Indian shares looked set for a positive start on Tuesday, in line with modest recovery seen in Asian equities, although increasing tensions between Saudi Arabia and the West coupled with higher crude oil prices are likely to limit gains.
At 07.15 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.17 percent to 10,536, indicating a mildly positive opening for the Indian market today.
Here is what you need to know before the market opens: Asia: MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.25 percent, crawling away from a 19-month trough touched on Thursday. Japan’s Nikkei bounced 0.3 percent following a decline of nearly 2 percent the previous day. US: The Dow Jones Industrial Average fell 89.44 points, or 0.35 percent, to 25,250.55, the S&P 500 lost 16.34 points, or 0.59 percent, to 2,750.79, and the Nasdaq Composite dropped 66.15 points, or 0.88 percent, to 7,430.74. Crude oil prices: International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT. US West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel. Market at close on Monday: Indian marked ended with gains on Monday for a second straight session after a weak start. The recovery was largely led by IT stocks. The Sensex closed up 0.38 percent at 34,865.10, while the Nifty ended 0.38 percent higher at 10,512.50. Rupee: The Indian rupee closed at 73.83 against the US dollar on Monday, up 27 paise from its Friday close of 73.56. Dollar: Perceived safe havens such as the Japanese yen and Swiss franc have found supported following the hit taken by riskier assets. The dollar traded little changed at 111.83 yen, not far from a one-month low of 111.625 brushed overnight. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 68 crore while domestic institutional investors (DIIs) bought shares worth Rs 295 crore in the Indian equity market on October 15. Wholesale Price Index: India's wholesale price index based inflation rose to 5.13 percent in September 2018 as against 4.53 percent of August 2018, as primary articles inflation saw a major jump, the government data released on Monday said. WPI inflation in primary articles rose to 2.97 percent versus negative 0.15 percent in the previous month. September Trade Deficit: The trade deficit for the month of September stands at $13.98 billion, its lowest in five months despite high oil prices. The overall deficit stood at $94.32 billion in the first six months of the current fiscal. PM meeting with OMC Heads: Amid rising concerns of fuel price hike, Prime Minister Narendra Modi on Monday attended a meeting with chief executive officers and experts of oil and gas sector from India and abroad to discuss on the emerging energy scenario. Modi appealed to oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing countries. (With inputs from agencies)