Stock Market News Today

On the earnings front, companies like Power Grid, Shree Cements, Alkem Labs, IRCTC, Crisil and Balrampur Chini will be declaring their earnings.

The Indian stock market closed the session on November 6, 2023 almost at day’s high, rising for the third consecutive session. At close, Sensex was up 594 points at 64,958 while Nifty jumped 181 points and ended the session at 19,411 level.

All sectoral indices barring the PSU Bank index ended in the green with pharma, capital goods, metal, power, oil & gas and realty up 1 percent each. The Nifty midcap and smallcap indices added over a percent each.

Technical Analysis

Nifty 50 on November 6 formed a bullish candle on the daily chart and it also closed above its 21-EMA and the 100-EMA, indicating some relative strength. ‘Bollinger Band’ expanding too indicates that the rally in the market is most likely to witness an extension. 

Nifty is set to scale the 50-EMA presently placed at 19450, sustained close above the said level can extend the Index rally towards 19600 in the coming weeks as it is placement of resistance trend line drawn adjoining Sep-Oct highs.

Here’s a look at the top news today:

Asian Markets

Asian stocks snapped a three-day winning streak on Tuesday, slipping as the bond market’s rally paused and investors reined in enthusiasm about a possible peak in global interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6% following a three-day rally that lifted the benchmark by nearly 6%. Japan’s Nikkei fell 0.8%.

US Markets

US stocks closed slightly higher on Monday as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the central bank’s policy path, with a large amount of bond supply also due to hit the market.

The Dow Jones Industrial Average rose 34.54 points, or 0.10%, to 34,095.86; the S&P 500 gained 7.64 points, or 0.18  per cent, at 4,365.98; and the Nasdaq Composite gained 40.50 points, or 0.3 per cent, at 13,518.78.

European Markets

European markets closed lower on Monday as positive momentum from last week stuttered. The Stoxx 600 index ended 0.2 percent lower, while sector movements were somewhat muted. Oil and gas stocks led gains, up 0.8 percent.

Fitch Ratings raises India’s mid-term growth forecast to 6.2%

Fitch Ratings on November 6 revised India’s medium-term growth estimate upward by 70 basis points to 6.2 percent from 5.5 percent. The positive adjustment contrasts with the US credit rating agency’s reduction in the estimate for 10 emerging markets (EMs), primarily due to the influence of China, which now averages at 4 percent on a GDP weighted-average basis.

Oil prices ease as market awaits China data to gauge demand

Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world’s second-largest oil consumer.

Brent crude futures fell 23 cents, or 0.3 per cent, to $84.95 a barrel by 0127 GMT while US West Texas Intermediate crude was at $80.59 a barrel, down 23 cents, or 0.3 per cent.

FIIs and DIIs

Foreign institutional investors offloaded shares worth Rs 549.37 crore, while domestic institutional investors bought Rs 595.70 crore worth of stocks on November 6, provisional data from the National Stock Exchange showed.

Company earnings on November 7

Power Grid, Shree Cements, Alkem Labs, IRCTC, Crisil, Balrampur Chini, Apollo Tyres, Eveready Industries, Info Edge, Dilip Buildcon among others.

Option Activity

On the option front, maximum Put OI is at 19300 followed by 19200 strike, while maximum Call OI is at 19500 followed by 19600 strike. Call writing was seen at the 19600 strike, followed by the 19500 strike while Put writing was seen at the 19300 strike, followed by the 19400 strike.

Corporate Action:

• Honasa Consumer (Mamaearth) is set to debut on the bourses on November 7. The final issue price has been fixed at Rs 324 per share. 
• Bata India has signed a licensing and manufacturing deal with Authentic Brands Group to launch and sell lifestyle brand Nine West in India.
• Bajaj Finance has launched the share sale programme to qualified institutional buyers, and the floor price for the same has been set at Rs 7,533.81 a share.
• Cipla is to transfer its generics business as a going concern on a slump sale basis to Cipla Pharma and Life Sciences Limited, its wholly owned subsidiary, for Rs 350 crore, subject to approvals.

Insider trades

• Shailesh Shyam Chaturvedi Director acquired 50000 shares of Arvind Fashions on November 6, 2023
• Arun Axaykumar Kothari Promoter & Director acquired 5000 shares of Venus Pipes & Tubes on November 6, 2023
• Dhruv Mahendrakumar Patel Promoter & Director acquired 5000 shares of Venus Pipes & Tubes on November 6, 2023

Stock under NSE F&O ban

NSE has retained GNFC on its F&O ban list for November 7. Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Disclaimer: