�Global equities rally boosted sentiment for Sensex & Nifty despite mixed quarterly results from corporates. FII/FPI sold stocks worth Rs. 15.8 billion in the month of October 2022. On domestic front, RBI has scheduled an additional meeting of Monetary Policy on 3rd November 2022 in the current scenario of elevated inflations, rupee depreciation and global rate hikes. Markets are likely to discount possible rate hike by RBI.
On the global corporate side, Apple jumped over 8% as results topped market estimates for revenue and profit. Conversely, Amazon shares tumbled almost 10% after forecasting holiday-quarter sales below expectations. In the coming week, It will be a very busy week in the US with Fed�s interest rate decision, US NFP report, and earnings reports taking centre stage.�
Equity Market Summary:
o Wallstreet indices gained sharply on Friday amid PCE price index, showed that annual core inflation came slightly weaker than expected. On weekly basis, Dow Jones up by 5.73%, Nasdaq rose by 2.2% and S&P 500 gained by 4%.
o US economy grew an annualized 2.6% on quarter in Q3 2022, beating forecasts of a 2.4% rise and rebounding from a contraction in the first half of the year.
o Core PCE prices in the US, which exclude food and energy, went up by 0.5% (M-o-M) month in September 2022, which is lower than market expectations.
o European equities witnessed sharply rally despite ECB hiking rates by 75bps to 1.5%, which are levels seen in 2009.
o ECB raised its key interest rates by 75 bps during its October policy-meeting, following a similar move in September and bringing borrowing costs to the highest since early 2009 as it battles high inflation and a looming recession.
o Industrial production in Japan declined by 1.6% (M-o-M) in October 2022, compared with market consensus of a 1% drop and swinging from a 3.4% growth a month earlier.
