Market Savera - 04/11/2024

Stock Market Updates

Indian benchmark indices Sensex and Nifty ended on a strong note on special Muhurat trading session for Samvat 2081 on November 1. A broad-based buying was seen across all sectors, led by auto pack, reacting to their strong October sales figures. At close, the Sensex was up 335.06 points or 0.42 percent at 79,724.12, and the Nifty was up 99 points or 0.41 percent at 24,304.30.

U.S. stocks closed higher on Friday, but off the session's high, with the S&P 500 and Dow Jones Industrial Average reporting a back-to-back weekly loss ahead of the Nov. 5 presidential election. Rising bond yields have been a concern in the run-up to the election, which remained too close to call on Friday and might take days or weeks to decide.

The US jobs report released Friday showed the U.S. economy added just 12,000 jobs in October, far below the Dow Jones estimate of 100,000. This marked the weakest level of jobs creation since December 2020. The unemployment rate held at 4.1%, in line with estimates.

Goods and Services Tax collections in India rose to a six-month high of Rs 1.87 lakh crore in October, staying above the Rs 1.7 lakh crore mark for the eighth consecutive month, data released on November 1 showed.

Asia-Pacific markets (with Japan out for a holiday) rose Monday as investors geared up for a busy week that includes the U.S. presidential election and the Federal Reserve’s monetary policy meeting. China's National People's Congress (NPC) standing committee meets from Nov. 4 to Nov. 8, which will be closely watched for further details of a raft of stimulus measures that were announced recently.

DLF to develop ultra-luxury housing project worth Rs 8,000 crore in Gurugram

Apollo Hospitals to add 3,512 beds, invest Rs 6,100 crore in four years

Azad Engineering signed a long term contract with Mitsubishi Heavy Industries

Nifty formed a reasonable bear candle on October 31 but the Muhurat trading session on Saturday helped the Nifty to show a positive candle on weekly charts after four weeks of fall. On weekly charts it has formed a small doji type candle in a sideways manner. Whether this signifies a possible upside reversal or a continuation pattern will be clear next weekend after the two big events. Nifty could now take support from 23893 while facing resistance from the 24492-24567 band over the near term. Indian markets could open flat to mildly lower, despite mildly higher Asian markets today and positive US markets on Nov 01