Market may open higher; key earnings, economic data eyed
Asian stocks are trading mixed as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell. Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for October starting from 1 November 2021. On the macro front, Markit Manufacturing PMI for October will be declared today, 1 November 2021.
Global markets
Overseas, Asian stocks are trading mixed on Monday as investors reacted to economic data that showed a mixed picture of Chinese manufacturing activity in October.
China’s factory activity expanded at its fastest pace in four months in October, buoyed by stronger demand, but power shortages and rising costs weighed on production, a business survey showed on Monday. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 50.6 in October, its highest level since June.
Wall Street capped a choppy day of trading Friday with modest gains for stocks, nudging the major indexes to more all-time highs.
Domestic markets
Back home, the domestic equity market tumbled on Friday, extending losses for the third trading session. The S&P BSE Sensex slumped 677.77 points or 1.13% to 59,306.93. The Nifty 50 index fell 185.60 points or 1.04% to 17,671.65.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,142.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,342.51 crore in the Indian equity market on 29 October, provisional data showed.