SGX Nifty hints at flat opening for markets

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell. On the macro front, India’s merchandise exports in October rose 42.3% on a year-over-year basis to touch $35.47 billion, as per preliminary trade data revealed by the Ministry of Commerce and Industry on Monday. Total merchandise imports in October, however, rose 62.5% to $55.37 billion. The trade deficit in the month of October widened to $19.9 billion compared to $9.15 billion, recorded in October 2020.

Global markets

Overseas, Asian stocks are trading mixed on Tuesday, with the Australian central bank set to announce its interest rate decision later in the day.

Wall Street’s main indexes notched record closing highs on November 1 as Tesla shares surged and the energy sector gained.

The Dow Jones Industrial Average rose 94.28 points to 35,913.84, helped by gains in Boeing and Dow Inc., closing at a fresh record. The S&P 500 rose nearly 0.2% to 4,613.67, closing at an all-time high. The tech-focused Nasdaq Composite added 0.6% to 15,595.92 and also hit a closing record.

Investors are monitoring the US Federal Reserve’s two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.

US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials. The ISM’s index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September.

Domestic markets

Back home, the domestic equity benchmarks surged on Monday, snapping the three-day losing streak. The barometer index, the S&P BSE Sensex, jumped 831.53 points or 1.40% to 60,138.46. The Nifty 50 index advanced 258 points or 1.46% at 17,929.65.

Foreign portfolio investors (FPIs) sold shares worth Rs 202.13 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 116.01 crore in the Indian equity market on 1 November, provisional data showed.