This week, there seems to be a bullish atmosphere in the domestic stock market. Monday’s strong rally reflects the confidence of both domestic and foreign investors. Despite marginal selling of ₹56 crore in the cash segment, foreign institutional investors (FIIs) made strong purchases totaling ₹4,290 crore in the derivatives and other segments. Domestic institutional investors (DIIs) also continued buying for the 42nd consecutive day and invested around ₹2,500 crore in the market.
Global signals look strong for the market on Tuesday (October 28). Hopes of a trade deal with China pushed US markets to new all-time highs. The Dow jumped nearly 350 points, the Nasdaq jumped 400 points to close at an all-time high, while the S&P 500 set a new record for the 35th time this year. Nifty is trading near 26,050, up 50 points. Dow futures remained steady ahead of the Fed meeting. Meanwhile, the Nikkei in Asia fell nearly 100 points.
Important signals for the market today
US market at its all-time high for the second consecutive day
Heavy fall in gold and silver prices for the third consecutive day
Crude oil prices below $66, LME copper closed above $11,000
FOMC meeting begins, decision on interest rates tomorrow
Results: Gold, Mazgaon good, Indus Tower hopeful
Five results will be announced in futures including CAMS and Shree Cement
Block deal of ₹1624 crore possible in AB Capital
Fed meeting starts today
The two-day meeting of the US central bank, the Federal Reserve, begins today. A decision is expected late tomorrow night, with interest rates expected to be cut by a quarter of a percent. The market will now keep an eye on further comments and guidance on interest rate cuts.
sharp fluctuations in goods
Anticipation of a US-China trade deal has reduced demand for safe haven investments, putting pressure on both gold and silver. Gold fell by ₹2,400 to close at ₹1,21,000, while silver fell by ₹4,000 to close below ₹1,43,500. In the international market, gold fell by ₹ 80 and silver by ₹ 2.5 percent. Crude oil also remained under pressure, with Brent falling ₹1 per cent to below ₹65 on prospects of OPEC supply increase. Buying sentiment continued in base metals, with copper hitting its all-time high, aluminum hitting a three-and-a-half year high and zinc hitting a 10-month high.
Confidence in company results
IOC’s operating performance remained strong in the September quarter. The results of Sona BLW and Mazagon Dock were also good, while the results of Indus Tower, PNB Housing and Kfin Tech were in line with expectations. Adani Energy’s performance was mixed.
today’s focus
Today F&O results of CAMS, Shree Cement, TVS Motor, Adani Green Energy and Jindal Steel will be released. Additionally, a block deal worth Rs 1,624 crore is possible in AB Capital, in which Jomi Investments can sell 2% stake in the company at a floor price of around Rs 304.55.
