Market Ahead, Oct 24: Top factors you need to know before the Opening Bell

Investors will today watch out for state assembly poll results, corporate results, and global cues for overall market sentiment. 

All exit poll data has predicted a return of Bharatiya Janata Party-led governments in Maharashtra and Haryana which may be seen positively by market participants. Counting of votes begins at 8 AM and you can follow it live on our website.

Moreover, investors will continue to track India Inc's results.

Yesterday, Engineering conglomerate Larsen & Toubro (L&T) reported a 14 per cent rise in its Ebitda for the September quarter at Rs 4,020 crore, on the back of better operational performance. In another major result, HCL Technologies reported a 4.4 per cent annual rise in net income in Q2 at Rs 2,651 crore. Investors will react to these results today.

Today, a total of 87 companies, including Maruti Suzuki India, IndiGo, ITC, and PNB Housing Finance, are scheduled to announce their September quarter results.

Analysts expect IndiGo to report robust growth in EBITDAR and revenue numbers for the recently concluded quarter, but see margins taking hit due to depreciating rupee.

Besides, shares of oil marketing companies would be in focus today after Cabinet, on Wednesday, approved opening up fuel retailing norms to non-oil companies. 

Yesterday, domestic indices ended a lacklustre trade in the green. The benchmark S&P BSE Sensex settled 0.24 per cent higher at 39,059 level. On NSE, the broader Nifty50 index closed at 11,604-mark, up 0.14 per cent. 

Today's Nifty levels. 

Brokerages recommend traders to continue keeping a positive bias towards the market with 11,500 and 11,600 as major support levels while 11,700 will act as a stiff resistance. However, if somehow Nifty breaches the level of 11,700, it will lead to short covering move up to 11,850 levels. Therefore, traders should keep a positive bias and should buy at every dip keeping a close eye on 11,500. 

On the global front, EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. Prime Minister Boris Johnson said if the deadline is deferred to the end of January, he would call an election.

Despite this, US stocks edged higher. The Dow Jones Industrial Average rose 0.17 per cent, the S&P 500 gained 0.28 per cent, and the Nasdaq Composite added 0.2 per cent.

Asian shares pulled ahead early on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent with Japan's Nikkei up 0.5 per cent at a one-year high. Australian shares climbed 0.5 per cent while South Korea's KOSPI inched 0.4 per cent higher. SGX Nifty is also indicating a positive start for the domestic indices.

In commodity markets, Brent oil slipped 28 cents to $60.89.