Can SBI help the Indian stock market to rise again?

Good Morning, Everyone, The Indian market closed a volatile session lower on yesterday, even though broader markets rose almost a percent higher. The Sensex tumbled over 109 points to 60,029. And the Nifty50 index declined over 40 points to end at 17,889.


Today being the weekly expiry, and SBIN coming with their results, mostly during market hours can keep the market on its toes. Volatility might continue.


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On the daily chart, The Nifty has formed a bearish candle with a bullish bias. Let's see what happens today.


Sector Watch:

Nifty Realy led the day rising up more than 3% in a day and SBI led the PSU banks to lead too. All other sectors were weak today.


Top Gainers:

Maruti woke up from the long consolidation and looks good to move up, and SBIN, LT, NTPC, and Tian were among the top gainers of the day in a bearish market.


Top Losers:

Tata Steel, Grasim, and JSW steel went on to see some more consolidation, probably the calm before the storm?


Global Markets:

US stocks extended a record-breaking run Tuesday, pushing Dow Jones to close above 36,000 for the first time, almost half a percent higher. The tech-heavy Nasdaq also rose 0.3 percent and S&P 500 rose 0.4 percent. The Federal Reserve began a two-day policy meeting.


Asian shares were mixed this morning following overnight gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan was trading flat-to-positive. Japan's Nikkei index lost 0.4 percent. Chinese blue chips were flat. And South Korea’s Kospi declined 0.4 percent. Elsewhere, Australian shares rose over 1.4 percent.


The Caixin/Markit services Purchasing Managers' Index (PMI) in China, rose to 53.8 in October - the highest since July - from 53.4 in September. The 50-point mark separates growth from contraction on a monthly basis.


Indian Market:

SGX Nifty trades at 17950.00, up 30 points. Let's see if it can sustain for the first 1 hr, if it does, then we may see a rise in the market.


However, As said earlier, all eyes will be on SBI results today, which could bring in more volatility to the market.


Oil prices fell today as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply.


Results today

State Bank of India, Eicher Motors, Aditya Birla Fashion and Retail, Bata India, DCM Shriram Industries, GPT Infraprojects, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Likhitha Infrastructure, Pfizer, RattanIndia Power, Sharon Bio-Medicine, and Uflex will release September quarter earnings on November 3.


FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 244.87 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 6.00 crore in the Indian equity market on November 2


Stock Specific News:

Bharti Airtel | The company posted a higher-than-anticipated net profit of Rs 1,134 crore for the quarter ended September. Its Average Revenue Per User (ARPU) came in at Rs 153 which was in line with estimates.


HDFC Life Insurance Company | Competition Commission of India approved the acquisition of 100 percent equity share capital of Exide Life Insurance Company Ltd by HDFC Life Insurance Company Ltd and the subsequent merger of Exide Life with HDFC Life.


Coal India | Makwana Poonambhai Kalabhai is appointed as the non-official part-time director on board for a period of three years with effect from November 2 or until further orders whichever is earlier.


Vedanta | The board of directors of Sesa Mining Corporation Ltd, an indirect wholly-owned subsidiary of Vedanta, has approved the acquisition of Desai Cement Company Private Ltd.


Tata Steel | The company is in receipt of the certified true copy of the order from the National Company Law Tribunal, Mumbai bench, approving the amalgamation of Bamnipal Steel Ltd and Tata Steel BSL Ltd into and with Tata Steel.


Poonawalla Fincorp | The company has approved divestment of its direct and indirect shareholding in Magma HDI General Insurance, in which Poonawalla Fincorp is a joint venture partner.


Infosys | Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and IBM will collaborate to help banks accelerate cloud transformation journeys.


Wipro | The company has partnered with TEOCO to develop next-generation network solutions for communication service providers.


eClerx Services | The company reported a profit of Rs 100.7 crore in Q2FY22 as compared to Rs 61.4 crore in Q2FY21, while revenue jumped to Rs 523.2 crore from Rs 360.7 crore a year ago.



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