On Tuesday, October 29, 2024, the benchmark indices, Sensex and Nifty 50 are likely to open higher following largely positive cues from global markets. However, at 07:59 AM, Gift Nifty was trading down by 0.25% at 24,353.
On October 28, 2024, the Sensex rose by 602.75 points, or 0.76%, closing at 80,005.04, while the Nifty 50 increased by 158.35 points, or 0.65%, ending at 24,339.15.
On October 28, 2024, DIIs bought securities worth ₹12,258.32 crore, while FIIs sold securities worth ₹16,621.38 crore.
Nifty’s PCR has shifted to 0.85 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 stabilised after a 6% drop in the previous session, as the market turned its attention to developments in the Middle East and upcoming U.S. economic data. Brent crude increased by 0.59% to $71.84 per barrel, while U.S. WTI crude futures rose by 0.61% to $67.79.
Asian markets had a mixed performance on Tuesday. Japan’s Nikkei 225 remained unchanged, while the Topix gained 0.3%. South Korea’s Kospi decreased by 0.4%, and the Kosdaq fell by 0.41%. Futures for Hong Kong’s Hang Seng index pointed to a higher opening.
On Monday, the U.S. stock market closed higher in anticipation of a busy week of earnings reports from major companies. The Dow Jones Industrial Average rose by 273.17 points, or 0.65%, to reach 42,387.57. The S&P 500 increased by 15.4 points, or 0.27%, to 5,823.52, while the Nasdaq Composite climbed 48.58 points, or 0.26%, to end at 18,567.19.
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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.
Published on: Oct 29, 2024, 8:33 AM IST
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