Market today: US elections, Q2 results, Swiggy & ACME Solar IPOs to open

While the US presidential elections will be closely monitored, September quarter results, BOJ's meeting minutes, and other macroeconomic data will also be on radar

Share market today: As the contest between Democratic Presidential candidate Kamala Harris and Republican Donald Trump gets fierce, all eyes are on who will become the next US President.

 

As per reports, Trump won Indiana, Kentucky and West Virginia in Tuesday's presidential election while Harris captured Vermont, Edison Research projected, as polls closed in the first nine US states, including critical Georgia and North Carolina.

 

Meanwhile, the US markets edged higher on the back of strong services sector data in October with the Dow Jones up 1.02 per cent, S&P 500 up 1.23 per cent, and the Nasdaq Composite up 1.43 per cent.

 

The Institute for Supply Management's (ISM) nonmanufacturing purchasing managers index (PMI) jumped to 56.0 in October from 54.9 in September.

 

On the other hand, Asian markets are trading mixed today. At the last count, China's mainline CSI 300 was up 0.17 per cent, Shanghai was flat with a negative bias, Hong Kong's Hang Seng was down 1.02 per cent and Japan's Nikkei was up over 1.39 per cent.

Domestic cues

Benchmark indices--Sensex and Nifty-- are expected to open lower amid mixed global cues. Around 7:44 AM, GIFT Nifty futures were down 34.45 points at 24,261.

 

In the previous session, the BSE Sensex settled up 694 points or 0.88 per cent higher at 79,476.63. While the Nifty 50 ended above the 24,2000-mark at 24,213, up 218 points or 0.91 per cent.

 

That apart, investors will also eye the September quarter results released by Apollo Hospitals, Delta Corp, Granules India, Gujarat Gas, Jindal Steel & Power, JK Lakshmi Cement, Power Grid, Tata Steel and others.

 

They will also react to the Q2 outcome of Titan, GAIL, Oil India, Manappuram Finance, and other companies released on Tuesday.

 

In the primary market, Swiggy's and ACME Solar Holdings' initial public offer (IPO) will open for subscription today.

 

On the economic front, the HSBC composite and services purchasing manager's index (PMI) Final numbers for October will be released today.

MSCI rejig 

In other developments, the November round of rejig in MSCI indices is scheduled today (November 6). However, the changes will be effective from November 26,2024.

 

Business Standard BFSI Summit

The Business Standard BFSI Insight Summit is slated to take place from November 6-8. It will garner key figures from India’s financial sector, including top regulators, banks, NBFCs, and insurance firms, at a mega expo and convention for insights and discussions. 

 

Today's event will feature Reserve Bank of India (RBI) governor Shaktikanta Das; Chairman of State Bank of India C S Setty; MD and CEO of Bank of Baroda Debadatta Chand; MD and CEO of Canara Bank K Satyanarayana Raju; India CEO of HSBC  Hitendra Dave and others. 

 

Here's today's full schedule

Global cues

Apart from the US presidential elections, investors will closely monitor September quarter results and have almost completely priced in a 25-basis point (bps) interest rate cut, as per Reuters.

 

The US Federal Reserve will announce its latest policy statement on Thursday.

 

In the Asia-Pacific region, the Bank of Japan's (BOJ) monetary policy meeting minutes and Jibun Bank services and composite PMI final numbers for October will be eyed.

Crude oil check

Oil prices dipped on Wednesday with Brent crude oil futures down 0.52 per cent at $75.14 per bbl.

Here's how analysts view today's (November 6) trading session

Jatin Gedia, research analyst, Sharekhan 

On the daily charts, Nifty has formed a piercing line candle stick pattern which has bullish implications. A breach above the 24,368 mark would confirm that the trend has reversed. The daily momentum indicator has a positive crossover which is a 'Buy' signal. Thus, there are signs of a near term reversal note, however, it shall be confirmed only above 24,368.

 

Nifty Bank has been in a broad range of 52,500 – 50,500. Currently, trading around the upper end of that range. A range breakout can take the Nifty Bank towards 52,800 – 52,900 to fill the gap area formed on October 3. On the downside, crucial support is placed at 51,500 – 51,400 zone.

 

Aditya Agarwal, head of derivatives & technical analysis, Sanctum Wealth

Most of the technical parameters are still in the oversold zone and short covering from current levels can be seen that can take the index towards 24,450/24,540 levels. On the lower side, 24,000/23,800 will act as an immediate support zone for Nifty.

 

Short term outlook for Nifty Bank looks strong. On higher side, it can move towards 52,500/52,800 levels, whereas, on the lower side, a dip towards 51,740/51,400 can be used to initiate fresh longs.

 

Jigar S Patel, senior manager - technical research analyst, Anand Rathi Shares and Stock Brokers

In the coming sessions, the 24,500 level will be critical for Nifty, as a decisive close above it could indicate a potential market bottom. Additionally, a close above 24,200 today would form a bullish piercing candlestick on the daily chart, hinting at fresh bullish momentum. The 23,800-24,500 range will be key to monitor as we advance.

FII, DII update: How much did FIIs, and DIIs buy or sell on November 5?

As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,569.41 crore. 

 

Conversely, the DII's were net buyers of equities worth Rs 3,030.96 crore.