6 Things to Know Before Market Opens on November 21, 2024

The Indian stock market is expected to be impacted on Thursday, influenced by weak global cues. Asian markets were trading lower, and the U.S. stock market closed mixed amid growing concerns over the Russia-Ukraine conflict.

Tensions escalated after Ukraine used long-range British Storm Shadow missiles to strike Russian territory. Earlier, Ukraine had launched U.S.-made ATACMS missiles, prompting Russia to announce a lowered threshold for nuclear response. Domestically, all eyes are on the results of the Maharashtra Election 2024. 

Previous Trading Session 

The Indian stock market remained closed on Wednesday, November 20, due to the Maharashtra elections. On Tuesday, however, the Sensex rose by 239.37 points (0.31%) to close at 77,578.38, while the Nifty 50 climbed 64.70 points (0.28%) to finish at 23,518.50, breaking a seven-day losing streak.

FII and DIIs 

On November 19, 2024, DIIs bought securities worth ₹13,657.81 crore, while FIIs sold securities worth ₹18,666.82 crore.

Put Call Ratio (PCR)

Nifty’s PCR has shifted to 0.65  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

Gold prices rose for the 4th straight session as investors turned to safe-haven assets due to escalating tensions in the Russia-Ukraine conflict. Spot gold was up 0.2%, trading at $2,654.50 per ounce, while U.S. gold futures also gained 0.2% to reach $2,657.10.

Asian Markets

Asian markets saw a mixed performance, taking cues from a quiet session on Wall Street. Japan’s Nikkei 225 dropped by 0.67%, and the Topix slipped by 0.22%. In South Korea, the Kospi edged up 0.13%, but the Kosdaq declined 0.58%. Meanwhile, the future of Hong Kong’s Hang Seng index suggests a weaker start.

US Markets

The U.S. stock market had a mixed close on Wednesday. The Dow Jones Industrial Average added 139.53 points (0.32%) to finish at 43,408.47, and the S&P 500 inched up by 0.13 points to 5,917.11, remaining mostly flat. Meanwhile, the Nasdaq Composite fell by 21.32 points (0.11%) to close at 18,966.14.

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.