FIIs turned net buyers for the second consecutive day. Is the trend to stay?

Good Morning, Everyone, The FIIs turned Net buyers for the second consecutive trading day, which can sound positive but then came in the WPI inflation data that is not great.


Inflation in wholesale prices hit a five-month high of 12.54% in October, rising significantly from 10.66% in September, thanks to a broad-based surge in prices of most commodities led by fuel and power, vegetables and oils as well as chemicals.


Struggling to invest in the stock market? Click here to open your account with us instantly and start investing in sharemarket from today. We tell you what, when & how to buy and sell in the stock market with free complete support & guidance from MPI Invest. Click here to read what the MPI family speaks about us.

Economists reckoned that core wholesale price inflation hit a fresh all-time high of 11.9% in October, the seventh month in a row that the headline wholesale inflation print recorded a double-digit spike. October 2020 recorded an inflation rate of 1.31% in wholesale prices.


Wholesale fuel and power inflation shot up to 37.2% in October, from about 25% the previous month, while manufactured products’ inflation hardened to over 12%.


Yesterday the Nifty opened with a big gap up at 18140 and then went on to a constant selling mode and made a low of 18071 and some final buy-in held the market up and closed at 18109.


On the daily chart, Nifty has formed an indecisive candle with a slight negative bias.


SectorWatch:

The Pharma sector was up today after Apollo hospital came up with amazing results, which ignited other hospitals as well. FMCG sector closely followed. The metal sector fell with rising inflation concerns but could be an opportunity for us to buy-in. SBI profit booking also led to to the fall in PSU banks.


​Top Gainers:

Top Losers:

Global Markets:

The S&P 500 remained flat and the Dow Jones Industrial Average edged barely higher, while Nasdaq fell less than 0.1 percent.


Traders were cautious ahead of earnings reports later this week from several big retailers including Home Depot and Walmart on Tuesday and Target on Wednesday.


The Dow Jones Industrial Average fell 12.86 points, less than 0.1%, to 36,087.45.

The S&P 500 fell 0.05 points, less than 0.1%, to 4,682.80.

The Nasdaq fell 7.11 points, less than 0.1%, to 15,853.85.

The Russell 2000 index of smaller companies fell 10.84 points, or 0.4%, to 2,400.93.


Asian shares were mostly higher this morning, as relief in China's property sector supported sentiment while investors also kept a close eye on a key meeting between US President Joe Biden and Chinese leader Xi Jinping. Biden and Xi Jinping opened their closely-watched talks warmly, with both leaders stressing their responsibility to the rest of the world to avoid conflict


Indian Market:

With Global markets sentiments, the Indian market also is set to open with a gapup, but again we need to watch how the markets will take the WPI Inflation data.


Inflation in wholesale prices hit a five-month high of 12.54% in October, rising significantly from 10.66% in September, thanks to a broad-based surge in prices of most commodities led by fuel and power, vegetables and oils as well as chemicals.


Economists reckoned that core wholesale price inflation hit a fresh all-time high of 11.9% in October, the seventh month in a row that the headline wholesale inflation print recorded a double-digit spike. October 2020 recorded an inflation rate of 1.31% in wholesale prices.


Wholesale fuel and power inflation shot up to 37.2% in October, from about 25% the previous month, while manufactured products’ inflation hardened to over 12%.


Stock Specific News:

Escorts | The company will increase the prices of its tractors, effective November 21, owing to the steady rise in commodity prices. The price increase would vary across models and variants, Escorts said.


Steel Authority of India | Brickwork Ratings reaffirmed the ratings of the NCD issues of SAIL with a change in outlook from 'negative' to 'stable'. The change in outlook follows the strengthening of its balance sheet along with deleveraging supported by increased cash accruals from business operations, global economic scenario and increase in commodity prices since 3Q of FY21. Steel demand is expected to be at elevated levels during FY22 which is expected to benefit SAIL.


Cipla | The company has been added to the ‘Dow Jones Sustainability Emerging Markets Index. The index comprises 108 companies from 12 emerging economies.


Karnataka Bank | Pradeep Kumar assumes charge as Chairman of Karnataka Bank. He is a seasoned banker with nearly 4 decades of banking experience at the largest bank in the country, State Bank of India.


Sagar Cements | The company's board of directors at its meeting to be held on November 18, is likely to take up for consideration, inter-alia, a proposal to raise resources to fund its expansion or acquisitions as opportunities may arise.


Graphite India | ICRA reaffirmed the long-term rating at AA+ and short-term rating at A1+ for Rs 1,000 crore bank working capital facilities of the company. The outlook on the long-term rating is revised to 'stable' from 'negative'. ICRA assigned a short-term rating at A1+ for the Rs 300 crore commercial paper program of the company.


Phoenix Mills | Canada Pension Plan Investment Board through its entity, CPP Investment Board Private Holdings (4) Inc, will invest up to Rs 1,350 crore in multiple tranches in Phoenix Mills' subsidiary Plutocrat Commercial Real Estate. Post the subsequent tranches of investment by CPP Investments, it is envisaged that CPP investments may further increase its stake to 49 percent from 35.90 percent.


Ashiana Housing | The company has entered into a development agreement for developing a residential project in Jaipur on a revenue-sharing basis.


Kesoram Industries | The company's board of directors will meet on November 20 to consider and approve various fund-raising options.


EPL | The company announced a major conversion of a leading brand partner Vicco Labs to 100 percent recyclable packaging. Vicco labs and EPL have jointly worked to convert Vicco’s ‘Turmeric’ range of products to recyclable Platina tubes.


Sigachi Industries | A strong response from investors, robust financials, high premium in the grey market led to a bumper listing for Sigachi Industries IPO. The stock closed 270 percent higher.









0 comments