The market is likely to open high in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 247.50 points.
The 30-pack Sensex rallied 1,017 points, or 1.8 percent, to 57,427, while the Nifty climbed 276 points, or 1.6 percent, to 17,094, much above its 200-day simple moving average (16,982) and formed a bullish engulfing pattern on the daily chart.
As per the pivot charts, the key support level for the Nifty is 16,832, followed by 16,570. If the index moves up, the key resistance levels to watch out for are 17,272 and 17,449.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street's three major indices rallied to close over 2 percent on Monday as US Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year's final quarter.
The Dow Jones Industrial Average rose 765.38 points, or 2.66 percent, to 29,490.89; the S&P 500 gained 92.81 points, or 2.59 percent, at 3,678.43; and the Nasdaq Composite added 239.82 points, or 2.27 percent, at 10,815.44.
Asian markets were trading higher with Nikkei, Straits Times, Taiwan Weighted and Kospi gained 1-2 percent
Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 247.50 points. The Nifty futures were trading around 17,116 levels on the Singaporean exchange.
Electronics Mart India IPO
Consumer durables and electronics retailer Electronics Mart India's initial public offer (IPO) to open for subscription on October 4 and close on October 7.
The price band for the offer has been fixed at Rs 56-59 per share.
The company has mopped up Rs 150 crore through its anchor book, ahead of the opening of its initial public offer (IPO).
The company has finalised the allocation of 2.54 crore equity shares to anchor investors at a price of Rs 59 per share, as per the filing with the exchanges.
The Securities and Exchange Board of India (Sebi) on October 3 warned investors against falling prey to fake portfolio managers who are promising fixed or assured returns.
The market regulator said it has found that some entities are luring the public with a promise of high returns, through pamphlets and social media platforms. "Some of the entities have names similar to that of Sebi registered intermediaries, misleading the public, as though the fund raising is genuine and done by entities registered with Sebi," a press release noted.
US manufacturing activity slowest in almost 2.5 years in September-ISM
US manufacturing activity grew at its slowest pace in nearly 2.5 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.
The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI dropped to 50.9 this month, the lowest reading since May 2020, from 52.8 in August.
A reading above 50 indicates expansion in manufacturing, which accounts for 11.9 percent of the US economy. Economists polled by Reuters had forecast the index slipping to 52.3.
India's economic growth is expected to decline to 5.7 percent this year from 8.2 per cent in 2021, a top UN agency projected on Monday, citing higher financing cost and weaker public expenditures.
India's GDP will further decelerate to 4.7 percent growth in 2023, according to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022. India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. As supply chain disruptions eased, rising domestic demand turned the current account surplus into a deficit, and growth decelerated, the report said.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,565.31 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,245.45 crore on September 30, as per provisional NSE data.
OPEC+ mulling largest cuts since 2020 crisis, sources say
The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (bpd), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020.
The group is set to meet on Oct. 5 in Vienna -- in person for the first time since March 2020 -- against a backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production.
OPEC+, which combines OPEC countries and allies such as Russia, has been gradually raising its output target to unwind the record cuts it made in 2020.
But it now faces a sharp fall in prices, which have dipped below $90 per barrel from as high as $120 in recent months due to fears about the global economy and a rally in the US dollar after the Federal Reserves raised rates.
Stocks under F&O ban on NSE
The National Stock Exchange has not added any stock under its F&O ban list for October 4. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.With inputs from Reuters and other agencies