce its second quarter numbers today. Besides, Gillette India, Care Ratings, Wonderla Holidays and New India Assurance and others will release their quarterly numbers during the day.
If you are looking for more stock-specific triggers, there are plenty of them and over a dozen stock recommendations from top brokerages on www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.
Before I go, let’s have a look at some of the interesting headlines from ETMarkets print edition.
5Paisa Capital, an online financial services provider belonging to IIFL Group, will make its debut on the bourses on November 16. Market watchers expect the company to list between Rs 180 and Rs 200 apiece.
Indian bond yields climbed to their highest in 14 months on Tuesday amid renewed concerns that galloping consumer inflation could make stemming the erosion in purchasing power the central bank’s priority, dimming the prospects for an immediate lowering of credit costs.
Indiabulls Housing Finance, which acquired 40% of OakNorth Bank for Rs 663 crore in November 2015, has sold a third of its stake in the UK bank to the Government of Singapore-owned GIC for Rs 770 crore, making more than threefold gains in just two years.
That’s it from me for the day. Thank you for listening. Do enjoy your trading day and make loads of money.
But don’t forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!
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Via:: Economic Times – Stocks