The domestic stock market is starting the trading session for the month of November on Wednesday (29 October). On this occasion the business started with growth. Sensex opened with a jump of 200 points. Nifty also climbed 70 points and crossed 26,000. Bank Nifty also gained 100 points, although the market briefly slipped below its day’s high.
A slight rise was recorded in private banking shares. A huge fall was seen in the shares of asset management capital companies. Pharma shares also remained under pressure today. Pressure was also seen on the auto sector. Earlier, strong buying by foreign institutional investors had returned. Strong buying by foreign investors on the monthly expiry day strengthened the market sentiment. FIIs made significant purchases of ₹10,340 crore in the cash market, which included net purchases of ₹8,224 crore. Domestic funds also continued their buying for the 43rd consecutive day and invested around ₹1,100 crore in the market.
global sentiment is strong
American markets closed at new records for the third consecutive day due to expectations of interest rate cuts. The Dow jumped nearly 150 points and the Nasdaq nearly 200 points to close at all-time highs, while the S&P 500 recorded its 36th record close of the year. The Fed’s interest rate decision will be announced later tonight, and markets are expecting a quarter percentage point cut. In Asian cues, Nifty rose nearly 50 points to near 26,150, while Nikkei jumped 700 points to its all-time high. Dow futures are down 50 points with slight weakness.
Important signals for the market today
US market at its highest level for the third consecutive day
Gold and silver lost their shine, crude oil fell below $64
Fed’s decision on interest rates soon, 0.25% cut possible
Net purchases by FIIs at monthly end were ₹8224 crore
Result: Mixed results for Shree Cement, Jindal Steel, Adani Green
Nifty futures results including L&T, Coal India will be declared
SEBI proposes major changes in mutual fund rules
commodity movement
Gold weakened for the fourth consecutive day, falling by $50 in the global market, while in the domestic market it fell by Rs 1,400 to close at Rs 1,19,600. However, silver rose by Rs 800. Crude oil also showed weakness and slipped below $64.
Policy and regulatory developments
SEBI has recommended major changes in mutual fund rules. Brokerage and taxes will not be included in the total expense ratio. Along with reducing the cash and derivatives brokerage limits, an additional 5 basis points on exit load has also been proposed.
key findings
Shree Cement, Jindal Steel and Adani Green Energy reported mixed quarterly results, while CAMS results were weak. Today the results of Coal India and L&T will be important in Nifty. In the F&O sector, results of nine companies including PB Fintech, HPCL, BHEL, CG Power, SAIL and NMDC will be closely watched.
IPO and macro data
Orkla India IPO opens today with a price band of ₹695 to ₹730. At the macro level, September IIP growth accelerated to 4% from 3.2%, supported by manufacturing, power and consumer durables. With these strong signals and improving global trends, the market is expected to have a positive start today.