New Delhi, Oct 31 (IANS) For October 2023, Nifty declined by 2.8 per cent, impacted by Israel-Hamas conflict, rising crude oil prices and spike in US bond yields, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal (NS:MOFS) Financial Services.Going forward, US Fed policy outcome, which is due on Wednesday, would provide cues to the market. Investors would also watch out for economic data including Europe core CPI, US Consumer confidence, India, US and UK PMI, and US nonfarm employment that will be released Wednesday, he said.
Auto sector will be in focus as OEMs are expected to report healthy volume growth for month October as management commentary suggest strong sales during the Navratri festival. On stock specific front, Sun Pharma (NS:SUN), Tata Steel (NS:TISC), Britannia (NS:BRIT), Heromotcorp, Godrej Consumer (NS:GOCP) and Ambuja Cement will be in focus as these companies will announce their Q2 earnings, he added.
Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, said Nifty opened higher by 92 points at 19232 but failed to sustain the gains. Immediately after opening,
Nifty ended the session at 19079 with a loss of 61 points. Nifty witnessed minor profit booking after registering pullback rally of almost 400 points in last three trading session.
The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling its controversial monetary stimulus of the past decade, he said.
--IANS
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