November 7, 2024

+91 99390 80808

November 7, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 06 November 2024 

Stock Market Trend : 06 November 2024 

Dear Trader…

The 30-share BSE benchmark Sensex advanced 694 points or 0.88% to settle at 79,476. The broader NSE Nifty gained 179 points or 0.74% to end at 24,293. During the day, both Nifty and Sensex fell as much as 0.6% each.

The market capitalisation of all listed companies on the BSE surged by Rs 2.5 lakh crore to Rs 444.6 lakh crore.

Among Sensex stocks, JSW Steel, Tata Steel, Axis Bank, IndusInd Bank, HDFC Bank, and SBI were the top gainers, advancing 2-4.7%. Meanwhile, Adani Ports, ITC, Asian Paints, Infosys, and L&T closed with losses.

Democrat Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s US election. The winner will likely not be known for days after voting ends.

Analysts expect volatility to increase further as investors await the election outcome to make sector-specific investments.

On the sectoral front, Nifty Metal rose 2.84%, while Nifty Financial Services surged 1.98%. Nifty Bank, Auto, Pharma, PSU Bank, Realty, Consumer Durables, and Oil & Gas also closed higher.

The market breadth was skewed in the favour of the bulls. About 2,469 stocks gained, 1,476 declined, and 113 remained unchanged on the BSE.

Global Markets – Stocks were steady on Tuesday but implied volatility ratcheted up in currency markets in an early indication of the market frenzy to come, as the world awaits the outcome of a knife-edge U.S. election.

Europe’s benchmark STOXX index edged down 0.2% while MSCI’s broadest index of Asia-Pacific shares outside Japan inched 0.7% higher, as stock markets held their breath ahead of Wednesday’s open. China’s blue chip CSI300 jumped 2.5% and Hong Kong’s Hang Seng rose 1.4%.

Crude Oil – Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.

Brent crude futures ticked up 16 cents, or 0.2%, to $75.24 a barrel, while US West Texas Intermediate crude was at $71.65 a barrel, up 18 cents, or 0.3%.

Rupee vs Dollar – The Indian rupee was nearly unchanged on Tuesday, wedged between likely foreign outflows from domestic equities and intervention by the central bank, while uncertainty about the US election loomed with Americans heading to the polls later in the day.

The rupee closed at 84.1075 against the dollar, compared to its previous close of 84.1150.

Nifty futures opened at 24074 points against the previous close of 24114 and opened at a low 23980 points. Nifty Future closed with an average movement of 340 points and decline of around 179 points and closed 24293 points…!!

Meanwhile, The domestic market experienced a sharp recovery, reclaiming most of the previous day’s losses amid uncertainty surrounding the likely downgrade in Q2 GDP forecast and closely contested US presidential election.

However, the recent rebound in domestic manufacturing activity data along with the expected revival of consumption in the H2, are likely to support market sentiment. Metals led the gains, driven by the anticipation of significant stimulus from China later this week.

Technically, the important key resistances are placed in Nifty future are at 24293 levels, which could offer for the market on the higher side. stainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 24373 – 24404 levels. Immediate support is placed at 24202 – 24008 levels.

Past Performance is not an Indicator of Future Returns. The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in

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