24th November Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed positive at the end of the day. BSE Sensex was up by 198.44 points to 58664.33 and Nifty was up by 86.80 points to 17503.35

Power Grid, JSW Steel, Coal India were the top gainers.

For nifty 17500 – 17650 are now to be considered as immediate hurdles.

Monthly expiry would keep the volatility high in the coming sessions. 

Investors need to be cautious and maintaining a hedged approach. 

Reliance credit quality not impacted by Aramco decision: Moody's

Cigarettes-to-hotels conglomerate ITC Ltd has forayed into the Indian breakfast segment with a ready-to-cook and ready-to-mix range and staples under its FMCG brand Aashirvaad.

Private sector lender ICICI Bank on Tuesday launched its online platform 'Trade Emerge' to offer digital banking and value-added services to exporters and importers across the country.

Equitas Small Finance Bank announced its partnership with HDFC Bank for the launch of its new co-branded credit cards.

TVS Motor to invest Rs.1,200 crore in Future Technologies and EV, signs MoU with TN govt

According to Goldman Sachs, India’s economy is expected to grow at 9.1% in 2022 as compare to 8% in calendar year2021. It expects a consumer price inflation to rise from 5.2% to 5.8%. It also expects RBI to hike repo rates by 75 basis points in 2022 but only after Q2 of calendar year 2022.

India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan, and other major economies to cool prices.

Eurozone Manufacturing Purchasing Managers Index (PMI) Data at 58.6 vs Expected 57.3

U.K. Manufacturing Purchasing Managers Index (PMI) Data at 58.2 vs Expected 56.3

Open Interest:

On open interest, Maximum put open interest was seen at 17000 followed by 17500. Maximum call open interest was seen at 18000 followed by 17800

Put Writing seen at 17500 followed by 17300

Call Writing seen at 17500 followed by 17650

India VIX up by 2.83% from 17.52 to 18.02 level.

Participant wise open interest data of FII Shows call selling in the index is more than put selling. FII's were 54.83% long in index future was equal compared to the previous day.

In Cash Market, FII's are net sellers 4477.06 crores, and DII's are net buyers 1412.05 crores.

Options data suggests a trading range between 17500 to 17800

Global Markets:

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

Dow Jones industrial average was up by 194.55 points or 0.55% to 35813.80

S&P 500 Index was up by 7.76 points or 0.17% to 4690.70

Nasdaq Composite was down by 79.62 points or 0.50% to 15775.14

European markets were mixed at the end of the day

Most of the Asian markets are positive right now 07.30 IST

SGX Nifty trading 65 points higher to 17574    07.30 IST

SGX Nifty indicates a positive opening for Indian markets.

Keep an eye on these Economic Data:

U.S. Gross Domestic Product (GDP) QoQ Data after Indian market hours.

U.S. Core Durable Goods Orders MoM Data after Indian market hours.

U.S. Initial Jobless Claims Data after Indian market hours.

U.S. New Home Sales Data after Indian market hours.