As the race for White House hots up, Wall Street is split vertically: Biden stocks are said to be those related to global trade and renewable energy, while Trump seems to be favouring fossil fuel and defence stocks. For instance, life under Biden would be a lot simpler for Apple, one stock analyst told Reuters. The view is, Trump, who favours deregulation, is a better option for the stock market than Biden, who is widely expected to raise taxes. So, brace for action in individual stocks & indices as presidential debates kick off, with the first one due this Tuesday.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 59 points up at 7 am (IST) this morning, indicating a positive start for Dalal Street. |
| On Friday, Nifty50 snapped a six-day losing streak in style and rebounded to from a bullish candle on the daily chart and a bearish candle on the weekly chart. |
| Asian shares were on the defensive, ahead of a US Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.04 per cent. Japan's Nikkei rose 0.65 per cent, while South Korea's KOSPI index gained 0.8 per cent. |
| US stocks gained on Friday. The S&P500 rose 51.87 points, or 1.6 per cent, while the Dow gained 358 points, or 1.3 per cent and the Nasdaq 241 points, or 2.3 per cent. |
| Oil prices dipped again on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week. Brent crude edged down 8 cents, or 0.2 per cent, to $41.84 a barrel, WTI crude futures fell 20 cents to $40.05. |
| The rupee strengthened by 28 paise to settle at 73.61 against the US dollar on Friday, as gains in domestic equities buoyed investor sentiment. |
| The dollar hovered near a two-week high against the Japanese yen. The euro closed in on a two-month trough of $.1611 touched on Friday. The British pound rose 0.1%. |
| Gold and silver prices tumbled last week to register their biggest weekly fall in many months. On MCX, gold futures settled at Rs 49,666 per 10 gm and silver at Rs 59,018 a kg. On a weekly basis, gold prices fell by Rs 2,000 per 10 gm. |
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Sept quarter GDP may shrink less... India's economy may have contracted at a slower pace in the September quarter compared with the preceding three-month period, said economists surveyed by ET, pegging it a median 11.95%. They warned that the recovery will be patchy and uncertain though the worst may be over. They called for a strong fiscal package to boost demand and even suggested monetisation if the bond market could not support a borrowings-funded stimulus.
Read More UTI IPO looks promising... Investors may consider investments in UTI Asset Management Company in the secondary markets. Deep and wide geographical reach beyond metros, decades-long existence in the mutual funds industry, and strong presence in a wide variety of equity and other investment products are a few key business strengths of the company.
Read More Farm bills become law... President Ram Nath Kovind on Sunday approved three agricultural bills amid nationwide protests by farmers who say the new laws will stunt their bargaining power and instead allow large retailers to have control over pricing.Farmers' organisations say one of the three laws could lead to the government stopping buying grain at guaranteed prices, a move that would disrupt wholesale markets which have so far ensured fair and timely payments to farmers.
Read More | AND WHO'S |  |
LVB lands in a soup... The beleaguered rump board of troubled Lakshmi Vilas Bank sought RBI help in securing a CEO after a dramatic shareholder coup on Friday left the 94-year-old bank without a CEO and promoter. Seven board members were voted out by irate shareholders who blamed them for the bank's sliding performance and mounting bad loans. The bank late on Sunday sought to reassure depositors and investors about its liquidity position, saying that it was comfortable.
Read More RBI, bond investors at odds... Bond investors and RBI appear to be on a collision course, evident in last week's auction outcomes, as the government and its merchant banker keep the markets guessing on how they plan to fund record borrowings in the second half of FY21. Last week's devolvement at the bond auction and the RBI's rejection of the market's yield expectations in a bond purchase programme show that Mint Road needs to take one of the following two steps: Either explicitly state its tolerance level on bond yields or announce a quantitative easing programme as central banks in advanced nations have done.
Read More Traders most bearish on banks... The strength shown by the bulls on Friday after falling to a four-month low the previous day could face challenges in the days ahead. With foreign funds stepping up their selling of stocks amid an increase in Covid-19 cases in various countries including India, jittery investors are wondering if markets may be able to sustain their gains made since late March. Traders are most bearish on banks, going by the bearish bets that have been rolled over into the October series.
Read More RBI unlikely to cut rate... India's central bank is unlikely to change the benchmark lending rate in its October bi-monthly policy review, which will be analysed threadbare by investors for Mint Road's first commentary on inflation and growth estimates since the early summer pandemic outbreak. According to an ET survey conducted among 20 market participants, only Bank of America expects a rate cut by 15 basis points. The rest expect a status quo on both rates and policy stance, now set at 'accommodative'.
Read More Meanwhile... NRIs' tax puzzle after long India stay... Individuals who are stuck in India due to the restrictions on international flights and entities that have to make payments to them are caught in an uncertain situation because of a lack of clarity in the residency status of the former. Entities making payments to individuals have to deduct tax. The specified rate for such deduction is different for residents and nonresidents. With dividend payouts from companies lined up, people stuck in the country and payee entities both are in a fix.
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