Trends on SGX Nifty indicate a flat opening for the index in India with a 10 points loss.

The Indian stock market is expected to open on a cautious note as trends on SGX Nifty indicate a flat opening for the index in India with a 10 points loss.

The BSE Sensex closed above the 40,000 mark, rising 503.55 points or 1.27 percent to 40,261.13 points on November 3 while the Nifty50 gained 144.30 points or 1.24 percent to 11,813.50 points.

According to pivot charts, the key support levels for the Nifty is placed at 11,745.8, followed by 11,678.1. If the index moves up, the key resistance levels to watch out for are 11,858.7 and 11,903.9.

US Markets

The dollar slid and global equity markets rose on Tuesday on bets of increased stimulus if Joe Biden wins the U.S. presidential election against President Donald Trump, but gold prices edged higher on the potential for contested voting results.

The Dow Jones Industrial Average rose 2.06%, the S&P 500 gained 1.78% and the Nasdaq Composite added 1.85%.

Asian Markets

Asian share markets turned cautious on Wednesday, paring sharp early gains as results from the U.S. Presidential election hinted at a close race with no clear winner yet in sight.

E-Mini futures for the S&P 500 retreated 0.2%, having earlier been up 1%. Japan's Nikkei was still up 1% but South Korea went flat. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.3%.

SGX Nifty

Trends on SGX Nifty indicate a flat opening for the index in India with a 10 points loss. The Nifty futures were trading at 11,816 on the Singaporean Exchange around 07:30 hours IST.

US elections

President Donald Trump was narrowly leading Democratic rival Joe Biden in the vital battleground state of Florida on Tuesday, while other competitive swing states that will help decide the election outcome, such as Georgia and North Carolina, remained up in the air.

In the national exit poll, four out of 10 voters said they thought the effort to contain the virus was going “very badly.” In the battleground states of Florida and North Carolina, battleground states that could decide the election, five of 10 voters said the national response to the pandemic was going “somewhat or very badly.”

Oil jumps as inventory falls

U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election.

West Texas Intermediate was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in the previous session. Brent crude was yet to trade, having gained 3% on Tuesday.

SEBI streamlines framework for processing of draft schemes of arrangement filed with exchanges

Markets regulator Sebi on November 3 streamlined framework for processing of draft schemes pertaining to mergers and demergers filed by listed companies with the stock exchanges. The changes are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with the regulatory norms, it said in a circular.

The new framework will be applicable for all the schemes filed with the stock exchanges after November 17, 2020. According to Sebi, stock exchanges will have to provide the 'no-objection' letter to Sebi on the draft scheme in co-ordination with each other.

RBI exploring investment options for reserves, sources say

The Reserve Bank of India is looking at diversifying its foreign exchange reserve investments amid the fall in global interest rates caused by the COVID-19 pandemic, according to two government sources aware of the development.

The RBI's foreign exchange reserves stand at a record $560.63 billion. The central bank, which mostly invests in gold, sovereign debt and other risk-free deposits, has seen returns fall as monetary policy loosened globally. US two-year government bonds ended at 0.16 percent on November 2.

As a result, the RBI is likely to increase its gold investments, as well buying dollars and exploring investing in AAA-rated corporate bonds for the first time, said the sources, who declined to be named due to the sensitivity of the issue.

India's exports dip 5.4% in October, trade deficit narrows to $8.78 billion

After recording positive growth in September, India's exports declined 5.4 percent to $24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to $8.78 billion as against $11.76 billion, as imports also fell 11.56 percent to $33.6 billion during the month under review.for-the-market-while-you -were

Chinese parent-owned Gland Pharma's IPO likely to open next week

China’s Shanghai Fosun Pharmaceutical-backed Gland Pharma is expected to launch its initial public offering next week, the people familiar with the development told Moneycontrol.

Last month, Gland Pharma received approval from capital markets regulator Sebi to launch an initial public offer which included a fresh issue of Rs 1,250 crore.