Indian shares are likely to be bearish as the global cues look unsupportive with SGX Nifty trading 81 points lower.
The Indian infrastructure sector expanded the most in three months, growing at 5 per cent in September 2016 while the gauge measuring manufacturing climbed to a 22-month high at 54.4 in October from 52.1 in September, with a reading above 50 signaling expansion, signaling a pickup in Asia’s third biggest economy, curbing losses in local stocks.
The 30-share BSE SENSEX closed at 27,876.61, down by 53.6 points or by 0.19 per cent and the NSE Nifty ended at 8,626.25, up by 0.55 points.
Asian shares stumbled and the U.S. dollar was on the defensive on Wednesday as signs that Republican U.S. presidential candidate Donald Trump could be closing the gap with his Democratic rival Hillary Clinton spooked investors.
U.S. factory activity increased for a second straight month in October amid a pickup in production and hiring, supporting views that the embattled manufacturing sector would regain some momentum in the fourth quarter.
Crude oil prices fell for a fourth day on Wednesday, with jittery investors awaiting official U.S. stockpile figures later in the day after less comprehensive industry data showed a surprise build in inventories.
European shares fell for a seventh straight day on Tuesday, led lower by weaker financial stocks, as uncertainty about next week’s U.S. presidential election weighed.
Major Headlines of the day:
• Tata Motors’ sales jump 21% to 52,813 units.
• Airtel signs Rs 420-cr deal with Nokia on VoLTE tech.
• MCX plans options in gold, mock trading in a month.
Trend in FII flows: The FIIs were net buyers of Rs -123.96 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs 192.1 Cr, as per the provisional figures.
UPCOMING RESULTS: UPPERGANGE, TAJGVK, SUNDARAMFAST, OUDHSUGAR, STERTECH..
Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.