Market today: Nasdaq at record, US Q3 GDP, Godavari Biorefineries listing

Corporate earnings in the US and India, apart from US GDP and job openings data, along with India's September month manufacturing numbers will be on investors' radar today

Share market today: Indian shares are poised to open lower amid mixed global markets. Around 7:32 AM, GIFT Nifty futures were down 42.2 points at 24,435.5.

 

The US market on Tuesday finished mixed with the Nasdaq Composite scaling a new high and closing up 0.78 per cent, followed by the S&P 500 up 0.16 per cent. However, the Dow Jones closed down 0.36 per cent.

 

Tracking the US markets, the Asia-Pacific region markets also traded mixed.  At the last count, Japan's Nikkei was up 0.92 per cent, China's mainline CSI 300 was down 1 per cent and Shanghai was flat with a negative bias.

 

 

In the previous session, back home, the BSE Sensex added 363.99 points or 0.45 per cent to settle at 80,369.03. Similarly, the NSE Nifty 50 ended higher by 127.70 points or 0.52 per cent at 24,466.85.

 

Meanwhile, investors will closely watch the Q2 results of Biocon, Dabur, L&T and other companies.

 

They will also digest the second quarter results released by Adani Enterprises, Marico, and others.

 

In the primary market, shares of Godavari Biorefineries will list on the bourses.

 

Investors will also eye India's manufacturing output data for September to be released today. 

Global cues

The ongoing third-quarter earnings seasons, developments in West Asia, and upcoming US presidential elections are some key triggers for investors to eye today.

 

In West Asia, as per reports, at least 93 Palestinians were killed or missing and dozens wounded in an Israeli strike on a residential building in the northern Gaza town of Beit Lahiya on Tuesday.

 

In the US, tech titans Meta Platforms and Microsoft are set to report their earnings today.

 

Developments around elections suggest a close race between Republican Donald Trump and his Democratic rival Kamala Harris.

 

Kamala Harris' lead over Donald Trump dwindled in the final stretch of the US presidential contest, with the Democrat ahead by a single percentage point over the Republican, 44 per cent to 43 per cent, according to a Reuters poll.

 

On the economic front, the US gross domestic product (GDP) Q3 data will be on the radar. 

 

The report is expected to show a GDP growth of 3.1 per cent annualized pace in the third quarter, as per reports. It’s also expected to show inflation moving closer to or coming out below the Federal Reserve’s 2 per cent inflation target.

 

That apart, on Tuesday, job openings, a measure of labor demand, were down by 418,000 to 7.443 million by the last day of September, the lowest level since January 2021, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report.

 

In Asia, corporate earnings of Mitsubishi and Hitachi in Japan, and China's BYD, Standard Chartered, and ICBC will be analysed by the investors. 

 

Further, reports suggest China is considering approving the issuance of over 10 trillion yuan ($1.4 trillion) in extra debt in the coming years to revive its fragile economy.

 

On the data front, all eyes will be on the Bank of Japan's (BOJ) two-day policy meeting which begins today. Also, Japan's consumer confidence for October will be eyed. 

Commodities update

Gold prices hit a record high on Tuesday. Spot gold was up 1 per cent at $2,769.25 per ounce, after hitting a record high of $2,772.42 earlier in the session.

 

Oil prices stabilised on Wednesday following two previous sessions of losses. Last seen, Brent crude oil futures were up 0.27 per cent at $71.31 per bbl.

Here's how analysts view today's (October 30) trading session:

Ravi Nathani, independent analyst 

Technically, after early morning correction one more time, the market took the support near 24,150/79,5000 and bounced back sharply. From the day's lowest level, the market rallied over 300 /900  points. Furthermore,  It has been holding uptrend continuation formation on intraday charts and formed reversal formation on daily charts, which is broadly positive. 

 

We are of the view that now 24,400 and 24,300/80,000-79,800 would act as key support zones for the bulls. As long as the market is trading above the same, bullish sentiment is likely to continue. Above the same, it could bounce back to 24,641/80,800. Further upside may also continue which could lift the market up to 24,700/81,100 On the flip side, below 24,300/79,800 traders may prefer to exit out from the trading long positions.

 

Jatin Gedia – technical research analyst, Sharekhan by BNP Paribas

On the daily charts, we can observe that the Nifty has found buying interest from the support zone of 78.6 per cent Fibonacci retracement level of 24,170 and started the next leg of upmove. The upmove is likely to continue towards 24,563 - 24,823 which are the Fibonacci extension targets. The hourly momentum indicator has triggered a positive crossover and there is a high probability that the countertrend pullback rally which started can continue over the next few trading sessions.

 

We expect the Nifty Bank to continue with the positive momentum towards 52,600 – 52,800 from a short term perspective.

 

Vinay Rajani, CMT, senior technical and derivative analyst, HDFC Securities

Nifty formed a bullish candle on October 29 after forming a triple bottom in the 24,073-24,140 band and closed at its highest in 5 sessions. Its indicators are giving positive signals. The short term trend of Nifty seems to have turned bullish. Nifty could take support from the above band while on upmoves it can face resistance in the 24,567-24,694 band in the near term.

FII, DII update: How much did FIIs, and DIIs buy or sell on October 29?

As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 548.69 crore. 

 

Conversely, the DII's were net buyers of equities worth Rs 730.13 crore.