Indian shares looked set for positive start on Wednesday, following a rebound on Wall Street but investors' sentiment is likely to remain cautious on global growth worries and slew of corporate earnings back home.
At 06.50 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.62 percent to 10,292, indicating a negative start 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 added 0.05 percent, but it was still on track to fall roughly 11 percent this month. The index had dropped to its lowest level since February 2017 on Monday as worries over corporate profits weighed heavily on US equities.
US: The Dow Jones Industrial Average rose 431.72 points, or 1.77 percent, to 24,874.64, the S&P 500 gained 41.38 points, or 1.57 percent, to 2,682.63 and the Nasdaq Composite added 111.36 points, or 1.58 percent, to 7,161.65.
Crude Oil Prices: Brent crude futures had gained 36 cents, or 0.5 percent, to $76.27 a barrel by 0110 GMT. They fell 1.8 percent on Tuesday, at one point touching their lowest since Aug. 24 at $75.09 a barrel. US West Texas Intermediate (WTI) crude futures advanced 27 cents, or 0.4 percent, to $66.45 a barrel on Wednesday. They dropped 1.3 percent the day before, after hitting their weakest since Aug. 17 at $65.33 a barrel.
Market At Close On Tuesday: Indian market closed largely lower on Tuesday, but market breadth remained in favour of advances as the midcap index outperformed to close the session with a gain of 116 points at 16,866. The Nifty ended with a fall of 53 points to settle below 10,200. The 30-stock BSE frontline index, the Sensex slipped 176 points to 33,891.
Rupee: The Indian rupee fell 23 paise on closing to 73.67 against the US dollar on Tuesday.
Dollar: The dollar index against a basket of six major currencies was near a 16-month peak of 97.02 scaled overnight after data showed US consumer confidence rose to an 18-year high in October, suggesting strong economic growth could persist in the near term. The dollar rose to a three-week high of 113.20 yen.
FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 1,592 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,363 crore in the Indian equity market on October 30.
US-Iran Sanctions And India: India would not be adversely impacted by the second round of US sanctions on Iran that kick in on the November 4, said sources familiar with the matter. Highly placed sources expressed confidence that India was unlikely to be affected by US sanctions which demand that all countries should bring oil imports from Iran to zero. However, official spokespersons for the government refused to comment.
Arun Jaitley Hits Back At RBI: Finance Minister Arun Jaitley blamed the Reserve Bank of India (RBI) on Tuesday for failing to stop a lending spree between 2008-2014 that left banks with huge bad debts, inflaming a row that recently erupted between the government and the central bank.
Delhi Smog Menace: Use of private vehicles in the capital New Delhi maybe halted if air pollution, which has reached severe levels in recent days, gets worse, a senior environmental official said on Tuesday. Toxic smog has started to envelope vast swathes of northern India, including New Delhi, as it does each year when winter approaches and farmers burn off the residue of crops.
(With inputs from agencies)