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Published on 29/10/2020 10:11:43 AM | Source: HDFC Securities Ltd

Markets could open lower following negative Asian markets and sharply lower US markets on Wednesday - HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Markets could open lower following negative Asian markets and sharply lower US markets on WednesdayHDFC Securities

Indian markets could open lower following negative Asian markets today and sharply lower US markets on Wednesday.

US stocks tumbled Wednesday, putting all the three major indexes on track for their worst week since March 20, as a surge in COVID-19 cases in the U.S. and Europe heightened investor worries over the economic recovery. Investors also have begun to take precautions ahead of the Nov. 3 U.S. election while digesting third quarter corporate earnings reports

Global stocks came under heavy selling pressure Wednesday as Germany and France announced further restrictions on business activity in an effort to contain the rise in COVID-19 cases and the U.S. saw the number of new cases hit records.

Asian stocks were set to join a global sell-off on Thursday as worries about surging coronavirus cases in Europe and the United States sent investors scrambling for safe-haven assets. The Bank of Japan and European Central Bank are set to announce its interest rate decision and release its outlook report on Thursday

Indian equity benchmark indices reversed Tuesday's gains to end lower on October 28, dragged lower by selling pressure across the board. Nifty after opening almost flat soon started to fall and made an intraday low around 1400 Hrs. A feeble recovery followed. At close the NSE Nifty 50 index ended 1.34% lower at 11,729.

Uncertainty around US Presidential elections has succeeded in triggering a correction in global markets already reeling under Covid-19 spread. The level of 11661 remains a crucial support on the downside.

Bharti Airtel to stay away from 5G auctions, as prices exorbitant: Vittal

Bharti Airtel CEO Gopal Vittal said that the company would stay away from the 5G auctions, if they happened next year as the spectrum offered at the current prices were not affordable for the company.

“The 5G ecosystem is yet to develop here and the prices are very high and we can’t afford them,” Vittal said during the company’s post earnings call. He said that the company would not buy the airwaves at the current prices at the rates suggested by the Telecom Regulatory Authority of India (TRAI).

 

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