Market Ahead, Nov 13: Top factors that could guide markets today

The last day of the rollercoaster ride that has been Samvat 2076 is set to see the Indian markets opening lower amid weak global cues. At 7:30 AM, the SGX Nifty was trading at 12,630 levels, down 118 points, and indicating a gap-down start for the benchmark indices.

Wall Street dropped in a broad sell-off. The blue-chip Dow was pulled down by industrial and financial companies sensitive to economic growth. The index fell over 1 per cent, and so did the S&P500 index. The technology-heavy Nasdaq fared slightly better, dropping 0.65 per cent.

U.S. Federal Reserve Chair Jerome Powell said on Thursday during a discussion with other central bankers that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus.

Stocks in Asia were also pulled back in Friday's early deals. Australian ASX 200 shares dipped half a per cent in early trading. Hong Kong’s main index lost 0.7 per cent, while Japan’s Nikkei fell over 1 per cent.

In commodities, oil prices fell overnight. Brent was at $43.27, down 1.21 per cent on the day.

Back home, investors may opt for a stock-specific approach while also reacting to key macro numbers.

Driven by rising food prices, retail inflation inched up to 7.61 per cent in October, remaining above the comfort level of the RBI. Meanwhile, India’s industrial activity returned to the growth territory in September after a gap of six months, with the index of industrial production growing by 0.2 per cent in September on a year on year basis. This was led by recovery in consumer goods, electricity and mining sectors.

Eicher Motors yesterday reported a lower profit at Rs 343 crore in the September quarter of FY21 while revenue also declined to Rs 2,134 crore. Grasim Industries reported a 3 per cent increase in consolidated net profit at Rs 1,521 crore for the second quarter ended September 2020. Moreover, the company also announced that it has agreed to sell its fertiliser business by way of a slump sale to Indorama India Private Ltd for a cash consideration of Rs 2,649 crore.

A total of 504 companies including ONGC, Tata Steel, Eveready Industries, and Future Retail are set to declare their results today.

On the Covid front, India's total caseload now stands at 87.27 lakh. The country's death toll has mounted to 1.28 lakh.

And, lastly, the markets will remain open tomorrow for a special 'Muhurat Trading' session between 6:15 pm and 7:15 pm. Pre-opening bids will be placed between 6:00 pm and 6:08 pm. Log on to business-standard.com then to track Markets LIVE as they enter Samvat 2077. Moreover, the markets will remain closed on Monday, November 16, on account of Diwali-Balipratipada.