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Saravan Stocks
       
Pre - Session
Preview on the major events which influences the market on that day.
Market may extend recovery
03-Oct-18   08:01 Hrs IST

Market is seen opening higher tracking overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54 points at the opening bell.

Overseas, Asia markets were mixed on Wednesday. Markets in China and South Korea are closed for a public holiday.

In US, the Dow Jones Industrial Average hit a record high on Tuesday as it rallied for a second day, boosted by gains in Intel and optimism around global trade. Stocks were coming off strong gains from the previous session after Canada joined the US and Mexico in a new trade deal. The United States-Mexico-Canada Agreement, or USMCA for short, will see all three countries compromise on certain trade aspects. More market access will be granted to US dairy farmers, while Canada has agreed to effectively cap automobile exports to the States.

Trade war remains in focus for the markets. Following the new USMCA deal to replace the current North American Free Trade Agreement, eyes are now on Washington's ongoing trade fight with China. Investors will be looking to China, to see if Beijing and Washington can compromise on certain trade elements.

In the UK, the Conservatives' annual party conference was under way with Prime Minister Theresa May facing pressure over her proposal for future UK-EU relations, known as the Chequers plan, which has already been rejected by EU leaders. Any additional signs of political instability in Europe could weigh on the US, where multinational firms have a large amount of revenue exposure to the region.

Further in Europe, Italy last week unveiled a 2019 budget deficit target that has met stiff opposition from European Union officials, who say it will violate the bloc's fiscal rules. Italy's coalition government proposed a budget that would increase the deficit to 2.4% of gross domestic output in 2019, well above the initial target of 0.8% proposed by the country's previous centre-left government. The current target range for this year is 1.6%. The deficit blowout revived fears of the eurozone debt crisis and put pressure on the euro.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,841.63 crore on 1 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,804.94 crore on 1 October 2018, as per provisional data.

Benchmark indices snapped their three-day losing streak on Monday, 1 October 2018 led by gains in HDFC, TCS, Infosys and HDFC Bank. The Nifty managed to close above 11,000-mark. The Sensex rose 299 points or 0.83% to settle at 36,526.14. The Nifty 50 index rose 77.85 points or 0.71% to settle at 11,008.30.

Indian equity market was shut on Tuesday, 2 October 2018, on account of Mahatma Gandhi Jayanti.

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