Nifty is expected to open on a positive note and likely to witness range bound move during the day - Nirmal Bang Ltd
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Market Review US:
On Friday, US indices were mixed; at close Nasdaq Composite recorded a new intraday all-time high, rising 0.56% to close at 18,518.61. Dow Jones ended down 0.61% at 42,114.40 and S&P 500 closed lower by 0.03% to 5,808.12.
Asia:
Asian indices opened higher with Japan indices rising the most following the election outcome.
India:
Markets fell for the fourth consecutive week, the longest streak since the five weeks ended Aug. 24. On a daily basis, they continued their downtrend for the fifth session. Nifty is expected to open on a positive note and likely to witness range bound move during the day.
Global economy: :
China's industrial profits plunged in September, recording the steepest monthly decline of the year, as policymakers ramp up stimulus to revitalise economic growth.Profits in Sep fell 27.1% from a year earlier, following a 17.8% fall in Aug, while earnings slipped 3.5% in the first nine months versus a 0.5% rise in the Jan-Aug period. U.S. nonfarm payrolls in Oct could be reduced by as many as 41,000 jobs amid strikes in the aerospace manufacturing industry and at three hotel chains. The Labor Department's monthly strike report showed 33,000 Boeing employees were idle at the plane maker's plants in California, Oregon and Washington state during the October payrolls survey. The labor market is expected to also have taken another hit from Hurricanes Helene and Milton, which are estimated to have cut up to 40,000 jobs from payrolls in Oct.
Commodities:
Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Gold prices fell on Monday, pressured by a stronger U.S. dollar and rising bond yields, while investors awaited clarity on the Federal Reserve's monetary policy. Meanwhile, geopolitical tensions in the Middle East and an upcoming U.S. employment report added to the market uncertainty.
Currency:
The yen hits a three-month low following Japan's ruling coalition losing its parliamentary majority, triggering investor concerns over slower interest rate hikes. Meanwhile, the dollar gains strength on rising U.S. yields and economic optimism, leading to its largest monthly rise in over two years.
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