What changed for the market while you were sleeping? Top 10 things to know

The Indian stock market is expected to open in the red following weak global cues. Trends on SGX Nifty indicate a negative opening for the index in India with a 51 points loss.

The Sensex plunged 599.64 points, or 1.48 percent, to close at 39,922.46 on October 28 while the Nifty fell 159.80 points, or 1.34 percent, to 11,729.60. According to pivot charts, the key support levels for the Nifty is placed at 11,633.13, followed by 11,536.67. If the index moves up, the key resistance levels to watch out for are 11,877.73 and 12,025.87.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors worried about the possibility of a contested U.S. presidential election next week.

The Dow Jones Industrial Average fell 943.24 points, or 3.43%, to 26,519.95, the S&P 500 lost 119.65 points, or 3.53%, to 3,271.03 and the Nasdaq Composite dropped 426.48 points, or 3.73%, to 11,004.87.

Asian Markets

Asian stocks set to join a global sell-off on October 29 as worries about surging coronavirus cases in Europe and the United States sent investors scrambling for safe-haven assets.

Australia's ASX 200 fell 1.73% in early trade, while Hong Kong's Hang Seng index futures were off 0.8%. Japan's Nikkei 225 futures were up 0.24% but down 1.23% from the underlying index's close on Wednesday.

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the index in India with a 51 points loss. The Nifty futures were trading at 11,673 on the Singaporean Exchange around 07:30 hours IST.

Oil plunges over 5% to four-month low

Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand.

Brent futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.18, or 5.5%, to $37.39.

Record US third-quarter growth assured as goods trade deficit falls, inventories rise

The United States' trade deficit in goods narrowed sharply in September and inventories at retailers surged, sealing expectations for record economic growth in the third quarter after the worst performance in at least 73 years.

The data from the Commerce Department on Wednesday added to reports ranging from retail sales, durable goods orders and housing that suggested the economy has regained some footing, though gross domestic product would still likely remain below the department's forecast for the fourth quarter.

Financial conditions recover significantly after hitting the abyss in April: CRISIL

Financial conditions in India have witnessed a speedy recovery from the COVID-19 pandemic-led harrowing abyss courtesy the Reserve Bank’s interventions, domestic credit rating agency CRISIL said on Wednesday.

It said the central bank’s measures have helped mitigate the large and broad-based economic damage caused by the pandemic. However, it made it clear that pockets of stress still remain, pointing to the weak bank credit growth, wider spreads on lower-rated corporate bonds, and fundamental pressures due to high government borrowing.

ECB to pave way for more stimulus as recession fears grow

The European Central Bank is expected to resist pressure to unveil fresh stimulus measures on Thursday but it will likely pave the way for action in December as fresh restrictions aimed at containing the coronavirus pandemic fuel fears over a new recession.

Having already lined up unprecedented firepower to prop up the 19-member currency bloc’s economy, the ECB is in no hurry to act, as its ongoing bond buying could keep markets calm well into next year. Policymakers also appear keen to push governments to take the lead.

RBI imposes monetary penalty on DCB Bank, Jio Payments Bank for rule violations

The Reserve Bank of India (RBI) on October 28 imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations. The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc.

Results on October 29

Maruti Suzuki, BPCL, Bank of Baroda, Canara Bank, Havells India, Vodafone Idea, InterGlobe Aviation, Tata Chemicals, TVS Motor Company, AAVAS Financiers, Aegis Logistics, Apollo Pipes, Arvind, Astec Lifesciences, Bajaj Healthcare, Blue Dart Express, Cholamandalam Investment and Finance Company, Coromandel Engineering, Gateway Distriparks, Great Eastern Shipping, Himadri Speciality Chemical, JK Paper, Laurus Labs, Mastek, Mahindra Holidays, MRPL, PTC India Financial Services, Security and Intelligence Services, Shriram Transport Finance, Strides Pharma Science, Surya Roshni, Vaibhav Global, Welspun Corp, Welspun India and Zensar Technologies among 89 companies will declare their quarterly earnings on October 29.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,130.98 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 1.48 crore in the Indian equity market on October 28, as per provisional data available on the NSE.

2 stocks under F&O ban on NSE

Coforge and Vodafone Idea are under the F&O ban for October 29. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters & other agencies