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Stock Market LIVE: Sensex crosses 60k, Nifty up 150 pts; M&M, Sun Pharma gain
Stock Market Today: Economy remains resilient despite inflation and rate hike. Share Market LIVE Update: Indian indices jumped at open on Monday with Sensex gaining 500 points and crossing the 60,000 mark. Nifty also gained 150 pts. IT and Pharma stocks rally, while Metal and PSU Bank index drag. NTPC and Tata Steel drag.
Investors cheered the US consumer spending report that showed the economy grew modestly in the third quarter and inflation eased. Wall Street also is betting on the central bank dialling down on big interest-rate hikes.
PSU Bank Index remains under pressure with most stocks trading in red
Outlook on Base Metal: We expect copper to trade lower towards 644 levels, a break of which could prompt the price to move lower to 634 levels.
Metals like lead and aluminum only managed to end higher, as the base metals group continues to see a mixed set of action.
After hopes that the US Federal Reserve might slow the pace of rate increases, the metals did move higher. The gloomy US economic figures this week increased expectations that the Federal Reserve will relax monetary policy, limiting economic harm and boosting commodity demand.
As a result, the dollar eventually fell, making commodities more affordable for holders of other currencies. Gains were however limited as a result of an increase in coronavirus cases in China, which raised questions about the pace of the largest consumer nation’s economic growth.
Additionally, the Yuan dropped to its lowest level against the dollar since 2008, increasing the price of products purchased in dollars by Chinese consumers.
Outlook: We expect copper to trade lower towards 644 levels, a break of which could prompt the price to move lower to 634 levels.
Gold: COMEX Gold traded in a narrow range between $1641.2/oz and $1679/oz in the week gone by and closed with marginal decline cushioned by a softer DXY as most economic data from the US signaled towards a slowing economy, adding to bets that the Fed may slow down the pace of monetary policy tightening after the November meeting. Investment demand has seen a continuous downturn as indicated by the SPDR gold trust holdings. SPDR Gold holdings currently stand at 922.59 tonnes, lowest since March 2020. Focus for the week will be on the US data print along with the all-important FOMC meeting. Traders are betting on a less hawkish fed after the November meeting. If that happens precious metals might recover amid US dollar weakness.
Crude: Crude oil started the previous week on a negative note hurt by decline in business activity in major global economies but robust exports and high refinery activity in the US coupled with weaker DXY reversed declines and helped WTI and Brent Crude close the week with more than 3% and 2% gains respectively. As per Weekly Petroleum Status Report for the week ending Oct. 21, US Crude exports surged to a weekly record of 5.129 million barrels per day, while Refineries operated at a four year high at 88.9% of their operable capacity. Crude oil trade lower today on weaker economic data from China but prices are headed for a monthly gain in October ahead of sizeable output cuts by OPEC
Rupee gains 15 paise to 82.32 against US dollar
The rupee appreciated 15 paise to 82.32 against the US dollar in early trade on Monday tracking easing crude oil prices and a positive trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then gained ground to quote at 82.32, registering a rise of 15 paise over its previous close.
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