The market is likely to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 31 points.
The BSE Sensex declined 200 points to 57,991, while the Nifty50 fell 74 points to 17,241 on Monday and formed a bullish candle on the daily charts as the closing was higher than the opening levels.
As per the pivot charts, the key support level for the Nifty is placed at 17,110, followed by 16,980. If the index moves up, the key resistance levels to watch out for are 17,326 and 17,411.
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 stocks fell on Monday, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China's semiconductor industry.
The Dow Jones Industrial Average fell 93.91 points, or 0.32 percent, to 29,202.88, the S&P 500 lost 27.27 points, or 0.75 percent, to 3,612.39 and the Nasdaq Composite dropped 110.30 points, or 1.04 percent, to 10,542.10.
Shares in the Asia-Pacific were mixed on Tuesday. While Taiwan’s benchmark index dropped more than 3 percent, Japan's Nikkei 225 fell around 2 percent and the Topix 1.5 percent. In South Korea, the Kospi fell 2.16 percent and the Kosdaq 3.5 percent, and in Hong Kong, the Hang Seng index lost 0.91 percent. In Australia, the S&P/ASX 200 bucked the trend and was up 0.27 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 1.41 percent.
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 31 points. The Nifty futures were trading around 17,196 levels on the Singaporean exchange.
Oil prices slide as dollar strengthens, China Covid-19 woes dampen demand
Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger US dollar and a flare-up in Covid-19 cases in China increased fears of slowing global demand.
Brent crude futures fell 57 cents, or 0.6 percent, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session. US West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6 percent, after losing $1.51 in the previous session.
TCS Q2 net profit jumps 8% YoY to Rs 10,465 crore; revenue rises 18%
Tata Consultancy Services (TCS) on October 10 reported a consolidated net profit of Rs 10,465 crore for the quarter ended September 2022, registering an 8.41 percent year-on-year (YoY) growth from Rs 9,653 crore logged in the corresponding quarter of the previous year.
Kicking off the earnings season for the information technology sector, the country's largest IT services provider said sequentially, the profit rose 9.93 percent. TCS said the revenue from operations grew by 18.01 percent YoY to Rs 55,309 crore compared to Rs 46,867 crore in the same quarter last year. Sequentially, revenue grew 4.83 percent.
In constant currency terms, revenue growth was 15.4 percent YoY. The company said its operating margin came in at 24 percent, contracting 1.6 percent YoY. The company’s order book for the quarter was at $8.1 billion. Net cash from operations came in at Rs 10,675 crore or 102.3 percent of net income, the company said.
Corporate bond issuance rises 49% on-month in September to Rs 82,378 crore
Fund raising through corporate bond sales rose sharply by 49% month-on-month to Rs 82,378 crore on the back of large issuance by some banks and state-owned entities even as the rates on these instrument rise, dealers said.
According to data from Prime Database, companies and banks raised funds worth Rs 82,378 crore in September, compared to Rs 55,500 crore raised in the previous month. Data also showed that funds raised in September was the highest in the current financial year.
Results on October 11
Delta Corp, GM Breweries, Gujarat Hotels, Supreme Infrastructure India, and Trident Texofab will be in focus ahead of quarterly earnings on October 11.
FII and DII data
Foreign institutional investors (FIIs) turned net sellers to the tune of Rs 2,139.02 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 2,137.46 crore on October 10, as per provisional data available on the NSE.
Japan logs smallest current account surplus for August as imports weigh
Japan's current account surplus shrank to its smallest amount on record for the month of August, Ministry of Finance data showed, with surging prices of energy imports outstripping price rises in exports, draining national wealth.
The surplus stood at 58.9 billion yen ($404.45 million), smaller than economists' median forecast of 121.8 billion yen in a Reuters poll. On a seasonally adjusted basis, the current account was in a deficit of 530.5 billion yen for a second consecutive month of shortfall.
Stocks under F&O ban on NSE
The National Stock Exchange has added Indiabulls Housing Finance, and India Cements under its F&O ban list for October 11. 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