Stock Market Today:
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 36 points gain.
On November 4, the BSE Sensex settled above 60,000, rising 295.70 points to 60,067.62, while the Nifty50 climbed 87.60 points to 17,916.80 and formed bearish candle which resembles Doji kind of pattern formation on the daily charts. The index gained 1.4 percent during the week and saw bullish candle pattern formation on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 17,895.73, followed by 17,874.67. If the index moves up, the key resistance levels to watch out for are 17,942.73 and 17,968.67.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street’s main indexes scored record closing highs on Friday and booked solid gains for the week following a strong U.S. jobs report and positive data for Pfizer’s experimental pill against COVID-19.
The Dow Jones Industrial Average rose 203.72 points, or 0.56%, to 36,327.95, the S&P 500 gained 17.47 points, or 0.37%, to 4,697.53 and the Nasdaq Composite added 31.28 points, or 0.2%, to 15,971.59.
Asian shares edged up on Monday as risk assets basked in the glow of the upbeat October payrolls report, though caution was warranted ahead of a reading on US inflation that could spook the rate horses.
Early moves were modest with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.1%. Japan’s Nikkei added 0.3%, but was just short of the recent five-week peak.
Trends on SGX Nifty indicate a positive opening for the index in India with a 36 points gain. The Nifty futures were trading at 17,976 on the Singaporean Exchange around 07:30 hours IST.
Gold hits 2-month peak on dollar retreat
Gold prices extended a rally to hit a two-month high on Monday as a retreating dollar bolstered the precious metal’s appeal.
The precious metal rose as much as 1.5% on Friday despite a better-than-expected US payrolls report that suggested economic activity was regaining momentum early in the fourth quarter.
A vulnerability at a CDSL subsidiary, CDSL Ventures Limited (CVL), has exposed personal and financial data of over 4 crore Indian investors twice in a period of 10 days, according to cyber security consultancy startup CyberX9.
The Central Depository Services (India) Limited (CDSL) is a SEBI registered depository and CDSL Ventures Ltd is a KYC registering agency separately registered with the Securities and Exchange Board of India (SEBI).
CDSL said that CVL has taken immediate action and the vulnerability has been mitigated now.
One97 Communications-owned Paytm will launch its initial public offering for subscription in the coming week. This is the largest-ever public issue in the history of Indian capital markets. Before this, state-run coal mining company Coal India had the biggest IPO of more than Rs 15,000 crore in October 2010.
The price band for the offer has been fixed at Rs 2,080 to Rs 2,150 per equity share.
India’s forex reserves increase by $1.9 billion to $642 billion
India’s forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank said on Friday.
The overall reserves had declined by $908 million to $640.1 billion at the end of the previous reporting week. Foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to $578.462 billion for the reporting week, the RBI said in the weekly data.
Britannia Industries, Aurobindo Pharma, Sobha, 3i Infotech, Action Construction Equipment, Balrampur Chini Mills, Elgi Equipments, GVK Power & Infrastructure, HG Infra Engineering, KRBL, MM Forgings, PTC India Financial Services, Pricol, RSWM, Shankara Building Products, Shyam Metalics and Energy, Talbros Automotive Components, Ujjivan Small Finance Bank, Vijaya Diagnostic Centre, V-Mart Retail, and Wockhardt will release September quarter earnings on November 8.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 328.11 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 38.25 crore in the Indian equity market on November 4, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Two stocks – Escorts and Punjab National Bank – are under the F&O ban for November 8. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
With inputs from Reuters & other agencies