 "Market today: Waaree, Deepak Builders' IPO listing, Q2 results, oil prices")
Share market today: Indian benchmark indices-- Sensex and Nifty50-- are likely to open flat owning to mixed global cues. At around 7:40 AM, GIFT Nifty futures were up 8.4 points at 24221.5.
The US market closed mixed on Friday with the Dow Jones down 0.61 per cent followed by the S&P 500 flat with a negative bias and the Nasdaq Composite up 0.56 per cent.
Tracking the US markets, the Asian markets traded mixed as well. At the last count, Japan's Nikkei was up 1.36 per cent, China's mainline CSI 300 was up 0.70 per cent, and Shanghai was flat with negative bias.
Nikkei rose above 1 per cent after the country’s Liberal Democratic Party (LDP) lost its majority in Japan’s lower house following elections on Sunday.
The LDP and its coalition partner Komeito secured 215 out of 465 seats, as per reports.
In the previous session, back home, the BSE Sensex tumbled 662.87 points, or 0.83 per cent, to end the session at 79,402.29. The Nifty50 also closed at 24,180.80, down 218.63 points or 0.9 per cent.
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In the primary market, shares of Deepak Builders & Engineers India Ltd and Waaree Energies Ltd will be listed on the bourses today.
On the SME front, Premium Plast Ltd shares will list on NSE SME.
Weekly cues
Investors await US nonfarm payrolls for October slated to be released this week (Friday) along with third-quarter corporate results.
The US payrolls report will give an idea about the Federal Reserve's interest rate cuts going ahead.
Economists expect the employment report to show that the economy created 140,000 jobs in October, according to Reuters data.
The investors are also keenly tracking the US elections slated next week on November 5.
As per reports, Republican former President Donald Trump and Democratic Vice President Kamala Harris are polling neck-and-neck in crucial swing states ahead of the November 5 election.
Moreover, in the past three weeks, Donald Trump's allies have been dealt at least 10 court losses in battleground states that could decide the outcome of the contest between Republican former President Trump and his Democratic rival, Vice President Kamala Harris.
Meanwhile, Nvidia became the world's most valuable company on Friday beating Apple, following a record-setting rally in the stock, powered by insatiable demand for its specialised artificial intelligence (AI) chips.
In Asia, Japan's election results could weigh on the interest rate decision by the Bank of Japan (BOJ) slated to be released on Thursday.
China's central bank announced it had activated its open market outright reverse repo operations facility and would use it to trade with primary dealers in open market operations on a monthly basis.
On the economic front, Japan's unemployment rate for September (Tuesday), and Japan's consumer confidence for October (Wednesday) will be eyed.
Back home, Q2 results will be on investors' radar with BHEL (today), Bharti Hexacom (today), Federal Bank (today), Indian Oil Corporation (today), Nesco (today), Tata Tech (today), Adani Enterprises (Tuesday), Adani Ports (Tuesday), Maruti Suzuki (Tuesday), Tata Power (Wednesday) along with other results slated this week.
Investors will also digest the second quarter results released after market hours on Friday and over the weekend with ICICI Bank, Yes Bank, and other companies releasing their numbers.
On the data front, HSBC India's Manufacturing Purchasing Managers' Index (PMI) Final for October will be released today.
Crude oil check
Oil prices tumbled on Monday after Israel's weekend strike on Iran bypassed oil or nuclear targets. Last seen, Brent crude oil futures were down 4.16 per cent at $72.89 per bbl.
Here's how analysts view today's (October 28) trading session
Jatin Gedia – technical research analyst, Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty after a one day pause has resumed its fall. It has reached 24000 – 24050 which coincides with psychological support as well as the daily lower Bollinger band which shall restrict a sharp decline from heron. The trend remains negative, however, there can be a pullback towards 24,350 towards key hourly moving averages which should be used as a selling opportunity. On the downside, 24,000 is likely from a short term perspective.
Nifty Bank's structure is weak and is now aligning with the broader market. On the downside, we expect Nifty Bank to drift lower towards 49,500 - 49,400 from a short term perspective.
Rupak De, senior technical analyst, LKP Securities
The Nifty slipped below recent consolidation as the lack of follow-up buying attracted selling pressure in the market, decisively falling below 24,350. The sentiment appears extremely weak, with pullbacks likely to be sold into. Any rise toward 24,300-24,400 may be used to reduce long positions. Near-term support is placed at 24,000; a break below this level could lead the index into a downtrend.
Vinod Nair, head of research, Geojit Financial Services
We can expect a tactical bounce in the near term for Nifty. The resilience of recent manufacturing data suggests the plausibility of an economic recovery in H2FY25, which should encourage investors to accumulate quality stocks.
FII, DII update: How much did FIIs, and DIIs buy or sell on October 25?
As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 3,036.75 crore.
Likewise, the DII's were net buyers of equities worth Rs 4,159.29 crore.