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

The Indian markets look set for a flat open, indicated by the SGX Nifty which was trading marginally higher at 11,265 levels at around 7:25 AM amid largely subdued global cues. 

In the Wall Street, major indices slipped overnight as investors awaited to take a measure of Democrat Joe Biden and US President Donald Trump in the first US presidential debate. The Dow and S&P 500 fell half a per cent and the Nasdaq Composite dropped 0.3 per cent.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1 per cent in early trade. Japan's Nikkei was down 0.2 per cent and Australia's ASX 200 fell 1.3 per cent, while markets in Seoul rose 0.8 per cent.

Back home, Reliance Industries might again be in focus after media reports said that Abu Dhabi state fund Mubadala Investment is in advanced talks to invest up to $1 billion in the company's retail division. Reliance Retail is on a fund raising spree and has secured around $1.8 billion in the past few weeks from KKR & Co and Silver Lake Partners.

On the Covid front, India registered 80,500 new Covid-19 cases on Tuesday, taking the total caseload to past 62 lakh. Death toll now stands at 97,529.

Besides, market participants will focus on stock-specific developments, Rupee's trajectory and the oil price movement. Bharti Airtel's press conference, scheduled later in the day, would also be under investor radar for cues on business plans.

Now, let's have a quick look at other top news.

India Ratings and Research has maintained a negative outlook for the auto ancillary sector for the October-March period of FY21. The rating agency said that the auto ancillary sector's revenue is expected to shrink 16-20 per cent in the current financial year, with both domestic market as well as exports likely to see contraction in demand. 

The Sebi has extended the special dispensations given to companies wanting to come out with IPOs. The regulator has said the validity of Sebi observations for IPOs expiring between October 1, 2020 and March 31,2021 will be extended till March 31, 2021. The Sebi yesterday also made it easier for a listed holding company to delist its subsidiary by granting exemption from the reverse book building process.

The promoters of Sumitomo Chemical Company will today offload 3.3 per cent stake in the company through the offer for sale route. The share sale is being done to comply with the 25-per cent minimum public shareholding norms as the promoter currently holds 78.3 per cent in the company.

And, finally, some updates from the primary markets.

State-owned Mazagon Dock Shipbuilders garnered 1.74 times subscription for its IPO on Tuesday, the first day of the issue. Meanwhile, UTI AMC's IPO garnered 24 per cent subscription and Likhitha Infra was subscribed 77 per cent. All three IPOs close tomorrow.