Important Information For October 4 Stock Trading Strategy

The Indian equity benchmarks are set to stage a gap up opening on Tuesday as indicated by the Nifty Futures traded on Singapore Exchange. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures surged 1.4 per cent or 238 points to 17,107.

Here are key things to know before market opens on Tuesday:

Asian Markets

Most of the Asian markets were trading sharply higher following an overnight surge in US markets. Japan's Nikkei rose 2.4 per cent, Singapore's Straits Times advanced 1 per cent and Taiwan Weighted climbed 1.55 per cent.

US Markets

Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates.

The S&P 500′s leap of 2.6 per cent was its biggest since July, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession. Wall Street’s main measure of health was coming off its worst month since the coronavirus crashed markets in early 2020 and is still down nearly 23 per cent for the year.

The Dow Jones Industrial Average jumped 2.7 per cent, and the Nasdaq composite gained 2.3 per cent in Monday’s widespread rally that swept the vast majority of U.S. stocks higher.

Stocks took their cue from the bond market, where yields fell to ease some of the pressure that’s been battering markets this year. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, fell to 3.64 per cent from 3.83 per cent late Friday. It got as high as 4 per cent last week after starting the year at just 1.51 per cent.

Gold and Crude Oil Price Check

Benchmark U.S. crude oil for November delivery rose $4.14 to $83.63 a barrel Monday. Brent crude for December delivery rose $3.72 to $88.86 a barrel.

Gold for December delivery rose $30 to $1,702 an ounce. Silver for December delivery rose $1.55 to $20.59 an ounce and December copper was unchanged at $3.41 a pound.

The dollar fell to 144.76 Japanese yen from 144.78 yen. The euro rose to 98.18 from 98.09 cents.

Foreign Flows

Foreign institutional investors bought shares worth Rs 591 crore on Monday while domestic institutional investors sold shares worth Rs 423 crore.

Stocks To Watch

Tata Steel: Odisha-based Neelachal Ispat Nigam Ltd (NINL) has started operations nearly 90 days after it was acquired by a Tata Steel subsidiary for Rs 12,000 crore in a bidding process, a statement said on Monday.

The plant with a 1.1 million tonnes steel-making capacity was closed for almost two years on account of various reasons.

Vedanta: edanta Ltd on Monday said that its aluminium production increased by 2 per cent to 5,84,000 tonnes in the second quarter of the ongoing fiscal.

The company's aluminium production in the corresponding quarter of FY22 stood at 5,70,000 tonnes, Vedanta Ltd said in a filing to BSE.

The mined metal output at Zinc India during the July-September quarter also went up by 3 per cent to 2,55,000 tonnes over 2,48,000 tonnes in the same period of the previous fiscal.

Punjab National Bank: In an effort to make banking services more accessible, state-owned Punjab National Bank (PNB) on Monday said it has introduced banking services through WhatsApp for both customers and non-customers.

To activate the banking facility on WhatsApp, customers need to first save the official PNB's WhatsApp number +919264092640 in their phone book and initiate a conversation (on WhatsApp) by sending a hi/hello to this number, the bank said in a statement. 

Marico: FMCG firm Marico Ltd on Monday said its India business posted low single-digit volume growth in the second quarter of the ongoing fiscal.

In a quarterly update, the company said demand sentiment in India trended on similar lines as the preceding quarter during most of the second quarter, with some signs of positivity in the last month.

Adani Green: Adani Renewable Energy Holding Four Limited has incorporated three new subsidiary companies for renewable energy business.

In a statement on Monday, Adani Green Energy Ltd (AGEL) said Adani Renewable Energy Holding Four Limited is its own subsidiary and the newly incorporated entities are its step-down subsidiaries.

Muthoot Finance: Muthoot Microfin has secured an additional $10 million (about Rs 81.6 crore) in private equity investment from Greater Pacific Capital.

This is the second round of capital infusion by Greater Pacific after it had pumped in USD 50 million in the first round in December 2021, the microfinance arm of the Thiruvanathapuram-based Muthoot Pappachan Group said in a statement on Monday.