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The benchmark Sensex and Nifty indices are likely to open marginally lower on November 1 as trends in the GIFT Nifty indicate a negative start for the broader index with a loss of 12 points.

The market corrected sharply after opening gap-up and snapped a two-day winning streak on October 31. Given the unsustainability of the Nifty50 at the crucial resistance area of around 19,250 due to selling pressure, along with negative crossover on the hourly charts, further downtrend can be possible up to 19,000-18,900 levels, but on the higher side, the decisive clearance of 19,250-19,300 area can open the door for 19,500-19,600 levels, experts said.

The BSE Sensex dropped 238 points to 63,875, while the Nifty50 declined 61 points to 19,080 and formed a long, bearish candlestick pattern, which resembles the bearish belt hold kind of candlestick pattern on the daily charts, indicating the possibility of trend changing from bullish to bearish.

"A long bear candle was formed on the daily chart, which is indicating an emergence of selling pressure from near the crucial resistance of 19,200-19,300 levels (resistance as per change in polarity)," Nagaraj Shetti, technical research analyst at HDFC Securities, said.

The pivot point calculator indicates that the Nifty may take support at 19,056, followed by 19,014 and 18,946. On the higher side, 19,191 can be the immediate resistance followed by 19,233 and 19,301.

The GIFT Nifty indicates a marginally negative start for the broader index with a loss of 12 points. GIFT Nifty futures stood at 19,130 points after making a high of 19,161 points.

Trade setup for Wednesday: Top 15 things to know before the opening bell

Stock futures were slightly lower Tuesday evening as Wall Street geared up for the Federal Reserve’s latest policy decision on interest rates after closing out a terrible month. Futures tied to the Dow Jones Industrial Average were 50 points lower, or down 0.15 percent. S&P 500 futures and Nasdaq 100 futures each shed about 0.2 percent.

In after-hours trading, restaurant operator Yum China Holdings plunged 9.2% after missing revenue estimates for the third quarter, while shares of Tinder parent Match Group fell 6.9 percent on disappointing revenue guidance for the fourth quarter. Advanced Micro Devices was slightly above flat after posting a beat on earnings and revenue, which reversed its earlier steep declines driven on disappointing fourth-quarter revenue estimates.

European markets logged the worst monthly performance since September 2022 in October, despite making gains on the last day of the month, as investors assess a flurry of economic data and earnings. The regional Stoxx 600 ended 0.6 percent higher, with sectors mostly higher. The index has shed more than 4 percent in October, according to LSEG data.'

Oil and gas stocks were down 0.8 percent as BP’s London-listed shares closed 4.5 percent lower after it missed third quarter estimates. Brewers AB InBev and Carlsberg both reported lower sales yet higher revenue for the period due to pricing offsets.

Euro zone inflation fell to a two-year low of 2.9 percent in October, preliminary data showed Tuesday. Economists polled by Reuters expected 3.1 percent. Statistics agency Eurostat said the euro zone economy contracted by 0.1 percent in the third quarter, below a forecast of stagnation. The readings come after the European Central Bank last week paused its record run of 10 consecutive interest rate hikes.

Asia-Pacific markets opened higher ahead of a policy decision from the US Federal Reserve, as investors monitored a slew of manufacturing data. The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates.

Purchasing managers’ index data for October is expected from major economies including China, India and South Korea. Japan’s Nikkei 225 index opened 2 percent higher, while the Topix gained 1.95 percent. South Korea’s Kospi was up 0.76 percent and the Kosdaq 1.27 percent at the open. Futures for Hong Kong’s Hang Seng index stood at 17,113, pointing to a marginally higher open compared with the HSI’s close of 17,112.48. In Australia, the S&P/ASX 200 traded 0.22 percent higher.

The Sensex is on its way to touching the 1 lakh mark in the next five years, believes global investment guru Mark Mobius of Mobius Capital Partners, who is a big advocate of the Indian equity market in the emerging markets space.

