Sensex ends 284 pts lower, Nifty below 19K again; Asian Paints, metals drag

Stock market on November 1, 2023: On the positive front, Sun Pharma gained nearly 3 per cent; Debutant Blue Health hit upper circuit on debut.

8:42 AM

Nifty Auto, FMCG indices trading range-bound; check breakout levels here

The Nifty FMCG Index is displaying a range-bound behavior on the charts, characterised by robust resistance at 51,480 and essential support at 50,500. A closing price above 51,480 would indicate a potential surge in buying activities, encouraging traders to consider selling near this mark. READ MORE

8:38 AM

Fund Flow :: DIIs bought equities worth Rs 340.25 crore on Tuesday

8:36 AM

Fund Flow :: FIIs sold equities worth Rs 696.02 crore on Oct 31

8:33 AM

Currency check :: Rupee settled at 83.26/$ Tuesday

8:29 AM

Commodity check :: Oil prices hold steady; Brent stays below $90/bbl

8:25 AM

Gift Nifty cues :: Index down 27 points at 19,131

8:20 AM

What Fed officials are saying about rising bond yield

>> Federal Reserve officials are grappling with a run-up in bond yields since they last met in September that could obviate the need for further interest-rate hikes — and also threatens to derail a soft landing.

 

>> Several officials have suggested the US central bank can hold off on raising rates at their next gathering on Oct. 31-Nov. 1, remarks that bond markets cheered.

Source: Bloomberg

8:14 AM

ALERT :: Yemen declares war against Israel

8:10 AM

Biden will meet with China’s Xi Jinping next month

>> US  President Joe Biden will meet with Chinese President Xi Jinping next month, the White House announced on Tuesday.

 

>> The leaders of the world’s two largest economies are expected to meet on the sidelines of the Asia-Pacific Economic Cooperation, or APEC, summit in San Francisco.

>> White House press secretary Karine Jean-Pierre declined to provide details about Biden’s agenda other than he is expected to have “a tough conversation” with Xi.

Source: CNBC

8:05 AM

New Zealand jobless rate climbs in Q3

>> New Zealand's jobless rate rose to the highest in more than two years in the September quarter as employment slipped and wages grew by less than forecast

>> Data released by Statistics New Zealand on Wednesday showed unemployment climbed to 3.9% in the third quarter, up from 3.6% the previous quarter and the highest since mid-2021.

>> This cemens expectations of an end to interest rate hikes.

 

>> The local dollar fell 0.4% to $0.5805 as the market bet that rates had already peaked at 5.5% and the next move from the Reserve Bank of New Zealand would be downward, albeit not until late 2024.

>> Employment fell 0.2% in the quarter, missing analyst forecasts of a 0.4% rise and the first drop since the depths of the pandemic in mid-2020.

Source: Reuters
 

8:00 AM

Micro stocks shine in China's flagging share market

>> China's annus horribilis has seen its stock markets fall, funds run up losses and foreign investors run for the exit.

>> But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well.

 

>> While institution-dominated companies with large market values in sectors such as banking and manufacturing have faced selling pressure from investment funds in a struggling economy, micro stocks have become neat counter-cyclical targets.

Source: Reuters

7:55 AM

South Korea logs first rise in exports in 13 months

>> South Korea saw its first rise in exports in 13 months, with exports in October climbing 5.1% year-on-year.

 

>> This was a reversal from the 4.4% drop seen in September, and the first time since September 2022 that the country has posted a year-on-year expansion in exports.

>> Separately, South Korea’s factory activity saw a slightly deeper contraction in October, with the purchasing managers index coming in at 49.8, compared with 49.9 in September.

Source: CNBC

7:53 AM

Yen holds at over one-year lows

>> Japan’s yen held at an over one-year low against the US dollar a day after the country’s central bank stayed put on interest rates and said it will be more flexible with its yield curve control policy.

 

>> The yen weakened 0.25%, falling past the 150 per dollar threshold to trade at 151.29.

>> The current level was the lowest since late October 2022.

7:49 AM

Ahead of Fed decision, all eyes on Treasury debt announcement

>> An announcement Wednesday on refunding, entailing the size of Treasury auctions as well as the duration mix of the debt that will be issued, is expected to draw more market interest than usual.

>> Investors got a preview of the Treasury’s direction Monday, when the department said it will be auctioning off $776 billion of debt in the final quarter of calendar 2023.

>> The key variables markets will be watching are the actual sizes of the auction as well as the maturities mix.

Source: CNBC

7:46 AM

Here’s everything to expect from the Fed’s policy

>> The Federal Reserve meeting will most likely conclude Wednesday with the central bank not doing a whole lot of anything

>> Recent data has bought Fed officials time to decide their next step.

>> Inflation, while decelerating, is still too high, and the economy is growing at a solid pace despite the highest benchmark interest rates since the early part of the century.

>> What investors will watch, instead, are the signals that come from Chair Jerome Powell and the rest of the Federal Open Market Committee about where they’re leaning for the future.

Source: CNBC