1st November Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed negative at the end of the day. BSE Sensex was down by 677.77 points to 59306.93 and Nifty was down by 185.60 points to 17671.65

Ultra Cemco, UPL, Cipla were the top gainers.

Indian government re-appointed Shaktikanta Das as the governor of the Reserve Bank of India for another three years.

Global markets turned weak although the European Central Bank decided to keep policy rates unchanged despite the inflationary pressure while slow GDP growth in the US tested investor confidence. 

India’s manufacturing and services PMI data to be released this week will be a key indicator in determining the economic progress for the month of October

Decisions of the Fed in its meeting this week will be a major factor that will drive global equities in the coming days.

The best strategy would be to accumulate good fundamental and quality stocks gradually, whenever the market gives a correction

The long-term fundamentals remain intact and thus one should adopt a bottom-up strategy.

The valuation risks have been one of the main concerns for foreign investors, triggered by the downgrading of Indian equity markets from overweight to neutral by key global brokerages.

India's forex reserves decline by $908 million to $640.1 billion

Eurozone Consumer Price Index (CPI) YoY Data at 4.1% vs Expected 3.7%

Eurozone Gross Domestic Product (GDP) YoY Data at 3.7%

Today Results:

HDFC, Tata Motors

Open Interest:

On open interest, Maximum put open interest was seen at 17000 followed by 17500. Maximum call open interest was seen at 19000 followed by 18500

Put Writing seen at 17700 followed by 17000

Call Writing seen at 17800 followed by 17700

India VIX fell by 2.72% from 17.91 to 17.42 level.

Participant wise open interest data of FII Shows call selling in the index is more than put selling. FII's were 55.62% long in index future was increased compared to the previous day.

In Cash Market, FII's are net sellers 5142.63 crores, and DII's are net buyers 4342.51 crores.

Options data suggests a trading range between 17500 to 18000.

Global Markets:

U.S Markets were closed positive at the end of the Day 

Dow Jones industrial average was up by 89.08 points or 0.25% to 35819.56 

S&P 500 Index was up by 8.96 points or 0.19% to 4605.38

Nasdaq Composite was up by 50.27 points or 0.33% to 15498.39

European markets were mixed at the end of the day

Asian markets are mixed right now 07.30 IST

SGX Nifty trading 33.50 points higher to 17783.50 07.30 IST

SGX Nifty indicates a positive opening for Indian markets.

Keep an eye on these Economic Data:

India Nikkei Markit Manufacturing Purchasing Managers Index (PMI) Data at 10.30 IST

U.K. Manufacturing Purchasing Managers Index (PMI) Data at 15.00 IST

U.S. Manufacturing Purchasing Managers Index (PMI) Data after Indian market hours.