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(Bloomberg) — (Bloomberg) — Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:

• Reliance’s earnings miss
• S&P’s capex projection
• Rate cuts on hold

Good morning, this is Ashutosh Joshi, an equities reporter in Mumbai. Asian markets are higher, driven by another record-setting performance on Wall Street. Oil is down for a third session, and that bodes well for the net energy-importing nations like India. Local shares will also react to Reliance Industries’ earnings miss, while bonds may fall after data showed inflation quickening at a faster pace than expected in September.

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Reliance’s earnings miss streak extends   

Reliance Industries has missed its earnings expectations for the sixth straight quarter, mainly due to weak margins in its core oil refining business. Even the higher telecom tariffs by Reliance Jio Infocomm weren’t enough to negate the overall impact. The conglomerate’s shares have gained just 6% this year, less than half the advance in the benchmark index. Investors are still waiting for clarity on when its retail and telecom businesses will be listed, and even the announcement of a bonus share issue earlier this year hasn’t reignited the excitement around the stock. 

S&P’s $800 billion capex projection sparks hope 

S&P Global Ratings’ forecast of $800 billion in capital spending by Indian conglomerates over the next decade is just what investors in the capital goods companies need. The sector has lost a bit of its mojo since the general elections, with a slowdown in government orders and private investment still lackluster. However, the Nifty Infrastructure index is actually outpacing the benchmark index this year, and with analysts retaining their optimistic outlook for order inflow, the current lull might just be a good omen for bullish investors.

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RBI road to rate cut gets longer 

Consumer prices accelerated at a faster than anticipated pace in September, official data showed late Monday. This justifies the central bank’s caution even as calls continue to grow for India to join some of the global central banks to reduce borrowing costs. Longer-for-higher rates have weighed on India’s realty stocks, which approached the correction zone twice this year only to recover later.

Analysts actions:

• DMart Cut to Hold at HSBC; PT 4,500 rupees
• HCL Tech Cut to Sell at Avendus Spark; PT 1,480 rupees
• Hindalco Reinstated Reduce at Emkay Global; PT 650 rupees

Three great reads from Bloomberg today:

• US Weighs Capping Nvidia, AMD AI Chip Sales to Some Countries
• China Moves to Tax the Ultra-Rich for Overseas Investment Gains
• Big Take: BMW and Mercedes Get Left in the Dust by China’s EVs

And, finally.. 

As Hyundai Motor India kicks off its $3.3 billion IPO later Tuesday, the track record of previous mega share sales offer a note of caution. Of the five IPOs worth at least $2 billion since 2007, only two — DLF and Coal India — delivered positive returns within a month of listing. These large share sales also tend to coincide with market highs, and the broader indexes often take a hit in the weeks after the stocks start trading. With local shares trading at rich valuations and the Nifty already up more than 15% this year, the big question is: will history repeat itself with Hyundai’s India IPO?

—With assistance from Chiranjivi Chakraborty, Alex Gabriel Simon and Kartik Goyal.

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