Indian benchmarks are expected to start the day on a positive note on Wednesday . September quarter earnings, development in the US-China trade negotiations, oil price movement, the rupee's trajectory against the dollar, and foreign fund flow are some factors that will guide investors' sentiment.
On Tuesday, the S&P BSE Sensex rallied 292 points or 0.76 per cent to end at 38,506.09 levels while the NSE's Nifty50 index closed above the crucial 11,400-mark at 11,428.30, up 87 points or 0.77 per cent.
Further investors would react to IMF decision which has reduced India's growth forecast for FY20 by 90 basis points to 6.1 percent, down from the 7 percent estimate in July. Meanwhile, the growth forecast for FY21, which stood at 7.2 percent in July, was slashed by 20 bps to 7 percent.
The downward revision in India's growth forecast by the IMF reflects a weaker-than-expected outlook for domestic demand. Monetary policy easing and the recent corporate tax rate cuts are to support growth with a lag, the IMF said. Government programs to support rural consumption will also aid growth, the body added.
On the global front, stocks in Europe and on Wall Street jumped about 1% on Tuesday on strong US corporate results and a possible deal to avoid a disorderly British exit from the European Union, while oil prices fell as weak China data kindled global economic fears.
The Dow Jones Industrial Average rose 237.44 points, or 0.89%, to 27,024.8. The S&P 500 gained 29.53 points, or 1.00%, to 2,995.68 and the Nasdaq Composite added 100.06 points, or 1.24%, to 8,148.71.
Asian shares took off on Wednesday and sterling held near six-month highs as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit though it remained unclear if London could avoid postponing its scheduled departure on October 31.
The positive sentiment extended on Wednesday with MSCI’s broadest index of Asia-Pacific shares outside Japan lifting 0.3%. Japan's Nikkei jumped 1.7% while Australian shares added 0.9% and South Korea's KOSPI index climbed 0.7%.
Back home, top traded Volumes on NSE Nifty – YES Bank Ltd. 193601940.00, Tata Motors Ltd. 57548920.00, Indiabulls Housing Finance Ltd. 45404398.00, State Bank of India 23444973.00, Tata Steel Ltd. 17972207.00,
On NSE, total number of shares traded was 169.90 Crore and total turnover stood at Rs. 35668.12 Crore.
On NSE Future and Options, total number of contracts traded in index futures was 363553 with a total turnover of Rs. 24902.53 Crore. Along with this total number of contracts traded in stock futures were 791796 with a total turnover of Rs. 41413.13 Crore. Total numbers of contracts for index options were 12232301 with a total turnover of Rs. 823946.45 Crore. and total numbers of contracts for stock options were 714525 with a total turnover of Rs. 40480.84 Crore.
The FIIs on 15/10/2019 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 10106.27 Crore and gross debt purchased stood at Rs. 867.41 Crore, while the gross equity sold stood at Rs. 3953.01 Crore and gross debt sold stood at Rs. 924.06 Crore. Therefore, the net investment of equity and debt reported were Rs. 6153.26 Crore and Rs. -56.65