The Indian stock market is likely to be impacted on Friday, supported by positive trends from global markets. Asian markets are trading up, and the U.S. markets closed strongly, with the S&P 500 marking its fourth consecutive day of gains.
Investors are paying close attention to comments from U.S. Federal Reserve officials ahead of the mid-December FOMC meeting. As per CME Group’s FedWatch tool, market expectations point to a 25-basis-point interest rate cut by the Fed in December, as reported by Reuters. Meanwhile, geopolitical tensions between Ukraine and Russia continue to push crude oil prices higher.
On November 21, Indian markets saw a decline, with the Sensex dropping 422.59 points (0.54%) to 77,155.79 and the Nifty 50 falling 168.60 points (0.72%) to close at 23,349.90.
On November 21, 2024, DIIs bought securities worth ₹14,555.77 crore, while FIIs sold securities worth ₹21,880.31 crore.
Nifty’s PCR has shifted to 0.84 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 remained steady but are set to post weekly gains, driven by safe-haven demand amid rising geopolitical tensions. Spot gold held at $2,669.99 per ounce, marking a gain of over 4% for the week. Meanwhile, U.S. gold futures slipped slightly by 0.1% to $2,672.00.
Asian markets moved higher on Friday, taking cues from Wall Street’s strong performance overnight and regional economic data.
Japan’s Nikkei 225 rose by 0.54%, and the Topix index added 0.51%. South Korea’s Kospi climbed 0.67%, while the Kosdaq gained 0.47%. Meanwhile, Hong Kong’s Hang Seng index futures suggested a flat start.
The U.S. stock market closed higher on Thursday, with the Dow Jones and S&P 500 reaching their highest levels in a week.
The Dow Jones Industrial Average jumped 461.88 points (1.06%) to 43,870.35, while the S&P 500 gained 31.60 points (0.53%) to end at 5,948.71. The Nasdaq Composite edged up by 6.28 points (0.03%) to close at 18,972.42.
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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