Today’s Stock Market Round-Up: 10/11/2023

Buying was seen in metals and oil gas space which added 0.7 percent and 0.6 percent respectively while selling were seen in Nifty Media and Nifty Auto.

Sensex and Nifty after trading largely on a flat to negative note on November 10 managed to close in the green. The Sensex was up 72 points at 64904 level while Nifty added 30 points and ended the session at 19425 mark.

Source: NSE

Among the sectors, buying was seen in metals and oil gas space which added 0.7 percent and 0.6 percent respectively.

The top gainers from the metal sector included Vedanta, NMDC and Jindal Stainless which were up 3.4 percent each followed by Hindustan Zinc, Jindal Steel & Power, Welspun Corp and NALCO which added over 1 percent each.

Among the oil & gas names buying was witnessed in ONGC, GSPL, GAIL India, Mahanagar Gas, Oil India Limited, Gujarat Gas and Petronet LNG among others.

However, selling were seen in Nifty Media and Nifty Auto. The top losers included Zee Entertainment which was down over 5 percent followed by Sun TV Network, Saregama and Nazara Tech while among auto names, Hero MotoCorp was down over 2 percent followed by Mahindra & Mahindra, Motherson Sumi Systems and TVS Motor Company.

Hero MotoCorp stock was on the radar after the Enforcement Directorate (ED) on November 10 announced that it had seized assets worth Rs 24.95 crore belonging to Pawan Kant Munjal, the executive chairperson of Hero MotoCorp, as part of a money laundering investigation.

Source: NSE

Most active stocks in terms of volumes:

Source: NSE

Asian markets end in the red:

Asian markets apart from India closed in the red with Nikkei down 0.24 percent while Hang Seng shed over 1 percent. Kospi slipped over half a percent.

UK economy fails to grow but sidesteps start of a recession

Britain’s stagnating economy failed to grow in the July-to-September period but at least managed to avoid the start of a recession, figures from the Office for National Statistics showed on Friday, according to a Reuters report.

The 0 percent change in gross domestic product in the third quarter was a touch better than a forecast for a 0.1 percent fall in a Reuters poll of economists, which many analysts said was likely to represent the start of a recession.

In the three months to September, output in Britain’s huge services sector fell by 0.1 percent, industrial production was broadly flat and construction grew by 0.1 percent, the statistics office said.

European markets down in the red:

Major European markets including FTSE, French CAC and German DAX were trading in the red, each down over half a percent each as hawkish comments from the US Federal Reserve Chair poured cold water on investor optimism around a peak in interest rates.

Disclaimer:

The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.