Investors are eagerly waiting for the US elections, Q2 results, Fed policy decisions, and Afcons listings.

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: November 04, 2024

Summary: A busy week for the investors as the US election nears, the release of Q2 results, Federal policy decisions, and Afcons listing.

Investors will closely monitor the outcomes of the US elections on Tuesday, November 5, the US Federal Reserve's policy decision and third-quarter earnings.

Data revealed Republican Donald Trump and Democratic opponent Kamala Harris are in a close race.

The market also anticipates a 25 basis point (bps) reduction in the US central bank's benchmark policy rate. According to data released on Friday, nonfarm payrolls in the US grew by 12,000 jobs in October. Compared to earlier estimates, the economy created 112,000 fewer jobs in August and September.

Wall Street closed Friday's trading day higher ahead of the election, with the Dow Jones up 0.69 percent, the S&P 500 up 0.41 percent, and the Nasdaq Composite down 0.80 percent.=

Today's trading in Asian markets is volatile. Shanghai and China's mainline CSI 300 were flat and biased negatively at the last count. 'Culture Day' is observed by closing Japanese markets.

Due to conflicting global signals, Indian shares are expected to open lower at home. GIFT Nifty futures were down 78.5 points at 24,304.5 at approximately 6:54 AM.

After an hour-long muhurat trading session on Friday, when the country celebrated Diwali, the BSE Sensex ended the day up 335.06 points, or 0.42 percent, at 79,724.12, while the Nifty 50 ended the day at 24,299.55, up 94.20 points, or 0.39 percent.

Investors are eagerly waiting for the Q2 results of Ashok Leyland, MRF, Tata Motors, and others on November 8; Delta Corp, Power Grid, Granules India, Gujarat Gas, and Tata Steel on November 6, IRCON International, Lupin, and M&M on November 7, Dr Reddy's Labs, GAIL India, Mankind Pharma, Oil India, PB Fintech, and Titan on November 4, and others on November 5.

The passenger car industry saw a little 1.8% gain in wholesale sales compared to the prior year, reaching 401,447 units. During the holiday season, retail sales increased by 20%.

Afcons Infrastructure's shares will be listed on stock exchanges in the primary market.

Investors will be watching macroeconomic data like the HSBC Composite and Services PMI Final on Wednesday and the HSBC Manufacturing Purchasing Managers' Index (PMI) Final for October (today).

Today is the first day of China's parliament, and after the meeting ends this Friday, officials are anticipated to provide further information on budgetary support.

The minutes of the Bank of Japan's monetary policy meeting will be made public on Tuesday.

Attention will be paid to China's trade data on Wednesday and the October inflation report on Saturday.

From a short-term viewpoint, Nifty Bank is expected to restart its upward trend into the 52,400-52,500 zone, as it is presently trading in the vicinity of the important hourly moving averages of 51,800-51,600.