Domestic benchmark indices are set to kick-off the week on a flat note, following a strong Muhurat trading on Sunday. Asian stocks were mostly up in the early trade, tracking strong closing for US stocks on Friday. Back home, investors would keenly follow Protean eGov Technologies’ market debut. Here’s what you should know before the opening bell:
Nifty outlook
Nagaraj Shetti of HDFC Securities said Nifty formed a small positive candle on the daily chart with minor upper shadow. This market action signals an upside bounce amid the range movement. Nifty is currently placed within a high low range of 19,450-19,350 levels. There is a higher probability of upside breakout of the range in the short term, he said.
“Nifty as per weekly chart formed a small positive candle, that placed at the hurdle of 19,450-19,500 levels as per the concept of change in polarity. A decisive upside breakout above 19,500 could open renewed buying enthusiasm towards 19,800 and higher in the near term. Any weakness from here could find support around 19,250-19,300 levels,” he said.
Nifty Bank outlook
Rupak De, Senior Technical analyst at LKP Securities said Nifty Bank discovered support at the 21-day Moving Average (DMA). “The prevailing trend indicates a potential movement of the index towards 44,000-44,200. At the lower end, 43,500 is expected to serve as robust support. A breach below 43,500 could potentially lead the index towards the range of 43,000-42,800,” he said.
GIFT Nifty signals a flat start
Nifty futures on the NSE International Exchange traded 13 points, or 0.07 per cent, higher at 19,553.50, hinting at a flattish start for the domestic market on Monday.
Asian stocks rise at open
Stocks in Asia rose on Monday while US Treasuries and the dollar kept their composure, as investors took their lead from Wall Street’s Friday rally, shrugging off a Moody’s downgrade to the US credit outlook. The MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.30 per cent. Japan’s Nikkei gained 0.64 per cent; Australia’s ASX 200 shed 0.08 per cent; New Zealand’s DJ dropped 0.37 per cent; China’s Shanghai fell 0.10 per cent; Hong Kong’s Hang Seng added 0.23 per cent; South Korea’s Kospi eased 0.07 per cent.
Oil prices ease on demand worries
Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 35 cents, or 0.4 per cent, at $81.08 a barrel at 0051 GMT, while the US West Texas Intermediate (WTI) crude futures for December were at $76.82, down 35 cents, or 0.5 per cent.
Dollar firm ahead of US inflation data
The dollar was steady on Monday as traders awaited another batch of inflation data from the United States that is expected to offer further clues this week on whether the Federal Reserve has more work to do to tame price pressures. The dollar index was last mostly flat at 105.80. The Japanese currency was trading around 151.58 yen against the dollar on Monday, while the sterling stood at $1.2228 to the dollar.
US stocks settle higher
Wall Street’s main indexes ended with big gains on Friday, boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors looked ahead to a next week’s reports on inflation and other economic data.The Dow Jones Industrial Average rose 391.16 points, or 1.15 per cent, to 34,283.1, the S&P 500 gained 67.89 points, or 1.56 per cent, to 4,415.24 and the Nasdaq Composite gained 276.66 points, or 2.05 per cent, to 13,798.11.
Q2 results today
Grasim Industries, Narayana Hrudyalaya, Manappuram Finance, NBB Bearings, Vardhman Holdings, Advani Hotels & Resorts (India), International Conveyors, ResGen, GSS Infotech, Exhicon Events Media Solutions are among the companies which announced their earnings for the quarter ended on September 2023.
Protean eGov Technologies to list today
Shares of Protean eGov Technologies will be listed at the bourses on Monday, November 13. The digital infrastructure provider raised a total of Rs 490.33 crore via its initial stake sale by selling its shares for Rs 752-792 apiece between November 6 to November 8. The issue was overall subscribed 23.86 times during the three-day bidding process.
Stocks in F&O ban
Six stocks- Chambal Fertilisers and Chemicals, Delta Corp Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Manappuram Finance, MCX India and Zee Entertainment India- have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, November 13. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.
FPIs sell shares worth Rs 190 crore
Provisional data available with NSE suggest that FPIs were net sellers of domestic stocks to the tune of 190.06 crore on Sunday’s Muhurat trading session. On the other hand, domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 95.31 crore. FIIs sold shares worth Rs 261.81 crore on November 10 as per NSE’s provisional data. DIIs bought Rs 822.64 crore worth of stocks on the same day. Overseas investors have dumped domestic equities worth Rs 5,806 crore in the month of November 2023 so far.
Rupee rises 1 paisa against dollar
The rupee retreated from high levels on Friday to close with a modest gain of 1 paisa at 83.28 against the US dollar amid a weak American currency overseas and positive domestic equity markets. Unabated foreign capital outflows and rising crude prices kept the local currency under pressure, forex traders said.
Note: With inputs from PTI, Reuters and other agencies
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