Domestic Bonds

Nifty Saw Opening Higher; IRCTC, Tata Motors, Tata Steel, SAIL In Focus

Indian equity benchmarks are expected to open higher, as indicated by the Nifty Futures traded on the Singapore Stock Exchange. The Singapore Stock Exchange’s Nifty Futures, also known as SGX Nifty Futures, rose 30 points or 0.17% to 17,780 amid positive indices from global markets. Asian markets edged higher on Monday, led by a post-election Nikkei leap in Japan, although bonds faltered and the dollar strengthened as traders braced for central bank meetings in Britain, in Australia and the United States to define the outlook for interest rate policy.

Japan’s Nikkei rose 2.3% to a peak in a month after Prime Minister Fumio Kishida’s Liberal Democrats performed better than expected in Sunday’s election, with exit polls showing the party easily retains the majority.

Trade elsewhere was more subdued, with the MSCI Asia Pacific Ex-Japan Equity Index edging up. Data over the weekend showing a sharper-than-expected contraction in Chinese factory activity weighed on mood.

Back home, foreign institutional investors (FIIs) sold shares worth Rs 5,143 crore on Friday, while domestic institutional investors bought shares worth Rs 4,343 crore. In October, the FII sold shares worth Rs 13,549.67 crore.

Tata Motors, IRCTC and Aditya Birla Capital are among the top companies that will report their September quarter results later today.

Reliance Industries will be the focus after the company, in partnership with Google, launches JioPhone Next. The phone will be available from Diwali with a starting price of Rs 1,999.

Tata Steel will be the center of attention after the Mumbai National Company Law Court approved the plan to merge Bamnipal Steel Limited (formerly Bhushan Steel Limited) into and with Tata Steel.

Steel Authority of India (SAIL) will be the center of attention after its stand-alone net profit increased 11 times to Rs 4,304 crore in the September quarter, from Rs 393 crore in the same period Last year.