Markets may open flat to positive following global bourses

Domestic markets may open on a flat to positive note on the back of almost a positive closure on the global bourses and the SGX Nifty trading 10 points up at 10465 levels. The optimism would also be supported by the Asian markets trading higher today, where Shanghai Composite and Hang Seng are marginally up, gaining 0.29 per cent and 0.37 per cent, respectively, at 7.56 hours IST. Nikkei is closed today.

We have the results of some major companies lined up, viz; Godrej Properties, Hindalco, PNB, Tata Power, Titan, Torrent Pharma, Union Bank, among others, which would direct the benchmark and broader indices in today’s session.

Considering the domestic markets, in the previous session, markets opened on a flat note, tried to break all-time high levels, but could not sustain and closed marginally lower. After first two hours of the morning session, markets retreated with one per cent and more losses each in FMCG and PSU banking sectors, despite the 3 per cent plus gain in the pharma sector. Finally, Nifty and Sensex closed the session at 10424 and 33573 shedding 16 and 27 points, respectively.

The US markets ended with a mixed bag, where Dow yet again closed at record high levels gaining 0.35 per cent amid release of tax reform bill. The tax reform plan is expected to decrease the corporate rate to 20 per cent. S&P 500 closed flat to positive led by slight increase in finance shares. However, Nasdaq nosedived to close lower by 1.6 per cent led by falling IT stocks amid 12 per cent rate on repatriated cash.

European markets had opened mixed on November 02 session ahead of Bank of England’s policy review and corporate earnings data. The session ended on a mixed note with major indices at the breather after hitting two year highs while FTSE 100, UK’s major index surged after hiked its key interest rate for the first time in a decade by 25 basis points to 0.5 per cent.