Top 10 things to know about the stock market today before it begins

 Top 10 things to know about the stock market today before it begins

On October 31, preliminary statistics from the National Stock Exchange revealed that domestic institutional investors purchased equities for Rs 340.25 crore, while foreign corporate investors sold shares worth Rs 696.02 crore.

The GIFT Nifty's trends suggest that the wider index is off to a bad start, with a loss of 12 points, therefore the benchmark Sensex and Nifty indexes are expected to begin somewhat lower on November 1.

After starting gap-up, the market reversed quickly, ending a two-day winning run on October 31. A further decline up to 19,000–18,900 levels is possible given the Nifty50's unsustainable development at the critical resistance area of roughly 19,250 due to selling pressure and the hourly charts' negative crossover; on the other hand, experts said that a decisive clearing of the 19,250–19,300 area could pave the way for levels of 19,500–19,600.

The Nifty50 fell 61 points to 19,080 and produced a lengthy, bearish candlestick pattern that resembled the bearish belt hold kind of pattern pattern on the daily charts, signaling the probability of a trend change from bullish to negative. The BSE Sensex fell 238 points to 63,875.

Technical analysis expert at HDFC Securities Nagaraj Shetti said, "A long bear candlestick was formed on the daily chart, and suggests an emergence of selling tension from near the crucial resistance of 19,200-19,300 degrees (resistance as per change in polarity)."

According to the pivot point calculator, the Nifty may find support around 19,056, then at 19,014 and 18,946. Higher up, 19,191 may be the first point of resistance, then 19,233 and 19,301.

Follow Moneycontrol to learn about today's events in the equities and currency markets. We have compiled a collection of significant news stories from various sources that may have an effect on both domestic and foreign markets.

GIFT Smart

With a loss of 12 points, the GIFT Nifty suggests a somewhat negative start for the whole index. After peaking at 19,161 points, GIFT Nifty futures were trading at 19,130 points.

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US Exchanges

After a disastrous month, Wall Street braced itself for the Federal Reserve's next policy announcement on interest rates, which resulted in a modest decline in stock futures on Tuesday evening. Dow Jones Industrial Average-linked futures had a 50-point decrease, or 0.15 percent, drop. Futures on the Nasdaq 100 and the S&P 500 both dropped by around 0.2 percent.

While shares of Match Group, the parent company of Tinder, plummeted 6.9 percent on disappointing sales projections for the fourth quarter, restaurant operator Yum China Holdings slumped 9.2% in after-hours trading after missing revenue estimates for the third quarter. After reporting profits and sales that above expectations, Advanced Micro Devices recovered previous sharp falls spurred on by underwhelming fourth-quarter revenue predictions. The company closed just above flat.

Markets in Europe

Despite improvements on the last day of the month, European markets had their worst monthly performance since September 2022 in October as investors evaluated a flood of economic data and profits. With most sectors seeing gains, the regional Stoxx 600 finished 0.6 percent higher. LSEG data shows that the index fell by more than 4% in October.

The London-listed shares of BP finished 4.5 percent down after the company failed third-quarter projections, sending oil and gas equities plunging 0.8 percent. Due to price offsets, Brewers AB InBev and Carlsberg both reported decreased sales but increased revenue during the time.

October inflation in the euro zone hit a two-year low of 2.9%, according to preliminary statistics released on Tuesday. Reuters surveyed economists, who predicted 3.1% growth. The euro zone economy shrank by 0.1 percent in the third quarter, against a projection of stagnation, according to statistics agency Eurostat. The data are a result of the European Central Bank's record-breaking halt to its run of ten straight interest rate rises last week.

Markets in Asia

Asia-Pacific markets began the day higher as investors kept an eye on a plethora of industrial data, ahead of a US Federal Reserve policy announcement. Later in the day, the Fed will wrap up its two-day meeting on monetary policy, and the markets anticipate that the central bank will maintain current interest rates.

Major economies including China, India, and South Korea are likely to release purchasing managers' index data in October. While the Topix climbed 1.95 percent, Japan's Nikkei 225 index began 2 percent higher. At the opening, the Kospi in South Korea was up 0.76 percent, while the Kosdaq was up 1.27 percent. The Hong Kong Hang Seng index futures were trading at 17,113, indicating a little higher opening than the closing value of 17,112.48 for the HSI. The S&P/ASX 200 index increased by 0.22 percent in Australia.

Mark Mobius believes that the Sensex will reach 1 lakh in the next five years and has investments in Dreamfolks, MapmyIndia, and other companies.

Global investing expert level Mobius of Mobius Capital Partners, who strongly supports the Indian equities market in the developing markets arena, thinks the Sensex will reach the 1 lakh level over the next five years.

