Can a mid-week holiday change the direction of the market? This holiday-shortened week is rather topsy-turvy in terms of cues. On the one hand, the latest SEBI dictat reducing the weekly options contract’s expiry to one is surely going to weigh on sentiment.  The global cues on the other hand don’t bring any cheer either…supply chain worries and crude spikes are worry points for the trading trajectory.

Here are the top cues to watch out for tomorrow’s trading session: 

Tension In West Asia Escalates

Iran launched missiles at Israel on October 1 in response to the country’s aggression in Lebanon and Gaza after which Israel retaliated. The Israeli military’s losses in southern Lebanon increased to eight as it clashed with Hezbollah after crossing the border to target the group’s positions.

Adani Enterprises 

The company has merged two subsidiaries with Adani New Industries (ANIL) to strengthen its green energy ecosystem. ANIL merged Adani Infrastructure and Mundra Solar Technology with itself, said Adani Enterprises in an exchange filing. 

Reliance Power

Reliance Group would develop solar and hydropower projects in Bhutan jointly with the government’s investment arm.

SEBI’s New F&O Rule

SEBI set six measures which include increasing the contract size for index futures and options to Rs 15 lakh. The present contract size is between Rs 5 lakh and Rs 10 lakh. Also, the rationalisation of weekly index derivatives products, allowing the exchanges only one benchmark index with weekly expiry.

Oil Prices Soar

Iran’s biggest-ever military blow against Israel on Tuesday and the latter’s threat of retaliation pushed up oil prices more than 3% on October 02 on mounting concerns that West Asia tensions could escalate, potentially disrupting crude output from the region.

NMDC

NMDC raised the rates of lump ore and fines by Rs 400 per tonne with immediate effect. The company revised the price of lump ore, containing 65.5% iron content, to Rs 5,750 per tonne from Rs 5,350 a tonne fixed on August 8. The rate of fines or low-grade ore, with 64% and below iron content, has been increased to Rs 5,010 per tonne from Rs 4,610 per tonne fixed in August this year.

Markets Recap

On Tuesday, the Nifty 50 declined 14 points or 0.05% to close at 25,797. Similarly, the Sensex closed 34 points or 0.04% lower at 84,266.29. The banking index fell 55.50 points or 0.10% at 52,922.60 while the Nifty Midcap 100 outperformed the overall markets. It rose 205 points or 0.34% to 60,358.