Market Ahead, October 30: Top factors that could guide markets today

The Indian markets look set to start the November series on a flat to subdued note, with the SGX Nifty slipping 22 points at 11,642 levels at 7:30 AM. This comes despite a strong close for the US stocks who enjoyed a rebound overnight after a significant selloff the day prior, and were boosted by a stronger-than-expected report on US economic growth in the third-quarter. Overall, the Dow closed up half a per cent. The S&P 500 gained 1.2 per cent and the Nasdaq added 1.6 per cent.

Asian markets, meanwhile, slid in Friday's early deals. Australia's ASX 200 dipped 0.3 per cent, while Hong Kong's main index slid 0.6 per cent. Japan's Nikkei was also down 0.77 per cent.

Record numbers of coronavirus cases worldwide and the November 3 US presidential election remain the major factors looming ahead for investors. Meanwhile, the European Central Bank yesterday committed to further action in December to further lend economic support.

In commodities, oil continued a downward slide, falling by more than 4 per cent overnight. December Brent crude futures settled lower at $37.65 a barrel. 

Back home, besides these global cues, all eyes will be on the quarterly results of Reliance Industries, which along with 79 other companies, is scheduled to announce its numbers today.

In a Bloomberg poll, 14 analysts estimated a net profit of Rs 8,194 crore for Reliance while 10 analysts estimated a revenue of Rs 1.11 trillion for the company.

Besides, market participants will also react to the results announced post market hours yesterday.

InterGlobe Aviation reported a net loss of Rs 1,194 crore for Q2FY21. The company has deferred plans for QIP till December end and will look to raise debt for liquidity.

Vodafone Idea's net loss narrowed to Rs 7,218 crore in the second quarter on account of lower provisioning. The company's subscriber base, meanwhile, declined to 271.8 million in Q2.

Further, TVS Motor reported a profit of Rs 196 crore during the quarter under review while revenue for the period came in at Rs 4,617 crore.

HPCL might trade actively today after the company's board said it will, on November 4, consider a share buyback plan. According to a PTI report, the company management feels the share price is lower than the value it deserves.

And, on the Covid front, India reported a daily jump of 49,281 Covid-19 cases on Thursday, even as the tally has soared past the 80 lakh mark. The country's death toll has mounted to 1.21 lakh.