"With the US 10-year Treasury offering a 5% risk-free return, the argument in favor of stocks has become a little shaky. Nevertheless, India's long-term economic trajectory is still intact. In fact, we would have invested more money in India if there had been a little bit more correction, Mobius said to Moneycontrol at the Morningstar Investment Conference. Following the escalating tensions in Israel, increasing bond rates, and erratic oil prices over the previous two weeks, the Nifty and Sensex have fallen by over 3.5 percent.

L&T Q2 results: Revenue increases 19% to Rs 51,024 crore, while profit soars 45% to Rs 3,223 crore.

According to the financial data released by the business on October 31, Larsen & Toubro (L&T) saw a 45 percent year-over-year increase in net profit during the second quarter of its fiscal year 2023–24, reaching Rs 3,223 crore.

In Q2FY24, L&T saw a 19% increase in consolidated revenue to Rs 51,024 crore, up from Rs 42,763 crore recorded in the same quarter of the previous fiscal year. Sustained growth momentum in the IT and ITeS portfolio and implementation tailwinds in the infrastructure projects sector drove higher-than-expected revenue growth. For the remainder of the fiscal year, it was anticipated that the conglomerate will raise its order inflow projection and boost its revenue.

As of September 2023, TVS Credit Services reports a 14% increase in AUM to Rs 23,516 crore.

As of September 30, 2023, TVS Credit Services Ltd., a well-known non-banking financial firm, has assets under control of Rs 23,516 crore, a 14% increase. As of March 31, 2023, the city-based corporation has an AUM of Rs 20,602 crore.

According to a business release, the firm's net profit after tax increased by 40% to Rs 134 crore for the quarter that ended on September 30, 2023, from Rs 96 crore in the same quarter the previous year. The company's half-year results for September 30, 2023, showed a net profit after tax of Rs 252 crore.

Credit demand was robust in the first half of FY24, supported by increased government spending on infrastructure and increased consumption. According to the statement, TVS Credit's business expanded significantly in H1 FY24, driven primarily by the strong performance of consumer loans, which had a book increase of 59% over H1 FY23.

L&T ventures into the realm of fabless semiconductor chip design.

On October 31, the engineering giant announced that Larsen & Toubro is forming a subsidiary to enter the fabless semiconductor chip design space. The establishment of a wholly-owned subsidiary to develop and manufacture fabless semiconductor chips with a maximum investment of Rs 830 crore has been authorized by the board of the firm.

We'll start talking about fabless semiconductor chip design. Following the release of the company's financial results for the second quarter of 2023–2024, R Shankar Raman, Chief Financial Officer of L&T, told reporters in a conference call, "We have decided to stay at the creation of designs end because it can be trademarked and will be most valuable."

According to him, the company's approach is to concentrate on the supply chain's "low investment" segment. Considering how fiercely competitive the world's manufacturers are, particularly those in China, it has no plans to enter the manufacturing sector.

India increases the windfall tax on crude oil to Rs 9,800 per ton.

According to a government statement, India increased the windfall tax on petroleum crude on October 31 from Rs 9,050/ton to Rs 9,800/ton with effect from November 1. The announcement also said that diesel has been lowered to Rs 2/litre from Rs 4/litre and that the windfall tax on aviation turbine fuel has been lowered to zero from 1 rupee per liter.

Due to limited supply and global unrest, the price of a barrel of crude oil is now trading at around $85 USD. The government reduced the special additional excise tax (SAED) on crude petroleum to Rs 9,050/ton as of October 18 at the most recent weekly review, which was held on October 17.

Oil Costs

Tuesday saw a little increase in oil prices as expectations that the European Central Bank has most likely completed increasing interest rates were raised by the decline in inflation in the euro zone and the balance of increased supply from OPEC and the US.

Before they expire later on Tuesday, December delivery Brent oil futures were up 31 cents, or 0.4%, at $87.76 a barrel. At $86.47, the more actively traded January contract increased by 11 cents, or 0.1%. West Texas Intermediate oil prices in the United States increased by 25 cents, or 0.3%, to $82.55 for December delivery and by 21 cents, or 0.3%, to $81.89 for January delivery.

The Dollar Index

The dollar's value stayed at Rs 83.28, while the Dollar index saw a 0.56 percent increase in futures trading at 106.72.

NSE stock is prohibited from F&O

Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) has been listed by the NSE to its F&O prohibition list from November 1. Securities that are prohibited under the F&O sector include businesses whose derivative contracts exceed 95 percent of the maximum position limit on the market.

The DIIs and FIIs

On October 31, preliminary statistics from the National Stock Exchange revealed that domestic institutional investors purchased equities for Rs 340.25 crore, while foreign corporate investors sold shares worth Rs 696.02 crore.