Stock Market Today: Top 10 things to know before the market opens today

Stock Market Today:

The market is expected to open in the red on October 10 as trends in SGX Nifty indicate a negative opening for equity benchmarks in India with a loss of 268 points.

The Sensex declined 31 points to 58,191 while the Nifty slipped 17 points to 17,315 to form a small-bodied bullish candlestick on the daily charts on Friday.

As per pivot charts, key support for the Nifty is at 17,242 followed by 17,169. If the index moves up, the key resistance levels to watch out for are 17,362 and 17,410.

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:

US Markets

US stocks tumbled on Friday after a stronger-than-expected jobs report locked in expectations that the Federal Reserve is sticking with a steady diet of rate hikes, while supply cuts continued to boost oil prices.

The Dow Jones Industrial Average closed down more than 600 points, sliding 2.11%, while the S&P 500 fell 2.8% and the Nasdaq Composite lopped off 3.8% in value as investors bet that the Fed's inflation fight will continue apace.

Asian Markets

Stocks slipped in Asia on Monday after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.

Geopolitical tensions added to the uncertainty as markets waited to see how the Kremlin might respond to the blast that hit Russia's only bridge to Crimea.

Holidays in Japan and South Korea made for thin trading in Asia, while the Treasury market is also shut on Monday.

Nikkei futures traded at 26,615 compared to Friday's cash close of 27,116.

SGX Nifty

Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 268 points. The Nifty futures were trading around 17,046 levels on the Singaporean exchange.

Oil takes a breather, eases off 5-week highs

Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies after OPEC+ cuts and ahead of the European Union embargo on Russian oil.

Brent crude futures fell 81 cents, or 0.8%, to $97.11 a barrel by 0131 GMT while West Texas Intermediate crude was at $91.88 a barrel, down 76 cents, or 0.8%.

Both contracts touched their highest since August 30 earlier in the session but gave up gains, slipping along with stocks in Asia amid thin trade with Japan and South Korea closed for public holidays.

Direct tax collection jumps 24% in first half of FY23

Gross collection of tax on corporate and individual earnings has jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.

Direct tax collection came in at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes.

PE investment in real estate jumps 40% to $2.8 billion on foreign funds flow

Private equity (PE) investment in real estate increased 40 percent during the April-September period of this fiscal to $2.8 billion, with a huge inflow coming from foreign funds especially in office assets, says a report. According to the Anarock report, PE investment stood at $2 billion in the corresponding period of the last financial year.

"Investor confidence in Indian real estate is increasing steadily as a reflection of improvement in the Indian economy and state of real estate industry," said Shobhit Agarwal, MD & CEO of Anarock Capital, which is part of real estate consultant Anarock. As per the report, investments by foreign investors contributed around 78 percent to the total inflow in the first half of this fiscal, reflecting their strong confidence in Indian real estate.

India's steel output rises 2.5% to 30 mt in July-September: Report

India's crude steel output rose by 2.56 per cent to 30.06 million tonne (mt) during the July-September period of the ongoing financial year. As per research firm SteelMint, the top six steel makers — SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL — produced 18.29 mt steel and the rest 11.77 mt came in from the secondary sector.

The country had produced 29.31 mt of steel during the same quarter in the preceding 2021-22 financial year, according the data shared by SteelMint. During the said quarter last fiscal, large producers had jointly manufactured 18.39 mt steel, while the secondary industry produced 10.92 mt, it said.

FPIs invest Rs 2,400 crore in Indian equities in first week of October

After withdrawing over Rs 7,600 crore last month, foreign investors have resumed buying Indian stocks and have invested more than Rs 2,400 crore in the domestic equity markets in the first week of October. FPI flow is expected to remain volatile in the coming months on a slew of global and domestic factors, experts said.

Tracxn Technologies IPO opens today

Tracxn Technologies Ltd (TTL) is a leading market intelligence data provider and is backed by co-founders of Flipkart. It will be launching its Initial Public Offering on Monday. The offer will open for subscription on October 10 (Monday) and the last day to subscribe is October 12 (Wednesday). The price band for the offer has been fixed between Rs 75 - 80 per share of face value Rs 1 each.

The company intends to garner Rs 310 crore through an offer for sale of 38,672,208 shares by shareholders and promoters. After the issue, the promoter shareholding will decline 15.28 percent and come down to 35.65 percent from 50.93 percent.

FII and DII data

Foreign institutional investors (FIIs) turned net sellers to the tune of Rs 2,250.77 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 545.25 crore on October 7, provisional data available on the NSE shows.

With inputs from Reuters and other agencies