"Given the US 10-year Treasury is giving a risk-free return of 5 percent, the case for equities has become a bit weak. That said, the long-term growth story for India remains intact. In fact, if there was a little bit more correction, we would have deployed some more cash into India," Mobius told Moneycontrol on the sidelines of Morningstar Investment Conference. In the past two weeks, Nifty and Sensex have corrected almost 3.5 percent in the wake of rising tensions in Israel, higher bond yields and volatile crude prices.

Larsen & Toubro (L&T)'s net profit during the second quarter of fiscal year 2023-24 climbed 45 percent year-on-year to Rs 3,223 crore, as per the financial results declared by the company on October 31.

L&T reported a 19 percent rise in consolidated revenue for Q2FY24 to Rs 51,024 crore, compared to Rs 42,763 crore clocked in the corresponding quarter of the previous fiscal. Higher-than-expected sales growth was driven by execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT and ITeS portfolio. There was an expectation that the conglomerate would increase its revenue and order inflow guidance upwards for the rest of the fiscal year.

Leading non-banking financial company TVS Credit Services Ltd has witnessed its assets under management grow by 14 per cent to Rs 23,516 crore as of September 30, 2023 the company said. The city-based company had registered an AUM of Rs 20,602 crore as of March 31, 2023.

The company reported a 40 per cent growth on its net profit after tax for the quarter ending September 30, 2023 at Rs 134 crore, as compared to Rs 96 crore during the corresponding quarter of last year, a company statement here said. The company had registered a net profit after tax of Rs 252 crore for the half year ending September 30, 2023.

In the first half of FY24, credit demand continued to be strong, aided by higher consumption and infrastructure outlay by the government. During H1 FY24, TVS Credit's business witnessed significant growth, led by the robust performance of consumer loans with a book growth of 59 per cent compared to H1 FY23, the statement said.

Larsen & Toubro is foraying into fabless semiconductor chip design by setting up a subsidiary, the engineering major said on October 31. The company’s board has approved incorporation of a wholly-owned subsidiary to engage in the business of fabless semiconductor chip design and product ownership with an investment of upto Rs 830 crore.

“We will get into design for fabless semiconductor chips. We have decided to stay at the design end because it can be patented and will be most valuable,” R Shankar Raman, L&T's chief financial officer said in a conference call to reporters after the company announced financial results for the second quarter of 2023-24.

He said that the company’s strategy is to focus on the “low investment” part of the supply chain. It does not plan to get into manufacturing given how competitive global manufacturers, especially those in China, are.

India on October 31 hiked windfall tax on petroleum crude to Rs 9,800/ton from Rs 9,050/ton with effect from November 1, according to a government notification. The windfall tax on aviation turbine fuel has been cut to nil from 1 rupee per litre and diesel reduced to Rs 2/litre from Rs 4/litre, the notification added.

Crude oil prices are trading around $85 per barrel on account of supply tightness and geopolitical tensions. In the last fortnightly review on October 17, the government had cut special additional excise duty (SAED) on crude petroleum to Rs 9,050/ton with effect from October 18.

Oil prices edged higher on Tuesday as a drop in euro zone inflation buoyed hopes that the European Central Bank has almost certainly finished raising interest rates and offset rising supply from OPEC and the United States.

Brent crude futures for December delivery, were 31 cents, or 0.4% higher at $87.76 a barrel ahead of their expiry later on Tuesday. The more heavily traded January contract rose 11 cents, or 0.1%，to $86.47. U.S. West Texas Intermediate crude for December delivery rose 25 cents, or 0.3%, to $82.55, while those for January delivery rose 21 cents, or 0.3%, to $81.89.

The Dollar index traded 0.56 percent higher in futures at 106.72, whereas the value of one dollar hovered near Rs 83.28.

The NSE has added GNFC (Gujarat Narmada Valley Fertilizers and Chemicals) to its F&O ban list for November 1. Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Foreign institutional investors sold shares worth Rs 696.02 crore, while domestic institutional investors bought Rs 340.25 crore worth of stocks on October 31, provisional data from the National Stock Exchange showed.