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Stock Market Live Updates: Buying returns to Street after 3-day fall; Sensex gains 400

Watch this space as we bring you LIVE updates of the day’s proceedings from Dalal Street.

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MARKET VIEW: FII selling, IPOs headwinds for the market in the short-term

The market went through a minor correction of above 3% in the Nifty during the last two trading days. The sell-off in the broader market was steeper with Nifty Midcap Index correcting 8% from the peak. The trigger for the correction has been the sustained FII selling during the last 9 trading days following the downgrading of India by some leading foreign brokerages like UBS and Nomura who are concerned about excessive valuations. The depository data shows FII selling in equity at Rs 13550 cr, the highest for a month, so far, in 2021. The massive FII selling appears to have overwhelmed the newbie retail investors who have been merrily buying every dip.

An important factor that might influence the market is the new IPOs hitting the market this week. Heavy oversubscriptions in attractive IPOs are draining money from the secondary market. So, FII selling and IPOs have emerged as headwinds for the market in the short-term. Investors may wait for the market to consolidate before taking fresh investment decisions.

— Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Most active stocks on NSE in opening trade

Price as on 01 Nov, 2021 09:21 AM, Click on company names for their live prices.

OPENING BELL: Sensex climbs 450 points, Nifty50 tops 17,800; SAIL surges 9%, IRCTC 3%

OPENING BELL: Sensex climbs 450 points, Nifty50 tops 17,800; SAIL surges 9%, IRCTC 3%

Pre-open session: Sensex rises 250 points, Nifty50 above 17,750

Q2 results today

Q2 results today

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 25 point, or 0.14 per cent, higher at 17,775, signaling that Dalal Street was headed for a positive start on Monday.

Tech View: Nifty50 support at 17,500 level

Nifty50 on Friday witnessed selling pressure for the second straight session to end below the 17,700 level. The index formed a bearish candle on the daily chart. Analysts said the index has can reach a good support zone of of 17,600-17,500 from where it has in the past witnessed a good move towards 18,600 zone.A recovery from here on cannot be ruled out, they said.

Dollar holds firm as Fed decision looms

The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the US boosted the case for earlier Fed interest rate hikes. It approached a 1 1/2-week top to the yen after the Japanese currency weakened as a strong showing for the ruling party in elections reduced political uncertainty. The dollar index, which measures the greenback against six rivals, was little changed at 94.166, hovering close to Friday’s peak of 94.302.

Oil falls after China releases reserves of gasoline, diesel

Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4. Brent crude futures dropped 20 cents, or 0.2 per cent, to $83.52 a barrel, after gaining 6 cents on Friday. US West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4 per cent, to $83.20 a barrel, having risen 76 cents on Friday.

Hong Kong shares open with losses

Hong Kong and Shanghai stocks started Monday on the back foot after data showed Chinese factory activity shrunk last month, pointing to further weakness in the world’s number two economy. The Hang Seng Index fell 0.43 percent, or 108.89 points, to 25,268.35. The Shanghai Composite Index shed 0.48 percent, or 16.94 points, to 3,530.40, while the Shenzhen Composite Index on China’s second exchange fell 0.51 percent, or 12.13 points, to 2,387.90.

Japan’s Nikkei rise over 2% as Japan PM holds power

Tokyo’s key Nikkei 225 index opened more than two percent higher on Monday as investors cheered general election results showing a victory for Prime Minister Fumio Kishida. The benchmark Nikkei 225 index was up 2.14 percent or 617.39 points at 29,510.08 in early trade, while the broader Topix index was up 1.50 percent or 30.11 points at 2,031.29.

Wall Street stocks settled higher on Friday

Wall Street capped a choppy day of trading Friday with modest gains for stocks, nudging the major indices to more all-time highs. The S&P500 index rose 0.2 per cent after wavering between small gains and losses for much of the day. The Dow Jones Industrial Average and Nasdaq each rose 0.3 per cent on Friday. Both also set all-time highs.

Rupee inches 4 paise higher to end at 74.88 against dollar

The rupee gained 4 paise to close at 74.88 (provisional) against the US dollar on Friday despite volatile domestic equities, as IPO-related inflows and some pullback in crude oil prices supported the local unit. At the interbank forex market, the domestic unit opened at 74.78 against the greenback and witnessed an intra-day high of 74.74 and a low of 74.98 during the day’s trade. It finally ended at 74.88 a dollar.

Sensex on Friday

The BSE benchmark Sensex tumbled for the third straight session on Friday to close at 59,306.93, down 677.77 points or 1.13 per cent. In three days, the 30-share index has lost 2,043.33 points or 3.33 per cent. Following the weak sentiment, the market capitalisation of BSE-listed companies eroded by Rs 6,15,583.53 crore in three days to stand at Rs 2,59,20,458.07 crore.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day

Read More : Stock Market Live Updates: Buying returns to Street after 3-day fall; Sensex gains 400

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