Indian stocks are set to start November higher as a rebound on Wall Street and upbeat corporate earnings will likely support investors' risk appetite after a torrid last month.
At 07.06 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.24 percent to 10,412, indicating a positive 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 rose 0.15 percent, adding to modest gains the previous day, though this came after a brutal October month. The improved mood filtered down to Asia, with Australian stocks up 0.55 percent and South Korea's KOSPI putting on 0.5 percent. Japan's Nikkei slipped 0.3 percent following two days of big gains. US:The Dow Jones Industrial Average rose 241.12 points, or 0.97 percent, to 25,115.76, the S&P 500 gained 29.11 points, or 1.09 percent, to 2,711.74 and the Nasdaq Composite added 144.25 points, or 2.01 percent, to 7,305.90. Crude Oil Prices: The Brent crude January futures contract lost 44 cents, or 0.32 percent, to trade at $74.72 per barrel by GMT 0054 GMT. West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel. Market At Close On Wednesday: Indian shares recovered to end sharply higher on Wednesday after the government stressed in a statement that the Reserve Bank of India has autonomy. The Sensex ended more than 550 points higher at 34,442, while the Nifty ended 1.85 percent higher at 10,386. Rupee: The Indian rupee fell 28 paise on closing to 73.95 against the US dollar on Wednesday. Dollar: The dollar index against a basket of six major currencies hovered near a 1 6-month high of 97.20 scaled overnight. The greenback has enjoyed a boost from robust economic reports, including data last week which showed the US economy slowed less than expected in the third quarter. FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 194 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,125 crore in the Indian equity market on October 31. RBI vs Centre: Autonomy for the Reserve Bank of India, within the framework of the RBI Act, is an essential and accepted governance requirement, said the finance ministry in a statement on Wednesday as the rift between the two authorities widened. The government confirmed that "extensive consultations" on many issues take place between the government and RBI frequently and added that it will continue to place assessments, suggest solutions post consultations with RBI. Ease Of Doing Business: Repeating the success of last year, India on Wednesday jumped 23 places to rank at 77 in 2019 World Bank's ease of doing business ranking (DBR). Last year, India ranked 100, up 30 places from the year before last. Between 2014 and 2018, India jumped 65 places and 53 in the last two years. Flexi-Fare Scrapped: In a huge relief for passengers, railways has scrapped flexi-fare in 15 premium trains completely, while the scheme will no longer be applicable in 32 trains during lean periods. It has also reduced flexi fares from 1.5 to 1.4 times the base ticket fare in 101 trains, railway minister Piyush Goyal said on Wednesday.
(With inputs from agencies)