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

The Indian stock market is expected to open in the green following positive global cues. Trends on SGX Nifty indicate a positive opening for the index in India with a 82 points gain.

The BSE Sensex rose 143.51 points to 39,757.58 on November 2 while the Nifty50 gained 26.80 points to close at 11,669.20. According to pivot charts, the key support levels for the Nifty is placed at 11,575.83, followed by 11,482.47. If the index moves up, the key resistance levels to watch out for are 11,744.13 and 11,819.07.

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

The Dow and S&P closed higher on Monday with the Nasdaq posting slimmer gains on the eve of the U.S. presidential election, as investors girded for what could be big market swings this week.

The Dow Jones Industrial Average rose 423.45 points, or 1.6%, to 26,925.05, the S&P 500 gained 40.28 points, or 1.23%, to 3,310.24 and the Nasdaq Composite added 46.02 points, or 0.42%, to 10,957.61.

Asian Markets

Asian shares looked set to climb on Tuesday as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States, although the dollar and gold firmed on political uncertainty.

Australia's ASX 200 jumped 1.17% in early trading, while Hong Kong's Hang Seng index futures rose 0.28%.S&P 500 futures climbed 0.31%, extending gains on Wall Street overnight, and Japan's Nikkei 225 futures added 0.41%.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 82 points gain. The Nifty futures were trading at 11,752 on the Singaporean Exchange around 07:30 hours IST.

Oil rises nearly 3%

Oil prices gained nearly 3% on Monday, rebounding from several day of losses built on concerns of rising coronavirus cases, one day before the end of U.S. presidential election voting. Brent crude gained $1.03, or 2.7%, to settle at $38.97 a barrel. U.S. West Texas Intermediate ended $1.02, or 2.9%, higher at $36.81 a barrel.

Emerging markets suck in $17.9 billion during October: IIF

Emerging markets sucked in $17.9 billion of portfolio flows in October, up from $7.5 billion the month before, buoyed by an improving outlook for the global economy and strength of the tech sector, data from Institute of International Finance showed.

Debt accounted for the majority of inflows, mostly to emerging Asia and China, as investors were attracted by a steady pipeline of external issuance. Debt inflows were around $11.7 billion during the month.

Equities were more sensitive to political risk and uncertainty stemming from the upcoming US election. Equity inflows stood at $6.3 billion, of which $4.7 billion were to China.

India's October factory growth at decade high

India’s factory activity expanded at its fastest pace in over a decade in October as demand and output continued to recover strongly from coronavirus-related disruptions, but firms cut more jobs, a private survey showed.

The Nikkei Manufacturing Purchasing Managers’ Index compiled by IHS Markit, rose to 58.9 in October from September’s 56.8. The reading was the highest since May 2010 and above the 50-level separating growth from contraction for the third straight month.

Four ex-RBI governors including Raghuram Rajan, YV Reddy warn of NPAs delaying recovery

Domestic banks, which have the highest bad loan pile in the world, pose a huge risk to the recovery of the pandemic-ravaged economy unless the government rescues them, four former Reserve Bank governors warn in a soon-to-be-released book.

While Raghuram Rajan blames excessive investments by companies and the exuberance of bankers, coupled with inability to act fast as the prime causes for NPAs (Non-Performing Assets), Yaga Venugopal Reddy opines that the bad loans are not only a problem but a consequence of other problems.

Duvvuri Subbarao sees NPAs as a big and real problem that needs to be contained, and Chakravarthy Rangarajan blames the lingering real sector problems, partly policy-driven most recently seen with demonetisation, aggravated the crisis. "Yes, the bad loan problem is big and real," says Subbarao, who was the governor for five years from September 2008 to September 2013, in the book by senior journalist Tamal Bandyopadhyay titled 'Pandemonium: The Great Indian Banking Tragedy'.

RBI increases trading hours for rupee and bond markets

The Reserve Bank of India has increased trading hours for the rupee and bond markets following easing COVID-19 lockdown restrictions. The trading hours for foreign currency and rupee market including forex derivatives, government securities, commercial paper and certificates of deposit has been increased by 1.5 hours.

Now, the rupee market will close at 3:30 pm as per Indian Standard Time instead of earlier closing time of 2 pm, after opening at 10 am. The revised timings will be effective from November 9, 2020.

US manufacturing near two-year high; road ahead difficult

US manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years amid a shift in spending toward goods like motor vehicles and food as the COVID-19 pandemic drags on.

The ISM said its index of national factory activity increased to a reading of 59.3 last month. That was the highest since November 2018 and followed a reading of 55.4 in September.

South Korea inflation slows in October

South Korea’s annual inflation slowed in October and the core rate declined at its fastest pace in over 21 years as the coronavirus pandemic dampened domestic demand and a temporary government subsidy on mobile phone bills dragged on the data.

The consumer price index rose 0.1% in October from a year earlier, Statistics Korea data showed, well below a median 0.7% rise tipped in a Reuters survey and the lowest figure in four months. Inflation accelerated 1.0% in September.

Results on November 3

Sun Pharmaceutical Industries, Adani Gas, Adani Ports, Ajanta Pharma, CARE Ratings, Dabur India, Deepak Fertilisers, Dhanlaxmi Bank, Eris Lifesciences, Godrej Properties, Jagran Prakashan, JSW Energy, Kansai Nerolac Paints, Muthoot Finance, PVR, Ramco Systems, Transport Corporation of India and Varun Beverages among 90 companies will declare their quarterly earnings on November 3.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 740.61 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 533.97 crore in the Indian equity market on November 2, as per provisional data available on the NSE.