Sensex and Nifty are likely to open higher following another record closing of Wall Street stocks and positive cues across the Asian markets, mainly Japan, after decent September vehicle sales.
Sensex and Nifty are likely to open higher following another record closing of Wall Street stocks and positive cues across the Asian markets, mainly Japan, after decent September vehicle sales. The early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, up 0.07% at 9,881.5 points on the Singapore Stock Exchange. Meanwhile, Japanese shares jumped in the early trade on Wednesday led by auto stocks as US demand for cars rose following damage from recent hurricanes.
These stocks will be in watch today
The government slashed the excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months. Petrol and diesel will cost Rs 2 a litre less from today after the first excise duty cut by the Modi government comes into effect. Petrol currently costs Rs 70.88 per litre in Delhi while a litre of diesel is priced at an all-time high of Rs 59.14. This excise duty cut would cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018, PTI reported citing an official statement. Following the announcement, the shares of oil marketing companies such as Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation will be in focus today.
Hero MotoCorp: Country’s largest two-wheeler maker Hero MotoCorp reported its best-ever monthly sales at 7,20,739 units in September, a growth of 6.78 per cent over the same month last year.
Coal India: State-owned Coal India produced 231.87 million tonnes (MT) of coal in April-September period this fiscal, missing the output target by 4.69 per cent or 11.43 MT.
Bharti Airtel: Bharti Airtel said Ghana’s communications regulator has approved the merger of Bharti Ghana Ltd and Millicom Ghana Ltd (Tigo), subject to certain conditions.
Indian rupee on Tuesday: The Indian rupee recovered marginally in late afternoon trade but closed lower after falling sharply in the opening session on the first trading day of the third quarter of the financial year 2017-2018. The domestic currency lost 21 paise to end at 65.49 per US dollar on Tuesday.
Indian markets on Tuesday
Sensex and Nifty closed higher on Tuesday for the third consecutive day pushed by the robust September sales of major automakers such as Tata Motors. BSE Sensex gained 214 points to close at 31,497.38 points and NSE Nifty 71 points to finish at 9,859.5 points. During the day, the benchmark Sensex rose as much as 332 points to hit the day’s high of 31,615.28 points. The market participants keenly awaited the outcome of the two-day bi-monthly policy meeting of the Reserve Bank of India scheduled for later today. Shares of Tata Motors were the biggest gainer on Sensex, surged 6.8% to the day’s high of Rs 428.25 before closing 3.78% up at Rs 416.4 after the automaker reported a 25% increase in domestic sales at 53,965 units in September.
US markets on Tuesday
The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales. The Dow Jones Industrial Average rose 84.07 points, or 0.37 percent, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22 percent, to 2,534.58 and the Nasdaq Composite added 15.00 points, or 0.23 percent, to 6,531.71.