Here’s what you need to know before the market opens on October 06, 2021.
Opening Bell: Here’s what you need to know before the market opens on October 06, 2021.
Moody’s has upgraded its outlook on India’s Sovereign ratings to stable from negative.
Indian equity markets are likely to start Wednesday with a slightly negative bias as the SGX Nifty is seen trading down by 28.50 points or 0.16% at 17,790 levels. However, like in the recent past, we have seen dips are being bought, and expect a similar kind of trend to continue on Wednesday as well. The big news which could act as music to the ears of the bulls is that rating agency Moody’s has upgraded its outlook on India’s sovereign ratings to stable from negative.
Cues from Asian markets: Majority of the Asian stock markets were trading in red on Wednesday. Japan’s Nikkei 225 was down by 0.96% and Hong Kong’s Hang Seng has shed 0.93%.
Overnight cues from US markets: It was a green day on Wall Street as all three major US stocks indices ended the session in positive terrain. A report released indicated that the US service sector surprisingly grew a tad faster in September. The tech-heavy Nasdaq led from the front as it jumped 1.3% followed by S&P 500 and the Dow which added 1.1% and 0.9%, respectively. Usually, it is believed that bonds yield and stock price have an inverse relationship to each other, however, on Tuesday both bond yields and the stock price rose. The 10-year US Treasury bond yield moved above 1.5%.
Last session summary: On Tuesday, Indian benchmark indices ended in green for a second straight day. The Sensex and Nifty closed up by 0.75% and 0.74%, respectively. Reliance Industries and TCS combinedly contributed nearly 56 points to Nifty’s kitty.
Among the sectoral indices, Nifty Energy and IT were the top gainers. On other hand, Nifty Realty and Nifty Pharma were top losers.
FII’s and DII’s activity on Tuesday: FIIs were net sellers to the tune of Rs 1,915.08 crore on Tuesday. On other hand, DIIs were net buyers to the tune of Rs 1,868.23 crore.
Important corporate events to watch out for: Board Meeting of Nazara Technologies and Inox Wind is scheduled on October 6 to consider fundraising and other business matters.
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