Market may rise again on global cues; ICICI, BHEL, IT in focus

Global markets rallied with commodities as Hillary Clinton gets the eleventh hour election boost. The Indian market is likely to follow positive global cues. Asian shares rose in early trade ahead of the US presidential election, with investor sentiment buoyed by improving prospects for Democrat Hillary Clinton to win.

The Mexican peso, which has moved in opposite step to perceived chances of Republican Donald Trump winning the elections, retained its strong gains from Monday, while the dollar also held steady.

Boosting Clinton's chances of winning, and markets globally, was the FBI's statement on Sunday standing by its July finding that Clinton was not guilty of criminal wrongdoing in her use of a private email server. That came after the Bureau announced on October 28 it was reviewing additional emails relating to the server while Clinton was secretary of state, sending markets around the world tumbling.

Wall Street surged on the eve of the US presidential election. US stocks racked up their biggest one-day percentage gain since March 1, while a volatility measure recorded its biggest drop since late June.

Back home, the 30-share BSE Sensex snapped five-day losing streak, rising 184.84 points to close at 27458.99. It surged more than 300 points intraday. The 50-share NSE Nifty failed to hold 8500 level due to late profit booking. The index climbed 63.30 points to 8497.05 at close.

Stocks that will be in focus today are ICICI Bank, IT stocks, BHEL, Ashok Leyland, Bharat Forge and InterGlobe Aviation.

Bad loans continued to worry ICICI Bank in the second quarter as gross NPAs rise sequentially even as provisions hit Rs 7000 crore but bad loan watchlist eases sequentially providing some relief.

Cognizant's third quarter earnings meet estimates, but the IT major cut its full year growth guidance yet again blaming Brexit and cautious clients. Indian tech stocks may react to that.

BHEL is expected to post operationally steady Q2 quarter while all eyes will be on order inflow. Weak quarter is seen from Ashok Leyland while Bharat Forge may  to post muted growth in domestic business.

In the currency space, the dollar jumped on possibility of Hillary Clinton winning in the US elections. The dollar strengthened for the first time in seven days against its peers.

Crude oil prices edged higher, supported by a rebound in other asset classes, but gains were capped by a rallying dollar and doubts over OPEC's planned production cuts.

Gold prices fell as the dollar and stocks rallied. The precious metal saw its steepest decline since October 4.