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Stock Market Today: Top 10 critical updates to know before the market opens

Stock Market Today: Top 10 Insights for the Day Ahead

  • Sen­sex Nifty50 Today: The bench­mark Sen­sex and Nifty indices are expect­ed to open mar­gin­al­ly low­er, with the GIFT Nifty indi­cat­ing a neg­a­tive start with a loss of 16 points.
  • BSE Sen­sex and Nifty50: On Novem­ber 6, fol­low­ing the pre­vi­ous day gains, the BSE Sen­sex surged by 595 points to reach 64,959, and the Nifty50 saw a gain of 181 points, clos­ing at 19,412. This result­ed in the for­ma­tion of a bull­ish can­dle­stick pat­tern on dai­ly basis cross­ing the 100 as well as 21 day expo­nen­tial mov­ing aver­age.
  • FIIs and DIIs: On Novem­ber 6, pro­vi­sion­al data from the Nation­al Stock Exchange indi­cates that for­eign insti­tu­tion­al investors divest­ed shares val­ued at Rs 549.37 crore, while domes­tic insti­tu­tion­al investors acquired stocks worth Rs 595.7 crore.

Commodity Prices

Oil Prices:

  1. Brent crude futures increased by 0.5 per­cent to $85.30 a bar­rel.
  2. US West Texas Inter­me­di­ate crude rose by 0.7 per­cent to $81.05 a bar­rel.
  3. Sau­di Ara­bia con­firmed it would main­tain an addi­tion­al vol­un­tary cut of 1 mil­lion bar­rels per day, result­ing in approx­i­mate­ly 9 mil­lion bpd pro­duc­tion for Decem­ber.

Gold Prices:

  • Spot gold decreased by 0.4 per­cent to $1,983.49 per ounce.
  • US gold futures fell by 0.4 per­cent to $1,990.60.
  • The dip was attrib­uted to a slight increase in US bond yields as investors await­ed a speech by Fed­er­al Reserve Chair Jerome Pow­ell lat­er in the week for insight into the inter­est rate out­look.

Dol­lar Index:

  • The Dol­lar index slipped by 0.16 per­cent in futures, reach­ing 104.90.
  • The val­ue of one dol­lar was approx­i­mate­ly Rs 83.22.

Global Markets

U.S. Mar­kets:

  • Stock futures showed a slight decline on Mon­day evening, with Dow Jones Indus­tri­al Aver­age futures falling by 61 points (about 0.2%).
  • S&P 500 futures and Nas­daq 100 futures also expe­ri­enced sim­i­lar declines of approx­i­mate­ly 0.2% each.
  • In reg­u­lar trad­ing on Mon­day, stocks secured gains, with the Nas­daq Com­pos­ite achiev­ing its sev­enth con­sec­u­tive pos­i­tive ses­sion.
  • Both the S&P 500 and the 30-stock Dow extend­ed their win­ning streaks to the sixth con­sec­u­tive ses­sion.
  • This pos­i­tive per­for­mance in Novem­ber is in con­trast to a chal­leng­ing Octo­ber when the S&P 500 entered cor­rec­tion ter­ri­to­ry.
  • Investors grew opti­mistic after the Fed­er­al Reserve’s deci­sion to leave inter­est rates unchanged dur­ing their last week’s meet­ing.
  • The Fed’s deci­sion led to a decline in Trea­sury yields and a cor­re­spond­ing increase in stock prices.
  • Wall Street is close­ly mon­i­tor­ing whether the recent ral­ly can be sus­tained after all three major indices enjoyed their most suc­cess­ful week in 2023 last Fri­day.

Euro­pean Mar­kets:

  • Euro­pean mar­kets closed low­er on Mon­day, with the Stoxx 600 index falling by 0.2 per­cent.
  • Oil and gas stocks were the top gain­ers, ris­ing by 0.8 per­cent.
  • Region­al mar­kets had seen a week-long ral­ly due to strong earn­ings and per­ceived cen­tral bank dovish­ness.
  • US stocks were slight­ly high­er on Mon­day, aim­ing to main­tain last week’s strong per­for­mance.
  • Asia-Pacif­ic mar­kets were buoyed by a soft US jobs report, reduc­ing inter­est rate hike expec­ta­tions.
  • South Kore­an stocks surged as the coun­try rein­stat­ed a short-sell­ing ban.

Asian Mar­kets:

  1. South Kore­an stocks, includ­ing the Kospi, fell 2 per­cent.
  2. Aus­trali­a’s S&P/ASX 200 trad­ed 0.22 per­cent low­er ahead of the Reserve Bank of Aus­trali­a’s expect­ed rate hike to 4.35 per­cent.
  3. Japan’s Nikkei 225 dropped 0.5 per­cent, and the Top­ix shed 0.39 per­cent.
  4. Hong Kong’s Hang Seng index looked set to drop with futures at 17,867.
  5. Chi­na was set to release its trade data for Novem­ber.

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