Good Morning Everyone, The weekly expiry again led to a major fall in Nifty yesterday where Nifty broke a major support at 17900 and fell all the way down till the day low of 17798 and then finally closed at 17873. The US inflation rose up to multi-year high and US markets fell on Monday, and the same led to the fall in India yesterday. But what is more, concerning is the large selling that the FIIs continue to do from the Indian market.
Yesterday's large selling can be attributed to the weekly expiry too, but if this continues, this could be a concern for the short term too. The next strong support for Nifty is placed at 17800, which let us hope is not breached downwards, else we could see some major correction to 17500 levels.
But the icing on the cake was that even when the markets fell big yesterday, our community made profits in derivatives, and also "Sansera" in our portfolio went up by 11% and supported the portfolio.
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Volatility continues in the market but the daily chart indicates that the Nifty could take support at this level without much further fall. Let us wait for the day and get to know.
Every sector in Nifty fell yesterday except Metals which at least has been in the green and might continue its trend as Tata steel came with amazing results yesterday.
Titan continued to rise, followed by metal stocks like Hindalco and JSW steel. Hindalco will announce its results today and I am expecting it also to come with good results and help support our portfolio.
SBIN saw profit booking at its peak and was the lowest in the Nifty 50 pack, let us keep a watch on it to add it to our portfolio again once the fall settles.
US stocks pushed further into record heights on Friday following an encouraging report on hiring across the country, though trading was shaky as the bond market was hit with another day of sharp swings. The S&P 500 rose 17.47, or 0.4 percent, to 4,697.53 and clinched an all-time high for the seventh straight day.
Shares were mostly higher in Asia today after Wall Street benchmarks managed to close mostly higher. Stocks advanced in most major markets in early trading. In China, a major Communist Party meeting ended with a resolution setting the stage for President Xi Jinping to remain the top leader for life. The decision was expected.
Gold prices neared a five-month high touched in the previous session after strong U.S. consumer price data prompted a rush into the precious metal seen as a hedge against inflation.
Spot gold was up 0.6% at $1,861.39 per ounce by 01:48 p.m. ET (1848 GMT). U.S. gold futures for December delivery settled 0.8% higher at $1,863.90 per ounce.
Trends on the SGX Nifty indicate a gap up opening in Nifty after what world market rebounded from the fall.
I will keenly watch the metal sector today after the amazing Tata steel results that came in yesterday.
Coal India, Grasim Industries, Hero MotoCorp, Hindalco Industries, ONGC, Amara Raja Batteries, Apollo Hospitals Enterprise, Ashok Leyland, Mrs Bectors Food Specialities, Bharat Forge, Burger King, Force Motors, Glenmark Pharma, Motherson Sumi Systems, NALCO, NBCC, Paras Defence, and Suzlon Energy among 767 companies that will release their September quarter earnings on November 12.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,637.46 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 445.76 crore in the Indian equity market on November 11.
Stock Specific News:
Tata Steel | The steelmaker reported robust numbers for Q2 FY22 along with a reduction in debt. Its profit came in at Rs 12,547.7 crore and revenue stood at Rs 60,282.8 crore for the reporting quarter.
Fino Payments Bank | Shares of the lender will mark their debut on Dalal Street today. Fino Payments Bank has garnered Rs 539 crore from anchor investors. The company plans to utilize proceeds from the issue towards augmenting its Tier–1 capital base to meet its future capital requirements.
Balkrishna Industries | The company will invest Rs 350 crore to modernise the old Waluj Plant.
Zee Entertainment Enterprises | The company's profit of Rs 270.2 crore missed Street's estimate but revenue for Q2 FY22 was above the estimate at Rs 1,978.8 crore. The company will transfer digital operations to Indiadotcom for cash consideration.
Sun Pharmaceutical Industries | DCGI is reviewing the clinical data of molnupiravir for the treatment of COVID in adults in India. The company has signed a non-exclusive voluntary licensing agreement with Merck Sharpe Dohme to manufacture and supply molnupiravir in India and to over 100 low and middle-income countries.
NMDC | Both, the company's profit of Rs 2,341 crore for Q2 FY22 and revenue of Rs 6,793.5 crore, exceeded market expectations.
RailTel Corporation of India | The Content on Demand (COD) contract awarded to Margo Networks for providing COD service in all Mail/Express and Suburban trains and all Wi-Fi enabled railway stations on a build-own-operate basis for 10 years has been terminated by RailTel due to non-performance by the contractor.
JB Chemicals & Pharmaceuticals | The company reported a consolidated profit of Rs 97.88 crore in Q2 FY22 against Rs 73.92 crore in Q2 FY21, while revenue increased to Rs 593.01 crore from Rs 443.56 crore YoY.
Indiabulls Housing Finance | The lender's net profit was down 11.4 percent Year-on-Year (YoY) at Rs 286.3 crore in Q2 while revenue also fell 12 percent YoY to Rs 2,232.8 crore. The company's board also approved raising up to Rs 5,000 crore.