False positivity or reversal?
Good Morning, Everyone, the Stock market saw a powerful reversal in all sectors yesterday, but something surprising is that the institutional buying was still low as you can see in data given in the FIII, DII section. This means this could be a false positivity too, however, we can decide things based on how the day closes today. Volatility is set to continue for the coming days.
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On the daily chart, Nifty has formed a bullish candle on the daily chart. However, the first 1.5 hrs may decide the direction for Nifty.
Sector Watch:
Metals & Realty sector rose the highest, but every other sector was also above 1% yesterday.
Top Gainers:
IndusInd Bank, Hindalco & Bharti airtel rose more than 4% in the day leading the Nifty.
Top Losers:
Only 4 stocks closed in the red today due to overall positivity in the market.
Global Market:
Stocks closed modestly higher on Wall Street Monday with indexes notching more record highs. The tech-heavy Nasdaq rose 0.6 percent, S&P 500 rose 0.2 percent. And the Dow Jones Industrial Average rose 0.3 percent.
Asian shares were mixed this morning, with the Australian central bank set to announce its interest rate decision later in the day. MSCI's broadest index of Asia-Pacific shares outside Japan plunged nearly one percent. Japan's Nikkei index lost half a percent. Chinese blue chips rose 0.20 percent. And South Korea’s Kospi rose over 1.5 percent. Australian shares also lost over 0.65 percent.
Indian Market:
Trends on the SGX Nifty indicate a flat opening to Nifty today. However, we need to see if Nifty can sustain this level because tomorrow is the first weekly expiry of this month for this short week.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.
India’s merchandise exports in October rose 42.33 percent to $35.47 billion, according to provisional data released by the government on November 1. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019.
India’s merchandise exports in October 2021 was $35.47 billion, an increase of 42.33 percent over $24.92 billion in October 2020, and an increase of 35.21 percent over $26.23 billion in October 2019, as per an official statement.
At least 41 percent of Indians believe that the economy will bounce back by January 2022, a monthly analysis of consumer perception by Axis My India has found. The findings released on November 1 revealed that at least 48 percent of respondents are optimistic about shifting to electric vehicles as fuel prices continue to rise.
Oil prices rose today on a higher demand outlook. US crude futures were trading 0.20 percent higher at $84.25. And Brent crude futures rose 0.34 percent to $84.96.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 202.13 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 116.01 crore in the Indian equity market on November 1.
Results today:
Bharti Airtel, Sun Pharmaceutical Industries, Dabur, Godrej Properties, Trent, Jindal Steel & Power, Stove Kraft, Bajaj Healthcare, Easy Trip Planners, Eclerx Services and Indoco Remedies | These companies will announce their quarterly numbers today.
Stock Specific News:
Tata Motors | The automaker reported a wider-than-expected loss at Rs 4,415.5 crore but revenue for Q2 FY22 was slightly better than expected at Rs 61,378 crore.
Grasim Industries | The company started commercial operations at plants in Gujarat and Jharkhand.
PI Industries | A business transfer agreement between PI Industries, Ind Swift Laboratories Ltd, and its promoters, stands terminated. This is because the latter has not been able to complete several of the pre-agreed conditions precedents.
Muthoot Finance | The Reserve Bank of India has canceled the certificate of authorisation given to Muthoot Finance Ltd for setting up, owning, and operating white-label automated teller machines after the company voluntarily surrendered the same.
YES Bank | The bank appoints Sharad Sharma as a Non-Executive Director with effect from November 1. The lender has completed the transaction for stake sale in YES Asset Management India and YES Trustee Ltd to GPL Finance and Investments.
D-Link India | The company's net profit and revenue for Q2 jumped over 50 percent Quarter-on-Quarter (QoQ) but operating margin contracted slightly to 6.9 percent from 7.1 percent on quarter.
Motherson Sumi Systems | The company’s board will meet on November 8 to consider a proposal for fund-raising through the issuance of bonds or debentures or non-convertible debt securities.
Raymond | The company has divested its entire stake in its wholly-owned subsidiary Scissors Engineering Products Ltd to JK Files (India) Ltd, another wholly-owned subsidiary of Raymond.
Shipping Corporation of India | The company's consolidated operating margin saw a sharp expansion in Q2 FY22 with net profit and revenue rising YoY to Rs 2.43 billion and Rs 12.21 billion, respectively.