Asian markets opened weak as after hours Apple disappointed with weaker than expected numbers while oil prices retreated. The Dow Jones index also grinded to close lower as earnings disappointment out weighed strength in commodities. With hardly any cues going forward before the US election results expect this week to be range bound with a negative bias as smart money sits on the sideline.
The number of measures taken by the Narendra Modi government are yet to reflect in the World Bank’s ease of doing business ranking this year as India managed to move just one rank higher.
Corporate India is expecting the effective tax rate to come down in the Budget. Ahead of the US presidential elections, consumer confidence of Americans hit a three-month low as the general feeling is jobs are hard to come by.
The Tata’s board room battle saw many of the group’s stocks end in the red. HDFC, ITC, Hero MotoCorp and HUL results are on tap. Investors will remain cautious ahead of the F&O expiry on Thursday.
On the economy front, India’s ranking in the World Bank’s annual Doing Business survey improved by just one notch to 130 in its 2017 report from a revised rank of 131 last year, highlighting a gap between policy measures and their implementation.