Share Market Analysis: A bullish trend will be seen in the global market on the first trading day of the week. At 07:40 am, Gift Nifty was trading around 19,443. Which was indicating a difference of about 150 points on the NSE Nifty 50 benchmark index. Along with this, there was a rise in the Asian market also. Hence, the Indian market opened with a green mark in the pre-opening. The market opened with a rise in the morning and remained with the mark till the third session. The benchmark index BSE Sensex rose by 595 points. Nifty also reached above 19,400 points. Amid favorable trend in global markets, the market has strengthened with rise in shares of IT, private sector banks and capital goods manufacturing companies. BSE Sensex based on 30 shares jumped 594.91 points or 0.92 percent to close at 64,958.69 points. National Stock Exchange’s Nifty closed at 19,411.75 points with a rise of 181.15 points or 0.94 percent. Sensex has risen 1,367 points and Nifty 422 points in three trading sessions.
Aggressive stance of Federal Reserve’s monetary policy may lead to softening
Among the companies included in the Sensex, Larsen & Toubro, Axis Bank, Tata Steel, Bajaj Finance, Power Grid, Asian Paints, Mahindra & Mahindra and Bajaj Finserv were the biggest gainers. On the other hand, State Bank of India, Hindustan Unilever, Tata Motors and Titan declined. Vinod Nair, Head of Research, Geojit Financial Services, said that there are expectations in the market due to low growth in jobs in America and the possibility of softening of the aggressive stance of the Federal Reserve (US central bank) monetary policy. Since most of the challenges are global, investors’ sentiment is now towards domestic companies. There is good demand in the domestic market regarding festivals. BSE Smallcap index rose by one percent and Midcap index rose by 0.90 percent. Religare Broking Ltd. Senior Vice President (Technical Research) Ajit Mishra said that the week started with strength in the market and both the benchmark indices BSE Sensex and NSE Nifty were up by about one percent. The effect of the boom in the American market is being seen on the domestic market. According to stock market data, foreign institutional investors sold shares worth Rs 12.43 crore on Friday.
How were other markets of Asia?
In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit. There was a declining trend in early trading in the major markets of Europe. American markets remained in positive territory on Friday. Meanwhile, global oil benchmark Brent crude rose 1.35 percent to $ 86.04 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 12.43 crore on Friday.
Rupee falls two paise to 83.22 per dollar
In the interbank foreign exchange market, the rupee fell by two paise on Monday and closed at 83.22 (provisional) against the US dollar. The rise in crude oil prices continued to give away the gains in the local stock market. Forex traders said positive trends in domestic stock markets supported the rupee at lower levels and limited the losses. The rupee opened at 83.17 in the interbank foreign exchange market. During trading it went as low as 83.24 and finally closed at 83.22 (provisional) per dollar. This is a fall of two paise from the previous closing price. On Friday, the rupee had closed at 83.20 per dollar. Meanwhile, the dollar index, which reflects the position of the US dollar against six major currencies of the world, fell by 0.10 percent at 104.92. Forex traders said the dollar came down from its highs after US employment growth was lower than expected in October, which provided support to the rupee. Global oil standard Brent crude futures rose by 1.55 percent to reach $ 86.21 per barrel.
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