ETMarkets Morning Podcast: Your Daily Digest Of Market News, Views And Cues

Wall Street soared to record closing highs in overnight trade, Asian markets were steady in morning trade, the bitcoin has zoomed past the $10,000 mark triggering wide fears of a bubble.

That's where we start the day. This is Saloni Goel, your market jockey, with the breakfast briefing to ready you for the day on Dalal Street.

Nifty futures were trading 34 points, or 0.33 per cent, higher at 10,404 on the Singapore Stock Exchange early this morning, indicating a positive start for the Indian market.

Meanwhile, market-wide rollover of F&O positions till Tuesday stood at 41 per cent compared with average rollover of 36 per cent on the comparable day in last three series. November series F&O contracts expire tomorrow.

US stocks surged to record highs in overnight trade led by sharp gains in bank stocks, and boosted by progress for a tax cut bill. The Dow Jones Industrial Average inedx rose 255 points to 23,836, the S&P500 gained 25 points to 2,627 and the Nasdaq added 33 points to 6,912.

Asian markets shrugged off North Korea's latest missile launch on Wednesday, instead followed the lead from Wall Street. Japan's Nikkei 225 was up 0.53 per cent and the Kospi index 0.37 per cent.

The rupee gained 9 paise to hit a two-month high of 64.41 on Tuesday after sustained dollar unwinding by exporters and companies.

In other news, as more economists publish their 2018 outlooks, those from Goldman Sachs and Barclays are sounding most bullish in predicting global growth will reach 4 per cent next year.

Jerome Powell, President Donald Trump's nominee to head the Federal Reserve, in a statement to the Senate Banking Committee ahead of his confirmation hearing on Tuesday, signalled that another round of Fed rate hikes is around the corner.

Back home, a group of promoters of defaulting companies are set to approach the Supreme Court with a plea against the revised Insolvency and Bankruptcy Code, saying one clause in the code prevents them from settling dues of creditors.

And, Sebi is planning to introduce rules on the participation of retail investors in algorithmic trading.

In stock-specific triggers, watch Nestle as Maggi is finding itself in a soup again after it failed to pass a lab test in UP.

Tea stocks are on a high following an increase in tea prices because of production shortages in Assam and West Bengal.

If you are looking for stock-specific triggers or buy/sell ideas, there are plenty of them and over a dozen stock recommendations from top brokerages on www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.

Before I go, let's have a look at some of the interesting headlines from ETMarkets print edition.

The Securities and Exchange Board of India plans to introduce rules on the participation of retail investors in algorithmic trading, a system widely regarded as giving its sophisticated institutional practitioners an edge.

Shares of tea companies gained between 5% and 25% in the last five trading sessions on the back of an increase in tea prices because of production shortages in Assam and West Bengal, the largest tea-producing states. While fundamental analysts remain skeptical about the prospects of tea companies, technical analysts are bullish, and they expect a further increase of 8-10%.

A gradual increase in peripheral sales per vehicle and market-share gains across a range of products helped Motherson Sumi boost its earnings 44% a year in the past five years. The company supplies rear-view mirrors, wiring harness, and bumpers to leading global car makers. Earnings momentum at Motherson Sumi is likely to sustain as it can sell more parts used in a vehicle.

That's it from me for the day. Thank you for listening. Do enjoy your trading day and make loads of money.

But don't forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!


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Source : https://economictimes.indiatimes.com/markets/stocks/news/etmarkets-morning-podcast-your-daily-digest-of-market-news-views-and-cues/articleshow/61848555.cms

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