Sensex, Nifty stare at cautious start; Q2 results, oil prices, global cues to set market tone

By: |
November 02, 2021 8:11 AM

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a cautious start on Tuesday

Sensex, Nifty, stock marketInvestors will monitor cues like US Federal Reserve Policy meeting scheduled for November 2-3

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a cautious start on Tuesday. Nifty futures were trading at 18,009, up 12 points on Singaporean Exchange. In the previous session, the 30-stock index surged by over 800 points to end above the crucial 60,000 level. The Nifty 50 gained 258 points to close at 17,929.65. Bank Nifty rose by 648.15 points or 1.66% to close at 39,763.75. Investors will monitor cues like US Federal Reserve Policy meeting scheduled for November 2-3 and flows from foreign investors. Moreover, oil prices, rupee movement against US Dollar, Q2 earnings and other global cues will set the market direction.

Global watch: Asian stock markets were trading mixed in the early trade on Tuesday. Hong Kong’s Hang Seng index led gains among the region’s major markets, rising 1.74 per cent. South Korea’s Kospi jumped 1.54%. In overnight trade on Wall Street, US stock indices ended at record closing highs. The Dow Jones Industrial Average rose 94.28 points, or 0.26 percent, to 35,913.84, the S&P 500 gained 8.29 points, or 0.18 percent, to 4,613.67 and the Nasdaq Composite added 97.53 points, or 0.63 percent, to 15,595.92.

Nifty technical view: Nifty gave swift recovery from the support levels of 17650-74600 sustained smartly above 17900 level and has formed a strong bullish candle on daily chart, said an analyst. “Now on the downside 17550-17600 has become a good support. The overall structure shows that the short term range for Nifty has become narrower & it is now expected to trade in the range of 17850-18250 over the next few sessions,” Aprajita Saxena, Research Analyst, Trustline Securities, told Financial Express.

FII, DII data: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 202.13 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 116.01 crore on a net basis in the Indian equity market.

Stocks under F&O ban: Two stocks, Punjab National Bank and Escorts, are under the F&O ban for November 2. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

Q2 earnings: Bharti Airtel, HPCL, Sun Pharmaceutical Industries, Bank of India, Godrej Properties, Union Bank of India, Dabur India, Easy Trip Planners, Jindal Steel & Power, Jyothy Labs, Laxmi Organic Industries, Minda Corporation, MTAR Technologies, PNB Housing Finance, Prince Pipes and Fittings, Radico Khaitan, Stove Kraft, Trent, and Unichem Laboratories will release September quarter earnings on November 2.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Nuvoco Vistas Corp Rating: Buy-Rise in margins to lessen gap with peers
2Telecom: Subscribers fell by 21 mn m-o-m in September
3Siemens Rating: Buy-A stable performance in the quarter by the firm