Corporate earnings, trends in coronavirus cases, oil prices and rupee movement will sway the investor sentiment.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a tepid start on Wednesday, as suggested by trends on SGX Nifty. Nifty futures were trading 34.5 points down at 11,792 on Singaporean Exchange. All eyes are on US presidential election outcome. Besides, corporate earnings, trends in coronavirus cases, oil prices and rupee movement will sway the investor sentiment. Asian peers were seen trading mostly higher as investors await US election outcome with bated breath. Japan’s Nikkei 225 rose 1.48 per cent while the Topix index advanced one per cent. South Korea’s Kospi also gained 0.32 per cent. In overnight trade on Wall Street, US stocks surged as investors bet that one of the country’s most divisive presidential races would end with a clear victory for Democratic nominee Joe Biden and a swift deal on more fiscal stimulus. The Dow Jones Industrial Average rose 2.06 per cent, the S&P 500 gained 1.78 per cent and the Nasdaq Composite added 1.85 per cent.
President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air, according to Reuters.
Highlights
On Wednesday, we could see Indian market being volatile, ahead of the exit poll on prediction after the completion of voting in the US that would drive the sentiment of the market. Buying is advisable if Nifty comes back to 11750/11700 levels with a final stop loss at 11650. On the higher side, 11900/11950 would be the resistance zone, where one need to book profits on long positions: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
China has suspended the Shanghai leg of Ant Group Co.’s $35 billion offering, potentially derailing the world’s biggest initial public offering. The Shanghai stock exchange will suspend the listing amid changes in the regulatory environment, it said in a statement Tuesday without providing further details. The debut was expected for Thursday, the same day as the Hong Kong portion.
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The short term trend of Nifty has turned up, after forming a reversal type pattern at 11550 levels. One may expect further upside in the coming session and Nifty could test the next upside resistance of 11900-11950 in the next couple of sessions. Immediate support is placed at 11740 levels: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
In case of a divided Congress, we could see risk aversion creeping in the days ahead, dragging equities and commodities lower on expectations that passage of the fiscal bill could face headwinds in the Congress. Also, if the results are close enough to cause a delay in announcement, markets and commodities could come under pressure in the near-term, especially in wake of the resurfacing Covid-19 crisis in Europe and the US: Abhishek Chinchalkar, CMT Charterholder and Head of Education
While Uncle Sam counts ballots to find out who will be sitting in the Oval Office from January, Asian stock markets have seen a flat to positive start. Sensex and Nifty enter the day’s trade with eyes glued to the US Presidential Election and a two-day gaining streak. Sensex sits at 40,261 points while Nifty 50 is above the 11,800 mark. Volatility is expected to be high during the day. Stock markets in the US ended with gains yesterday with Dow Jones jumping over 2%. Among Asian peers Shanghai Composite was flat along with Hang Seng. Nikkei 225 and TOPIX were up over 1% each while KOSPI and KOSDAQ were trading with gains.
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Undivided attention over the next few days will be on the outcome of the US Presidential Election, scheduled to take place today. Expectations are that Biden will win the Presidential race, but the outcome is far from certain. In fact, if the outcome turns out to be close, the announcement of the result could get delayed by a few days to a few weeks due to recounting or legal issues. For financial markets, the winner of the race to the White House is not a simple and an individual priority but if a single party could take control of both the houses. The most desired outcome would be a clean sweep, wherein the president, the House, and the Senate belong to the same party. In such a case, we could see markets reacting positively, commodities rising, and the dollar falling on expectations of a stronger fiscal package to tackle the ongoing Covid-19 crisis and revive the US economy: Abhishek Chinchalkar, CMT Charterholder and Head of Education
In overnight trade on Wall Street, US stocks surged as investors bet that one of the country’s most divisive presidential races would end with a clear victory for Democratic nominee Joe Biden and a swift deal on more fiscal stimulus. The Dow Jones Industrial Average rose 2.06 per cent, the S&P 500 gained 1.78 per cent and the Nasdaq Composite added 1.85 per cent.
Asian peers were seen trading mostly higher as investors await US election outcome with bated breath. Japan’s Nikkei 225 rose 1.48 per cent while the Topix index advanced one per cent. South Korea’s Kospi also gained 0.32 per cent.
President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air, according to Reuters.