Global Stock Market Analysis 30th October 2020

It is a mixed bag of traits because, during the global market up and active yesterday, post-market earning has left a bit of desire. DOW, SPX, and Nasdaq all did well, but you got to read between the lines. Post-market hours, amazon and apple, two big names, won the best. They did okay. Dow future fell to 200 points as both apple and amazon have declined post-earnings. Amazon, too post-marketing hours, was trading with red. All-time daily cases of USA, a couple of states posted have some very high coronavirus cases due to which covid cases in the US are hitting an all-time high. That is a bit up of worry that we all have to agree. All bulls were hoping that if tech earnings are right, marketing gets a bit of solace; otherwise, marketing has been selling due to covid cases and no stimulus. So traders have to bear that in mind.

In the Asian market, HSI is down about 0.3%. KOSPI index is down to 2305.75, and SGX Nifty is down to 0.34% percent. Indian Nifty looks to continue with the same vein to .3 down or unless there are significant movements. 11600 will act as a support, but it is unknown how strong this support is for bull traders. Indian tech stocks could be under pressure, and rate-sensitive stock may see pressure in the selling due to lack of support.on the other hand, apple suppliers could also face the strain. All these companies will have issues in market sessions today. When we look at the October series, which ended yesterday, and when we look at the November series, we can see there are many rollovers in the future that signals the market is massive. All of them are very strong, and hence the market is not light. If there is some negative news flow like lockdown and election verdict that doesn’t mean the pleas market globally, we might have a fair reaction.

What should be watching out for today? The first nifty big numbers like Reliance, Indus Ind Bank, Indian Oil Corporation, and UPL will need to watch out. Also, some mid-caps names like Deepak Nitrate, Dhanuka Agri, and Dixion need to watch out. HPCL has announced that it will consider buyback of share. Keep in mind; the technical board can buy back 2800 crore, which is about 10% of its reserves. And the stock is the below book value of 190. But the stock had already run up a bit yesterday, and could there be further up today. There could be under the basis of this announcement. It also brings all PSU in focus. What Axis capital said about TVS motors is that Q2 looks, but the valuation premium is unjustified.

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