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Pre Session Commentary
Shares may extend gains Back
(08:07, 01 Nov 2018)

Market is seen extending gains, supported by positive signals from Asian markets and overnight gains in the US stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29.50 points at the opening bell.

Overseas, shares in Asia were trading higher on the first day of November trading after a roller coaster October rocked stocks in the region.

The Bank of Japan kept its ultra-easy monetary policy in place as concerns grow about the impact of US-China trade tensions on the Japanese economy. The board voted 7-2 to maintain short-term interest rates at minus 0.1% and the target for the 10-year Japanese government bond yield at around zero. The BOJ reiterated Wednesday that it would keep “extremely” low interest rates “for an extended period” and allow the 10-year JGB yield to move in a more flexible manner.

US stocks climbed Wednesday to close out an ugly October on a positive note as solid earnings from high-profile brands cheered investors and revived strong buying interest in equities.

On the US data front, private-sector employers added 227,000 new jobs in October, according to payroll firm Automatic Data Processing.

Labor costs rose 0.8% in the third quarter, according to the Labor Department's employment cost index report. Year-over-year, compensation growth remained at the 2.8% level seen in the second quarter, a 10-year high.

Chicago-area PMI came in at 58.4, down from 60.4, according to FactSet. While a reading above 50 indicates expanding activity, this was the lowest reading of the index since April.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 193.65 crore on 31 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1124.92 crore on 31 October 2018, as per provisional data.

Key benchmark indices scored strong gains yesterday, 31 October 2018. The barometer index, the S&P BSE Sensex, surged 550.92 points or 1.63% to settle at 34,442.05. The Nifty 50 index gained 188.20 points or 1.85% to settle at 10,386.60. The rally was triggered after the government clarified on tussle with the Reserve Bank of India and said that it respects and nurtures central bank's autonomy. Positive global cues also boosted sentiment.

On the economic front, the combined Index of Eight Core Industries stood at 127.20 in September 2018, which was 4.3% higher as compared to the index of September 2017. Its cumulative growth during April to September 2018-2019 was 5.5%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The data was unveiled after market hours yesterday, 31 October 2018.

Meanwhile, India climbed another 23 points in the World Bank's ease of doing business ranking to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS. The details were revealed in World Bank's Doing Business Report which is an assessment of business regulation across 190 economies.

India has improved its rank in 6 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score) on 7 out of the 10 indicators. But, the most dramatic improvements have been registered in the indicators related to 'Construction Permits' and 'Trading across Borders'.

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