Sensex, Nifty look to halt 8-day gaining streak today; key things to know before opening bell

Market participants will react to macroeconomic data released after market hours yesterday, where retail inflation reached to an eight-month high of 7.34 per cent in September

Domestic equity market benchmarks BSE Sensex and Nifty 50 rallied for the eighth session on the trot on Monday, starting the week on a positive note. But trends on SGX Nifty suggested that this eight-day rally may take a halt today. Market participants will react to macroeconomic data released after market hours yesterday. Retail inflation reached an eight-month high of 7.34 per cent in September, while industrial output continued to contract in August. Besides, rising coronavirus cases, oil prices, stock-specific developments, rupee movement and other global cues will continue to sway investor sentiment. “We believe, along with global cues, earnings announcements and macroeconomic data would dictate the market trend. Further, measures announced by FM to help revive the economy as well as spur demand would augur well for major sectors such as FMCG, Auto, Capital Goods, Banking etc. ahead,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty slips in red: Today, SGX Nifty indicated that BSE Sensex and Nifty 50 are likely to open in the negative territory. Nifty futures were trading 36.50 points down at 11,931.50 on Singaporean Exchange.

Wipro buyback plan: IT bellwether is scheduled to announce its July-September quarter earnings today. Along with it, Wipro’s board will consider a share buyback proposal as well. Last week, Tata Consultancy Services (TCS) board approved a Rs 16,000 crore buyback plan.

FII and DII data: On Monday, foreign institutional investors (FIIs) lapped up shares worth Rs 615.17 crore, whereas domestic institutional investors (DIIs) offloaded shares worth Rs 1,028.77 crore in the capital on a net basis, according to the provisional data available on the NSE.

Retail inflation at an 8-month high: Retail inflation reached to an eight-month high of 7.34 per cent in September, above the RBI”s comfort level, while industrial output continued to contract in August, official data showed on Monday. The decline in the Index of Industrial Production (IIP) was 10.8 per cent in July. The contraction in August stood at 8 per cent, as per the latest data.

Global market: Trading in Hong Kong was suspended on Tuesday morning due to Typhoon Nangka, while the other Asian markets were trading lower. Japan’s Nikkei dipped 0.14 per cent while the Topix index traded 0.11 per cent lower. South Korea’s Kospi declined 0.59 per cent. In overnight trade on Wall Street, US stocks surged fueled by expectations of a coronavirus relief package and rally in Amazon, Apple and other technology stocks ahead quarterly earnings season. The Dow Jones Industrial Average was up 1.13 per cent, while the S&P 500 gained 2.01 per cent. The Nasdaq Composite added 3.16 per cent

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