The Indian stock market’s main indices, Sensex and Nifty 50 , are set for a cautious start on November 04, 2024 amid mixed signals from global markets.
Asian markets are trading with varied performances, while the U.S. stock market closed higher last week, boosted by Amazon’s strong earnings report. However, uncertainty around the upcoming U.S. Presidential Election and the Federal Reserve’s policy decision is likely to keep markets unpredictable. Following recent U.S. jobs data, investors are expecting the Federal Reserve to reduce interest rates by 25 basis points in November.
In India, markets ended the special Diwali Muhurat trading session on Friday with gains across all sectors. The Sensex rose by 335.06 points (0.42%) to 79,724.12, and the Nifty 50 climbed 99.00 points (0.41%) to settle at 24,304.35.
On November 01, 2024, DIIs bought securities worth ₹50.09 crore, while FIIs sold securities worth ₹280.72 crore.
Nifty’s PCR has shifted to 0.82 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.
Crude oil prices increased as OPEC decided to postpone its planned production boost by one month, with renewed tensions in the Middle East adding to the rise.
Brent crude climbed 1.55% to $74.23 per barrel, while U.S. West Texas Intermediate (WTI) crude went up 1.63% to $70.62.
Asian markets saw gains following last week’s positive performance on Wall Street, as investors looked ahead to the U.S. Presidential Election and Federal Reserve rate decision.
Japan’s markets were closed for a holiday. South Korea’s Kospi rose 0.96%, with the Kosdaq up by 2.24%. Hong Kong’s Hang Seng futures pointed to a lower start, while Taiwan’s Weighted Index inched up 0.27%.
The U.S. stock market closed higher on Friday, as Amazon’s strong earnings helped offset a sharp slowdown in U.S. job growth for October.
The Dow Jones Industrial Average increased by 288.73 points (0.69%) to 42,052.19, the S&P 500 climbed 23.35 points (0.41%) to 5,728.80, and the Nasdaq Composite rose 144.77 points (0.80%) to finish at 18,239.92.
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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