Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review US:
US:
Wall Street closed higher on Monday ahead of a packed week of earnings from megacap companies and the final stretch before the Nov. 5 presidential election, while sentiment improved after energy supplies were not disrupted by weekend developments in the Middle East.
Asia:
Most Asian stocks were flat on Tuesday as focus turned to a barrage of key earnings due in the coming days, while Japanese markets extended gains after the country’s ruling coalition lost its parliamentary majority.
India:
The NSE Nifty 50 and the BSE Sensex snapped a fivesession losing streak on Monday as the share price of ICICI Bank Ltd. and Mahindra & Mahindra Ltd. led the gains. The benchmark indices recorded the best session in one month. Nifty is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
Japan's jobless rate in September fell to 2.4% from 2.5% in August, government data showed on Tuesday. The seasonally adjusted unemployment rate compared with economists' median forecast of 2.5%. The jobs-to-applicants ratio in September edged up to 1.24 from 1.23 in August, separate labour ministry data showed. The median forecast was at 1.23.
The U.S. commercial real estate industry is pushing for tax relief and incentives championed by former Republican President Donald Trump to continue in the next administration, as the sector struggles with surging delinquencies, record vacancy rates, and elevated costs of financing. Commercial real estate is especially vulnerable to higher taxes because its high fixed costs make it less able to offset them, according to industry trade groups. They said they are particularly concerned about key tax breaks being retained or left unchallenged in the coming years.
Commodities:
Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support while investors remained focused on developments in Middle East.
US
gold prices held steady on Tuesday as investors looked forward to a slew of US economic data for clues about the Federal Reserve's interest rate outlook.
Currency:
The yen languished near a three-month trough on Tuesday as the loss of a parliamentary majority for Japan's ruling coalition in weekend elections raised uncertainty about the nation's political and monetary outlook.
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