8th 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 295.70 points to 60067.62 and Nifty was up by 87.60 points to 17916.80

Eicher Motors, Mahindra& Mahindra, ITC were the top gainers.

Market gaining more than 36 percent since Diwali 2020The market is likely to continue its bull run and we might see decent upside from the current levels.

Analysts expect the overall trend of the market to remain positive , but may not maintain the same pace and see some profit-booking at higher levels.

Nifty50 to touch 21,000 level by next Diwali and Bank Nifty to lead this rally.

Foreign institutional inflows remained at over Rs.60,000 crore in the equities, while domestic institutional investors pulled out Rs.32,000 crore since last Diwali.

After Evergrande, another Chinese real estate developer Kaisa at risk of default.

Federal Reserve announced that it would trim its asset purchases by $15 billion a month from November, and US central bank's assurance that it was in no rush to raise rates.

India Deposit Growth at 9.9% vs Expected 10.2%

India Bank Loan growth at6.8% vs Expected 6.5%

India's forex reserves increase $1.9 billion to $642 billion

India Nikkei Services Purchasing Managers Index (PMI) Data at 58.4 vs Expected 55.7

U.K. Interest Rate Decision at 0.10% vs Expected 0.10%

U.S. Unemployment Rate Data at 4.6% vs Expected 4.7%

U.S. Nonfarm Payrolls Data at 531k vs Expected 450k

U.S. Initial Jobless Claims Data at 269k vs Expected 275k

Today Results:

Britannia

Open Interest:

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

Put Writing seen at 17600

Call Writing seen at 18700 followed by 18300

India VIX fell by 2.34% from 15.90 to 15.75 level.

Participant wise open interest data of FII Shows put selling in the index is more than call selling. FII's were 52.51% long in index future was increased compared to the previous day.

In Cash Market, FII's are net sellers 328.11 crores, and DII's are net buyers 38.25 crores.

Options data suggests a trading range between 17700 to 18300.

Global Markets:

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

Dow Jones industrial average was up by 203.72 points or 0.56% to 36327.95 

S&P 500 Index was up by 17.47 points or 0.37% to 4697.53

Nasdaq Composite was up by 31.28 points or 0.20% to 15971.59

European markets were positive at the end of the day

Asian markets are mixed right now 07.30 IST

SGX Nifty trading 52 points higher to 17992.50  07.30 IST

SGX Nifty indicates a positive opening for Indian markets.

Keep an eye on these Economic Data:

U.S. CB Employment Trends Index Data after Indian market hours.