Opening Bell:
Gift Nifty is up by 14.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets mostly rose, following Wall Street’s lead as U.S. Treasury yields dropped and oil prices eased slightly. The 10-year US Treasury yield fell about 13 basis points to 4.65% amid safe-haven demand due to the Hamas-Israel conflict. In Australia, the S&P/ASX 200 rose 0.6%, extending a four-day winning streak. Japan’s Nikkei 225 increased by 0.26%, reacting to stable business morale in a Reuters Tankan survey, while South Korea’s Kospi surged 1.63% despite Samsung Electronics forecasting a 78% drop in third-quarter operating profit. Hong Kong’s Hang Seng index futures indicated a stronger open, poised for a fifth consecutive session of gains.
Stock futures were little changed in overnight trading as Wall Street looked ahead to Wednesday’s producer price index. Futures tied to the Dow Jones Industrial Average were flat, along with those tied to the S&P 500. Nasdaq-100 futures inched up 0.1%. Stocks are coming off a winning session as Treasury yields eased from their recent highs and Wall Street weighed the ripple effects from the Israel-Hamas war. The 30-stock Dow added 0.40%, while the S&P 500 gained 0.52% and the tech-heavy Nasdaq Composite jumped 0.58%. Meanwhile, the yield on the benchmark 10-year Treasury yield fell nearly 13 basis points to about 4.65%.
European stock markets closed higher Tuesday despite the ongoing conflict in Israel and Gaza. The regional Stoxx 600 index ended 2% higher, reversing the pattern seen on Monday, with all sectors well in the green. Travel stocks climbed 3.9% despite the global uncertainty as airlines canceled flights to Israel, while mining stocks rallied 2.9%.
Stocks News:
👉 TCS: Tata Consultancy Services (TCS), the largest software service exporter in India, will report its earnings for the quarter ended September 2023 on Wednesday, October 11. Moreover, the TCS board will also consider a proposal for share buyback in its meeting on October 11. This will be its fifth share buyback in six years. The Q2FY24 results for the overall IT sector are expected to be muted, in continuation with the previous quarter, analysts said.
👉 Bank of Baroda: The Reserve Bank of India (RBI) on Tuesday asked the Bank of Baroda (BoB) to immediately suspend further onboarding of customers onto their mobile app ‘bob World’. This ban comes after RBI found material supervisory concerns while onboarding customers onto the app. Any further onboarding of customers of the bank on the app will be subject to rectification of deficiencies observed and strengthening of the related processes, said an RBI release.
👉 Wipro: The leading IT services company completed its subscription to the equity share capital of FPEL on October 10 for Rs 6.3 crore. On September 1, the company signed a definitive agreement to subscribe to a 9.5% stake in FPEL Ujwal, which is engaged in the business of developing, building, and managing a portfolio of solar power assets. The transaction is expected to be completed by May 31, 2024.
👉 MCX: Multi Commodity Exchange of India (MCX) is all set to go live with its new commodity derivates platform on October 16. The announcement came two days after MCX received approval from capital markets regulator SEBI. The exchange has also planned to conduct mock trading on October 15 in order to allow members to participate, and validate setup and connection for which separate circular would be issued, said MCX in a statement on Tuesday.
👉 Foreign institutional investors (FII) offloaded shares worth Rs 1,005.49 crore, while domestic institutional investors (DII) purchased Rs 1,963.34 crore worth of stocks on October 10, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s gross direct tax collection for the period from April 1 to October 9 increased by 17.95% to Rs 11.07 lakh crore, according to the Ministry of Finance. Net collections were 21.82% higher than the same period last year, reaching Rs 9.57 lakh crore. Refunds totaling Rs 1.50 lakh crore were issued during this period.
- India and the UK are expected to sign a free trade agreement (FTA) at the end of this month, marking India’s first comprehensive deal with an industrialized nation. The agreement aims to boost bilateral trade beyond the current $20 billion. India has invited UK Prime Minister Rishi Sunak to visit India on October 28 to finalize the pact. The agreement will consist of 26 chapters, with discussions still ongoing on issues such as rules of origin and intellectual property rights. Both countries are ..
- Oil prices dropped over $1 a barrel on Tuesday as traders monitored demand levels and remained cautious about potential supply disruptions due to ongoing military clashes between Israel and Hamas. Brent crude was down 38 cents at $87.77 a barrel, while US West Texas Intermediate (WTI) crude fell 35 cents to $86.03 a barrel. Both benchmarks had earlier fallen by more than $1. On Monday, Brent and WTI had surged by more than $3.50 as concerns grew that the conflict could escalate beyond Gaza. The recent conflict saw Hamas launch a major military assault on Israel, while Israel conducted intense airstrikes on the Gaza Strip.
- Gold prices slipped on Tuesday after rising nearly 2% in the previous session as investors cautiously turned back to riskier assets and looked forward to further cues on the U.S. central bank’s policy stance. Spot gold was just 0.05% higher at 1,861.8308 per ounce as of 112:58pm after rising to a more than one week high earlier in the session.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,665 | 0.8 % |
| Shanghai Composite | 3,075 | (0.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,739 | 0.4 % |
| DAX | 15,424 | 2.0 % |
| FTSE 100 | 7,628 | 1.8 % |
| Nikkei | 31,747 | 2.4 % |
| Straits Times | 3,199 | 1.0 % |
