Trends on SGX Nifty suggest a positive opening for the headline indices. Nifty futures were trading 148 points higher at 12,413 on the Singaporean Exchange
Moreover, India is now way more expensive than its historical valuation with the Nifty currently trading at a shade under 20 times estimated FY22 earnings.
Domestic equity market benchmarks BSE Sensex and Nifty are likely to extend their gaining spree into the sixth straight session on Monday. A host of factors such as Democratic candidate Joe Biden’s victory in the recently concluded US Presidential election, July-September quarterly earnings, rising COVID-19 cases, oil prices, foreign fund flow, rupee trajectory and other global cues will be keenly watched. On the back of gains in global markets, Indian share market benchmarks may rise to new lifetime highs in today’s session. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, says that further upside is clearly visible but one needs to be stock specific until the market doesn’t cross and sustain above 12450. On the downside, Nifty 50 index is expected to find support between 12000 and 11900 levels.
SGX Nifty: Trends on SGX Nifty suggest a positive opening for the headline indices. Nifty futures were trading 148 points higher at 12,413 on the Singaporean Exchange.
India’s biggest pharma IPO opens today: Gland Pharma is the largest IPO to date in the Indian pharma sector. The price band has been fixed at Rs 1,490-1,500. The Rs 6480-crore Gland Pharma initial public offer will remain open for public subscription till November 11.
Joe Biden wins US presidential election: Democratic candidate Joe Biden has been elected as the 46th President of the United States of America, defeating the incumbent Republican US President Donald Trump. Senator Kamala Harris, 56, who is of Indian origin, has become the first ever woman vice president-elect of the United States. Biden and Harris would likely be sworn in as the President and Vice President of the country on January 20.
Global market: Asian stock markets were seen trading higher in early deals on Monday. Japan’s Nikkei jumped 2.04 per cent while the Topix index added 1.42 per cent. South Korea’s Kospi also rose 1.44 per cent. US stocks ended nearly unchanged in overnight trade on Friday. The Dow Jones Industrial Average fell 0.34 per cent, the S&P 500 lost 0.12 per cent, and the Nasdaq Composite dropped 0.04 per cent.
FII and DII data: On Friday, foreign institutional investors (FIIs) lapped up shares worth Rs 4,869.87 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 2,938.66 crore on a net basis in the equity market, according to the provisional data available on the NSE.