The Indian market had a quiet start on Tuesday (November 11) amid positive news from the US and momentum in domestic results. Sensex and Nifty remained almost stable and remained around 25,580. However, after this the market gradually moved towards the red mark. Good growth was seen in IT and auto stocks. Sensex opened 136 points higher at 83,671. Nifty opened 43 points higher at 25,617. Bank Nifty opened 25 points higher at 57,962. In the currency market, the rupee opened 1 paise lower at 88.71/dollar. Global sentiments have improved due to expectations of an end to the recession in the US market and Trump’s statement. Meanwhile, a sharp rise in gold and silver prices and strength in base metals have boosted the commodity market. Former US President Donald Trump has said that tariffs imposed on India will be reduced and a “good and fair trade deal” will soon be reached. This statement has given positive signals for India-US trade relations.
US markets rise on hopes of end of shutdown
Markets witnessed a strong rise for the second consecutive day on hopes that the historic shutdown in America will end soon. The Dow Jones Industrial Average rose 380 points, while the Nasdaq jumped 525 points to close near its high of the day. At present, Dow Futures and GIFT Nifty are trading stable around 25,700.
Record rise in gold and silver
Precious metals continue to rise. Gold rose by ₹3,100 to ₹1,24,100, while silver jumped by ₹6,000 to close at ₹1,53,800. In the international market too, gold rose by ₹100, while silver saw a significant rise of 5%. Crude oil remained stable around ₹64.
strength of base metals
Copper and aluminum rose about 1% each on the LME, while lead hit a four-month high. This boom in the metals sector is a sign of global improvement.
FIIs continue selling, DIIs confident
Foreign investors sold a total of ₹4,836 crore on Friday, including ₹4,100 crore in cash. However, domestic funds continued their buying for the 51st consecutive day and pumped in ₹5,800 crore into the market.
Look at the company’s quarterly results
Bajaj Finance’s results were mixed, while ONGC’s operating performance remained weak. On the other hand, HUDCO performed well and Vodafone Idea reported better results, with lowest loss in 19 quarters and growth in ARPU.
Results worth seeing today
Bajaj Finserv results will be announced today on Nifty. Moreover, in the F&O segment, the results of around 10 companies including Bharat Forge, Biocon, Concor, Max Financial and Torrent Power may decide the market direction.
IPO market turmoil
Physicswala’s IPO will open today, with a price band of ₹103-₹109. The IPO of MV Photovoltaic Power will also open today, whose price band is ₹206-₹217. Pine Labs’ IPO, which has received only 54% subscription so far, will close today. Anil Singhvi believes that investors with high risk appetite can invest in this IPO with a long-term perspective, while investors with low risk appetite should buy only after the listing, if the share is available below ₹221.
