The Indian stock market indices, Sensex and Nifty 50, will likely be impacted on November 08, influenced by positive cues from global markets. Asian markets are trading higher, and the US stock market saw a strong rally overnight, with the S&P 500 and Nasdaq reaching record closing highs.
The rally on Wall Street was boosted by the US Federal Reserve’s recent 25 basis point rate cut and earlier by the outcome of the US election, with Donald Trump set to become the next president.
On November 07, the Indian stock market saw a sharp decline as the initial optimism from the “Trump trade” rally, which had followed Trump’s victory in the 2024 US presidential election, lost steam.
The Sensex dropped by 836.34 points (1.04%) to close at 79,541.79, and the Nifty 50 fell by 284.70 points (1.16%) to 24,199.35.
On November 07, 2024, DIIs bought securities worth ₹11,374.43 crore, while FIIs sold securities worth ₹16,624.84 crore.
Nifty’s PCR has shifted to 0.61 in the previous session. A PCR ratio below 0.7 or heading toward 0.5 denotes a bearish trend, whereas a ratio above 0.7 or approaching 1 typically suggests a positive sentiment.
The increasing PCR, which is higher than 0.7 or surpasses 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling Call Options is higher than selling Put options, reflecting a bearish mood in the market.
Gold prices edged up on Friday. Spot gold increased by 0.1% to $2,708.89 per ounce, though it remained down nearly 1% for the week. Meanwhile, US gold futures rose 0.4% to $2,716.4.
Asian markets rose on Friday, following a rally on Wall Street after the US Federal Reserve cut interest rates by 25 basis points.
Japan’s Nikkei 225 went up by 0.74%, with the Topix gaining 0.49%. South Korea’s Kospi increased nearly 1%, and the Kosdaq surged 1.71%. Hong Kong’s Hang Seng index futures also pointed to a strong opening.
The US stock market closed higher on Thursday, supported by a 25-basis-point interest rate cut from the Federal Reserve, continuing a strong rally triggered by Donald Trump’s return as president.
The Dow Jones Industrial Average finished flat at 43,729.34. Meanwhile, the S&P 500 gained 44.06 points, or 0.74%, closing at 5,973.10, and the Nasdaq Composite rose by 285.99 points, or 1.51%, ending at 19,269.46.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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