Sensex and Nifty this week: This week, big events such as the Index of Industrial Production (IIP), major quarterly results, FII investments, and the US Balance of Trade data will keep markets humming.
SUMMARY
- This week, Hindustan Petroleum Corporation, BHEL, Oil India, NHPC, BEML, NBCC, SJVN, Coal India, ONGC, SAIL, IRCTC, and Power Grid Corporation will publish their second-quarter earnings.
- Investors will be looking forward to the IIP, which is set to be announced on November 10. In August 2023, IIP in India increased 10.3% year on year, the highest rate since June of last year.
- Major market events in the United States include the release of balance of trade statistics on November 7, followed by initial jobless claims on November 9.
Last week, Indian equities markets concluded with modest gains, aided by the United States Federal Reserve’s rate halt, which reassured investors worldwide. This week, big events such as the Index of Industrial Production (IIP), FII investments, major quarterly results, and the US Balance of Trade data will keep markets humming.
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Economic data: On the economic front, investors will be looking forward to the release of the IIP data on November 10. Industrial production in India increased 10.3 percent year on year in August 2023, the most since June of last year, up from 5.7 percent the previous month and beyond market estimates of 9%.
Quarterly Results: Hindustan Petroleum Corporation, BHEL, Oil India, NHPC, BEML, NBCC, SJVN, Coal India, ONGC, SAIL, IRCTC, and Power Grid Corporation will publish their Q2 earnings this week.
Besides, traders will also be eyeing the other important result announcements this week, starting with Bajaj Electricals, Bharat Forge, Divi’s Laboratories, Emami, Apollo Tyres, CRISIL, Cummins India, Zydus Lifesciences, Bata India, Godrej Industries, Lupin, Nazara Technologies, Pidilite Industries, Tata Power, NCC, Apollo Hospitals Enterprise, Ashok Leyland, Torrent Power, Biocon, IPCA Laboratories, Mahindra and Mahindra, Tata Chemicals, etc.
Global investors will be waiting for crucial economic data from the United States, beginning with the Balance of Trade, Redbook on November 7, followed by Initial Jobless Claims on November 9, Michigan Consumer Sentiment, and Baker Hughes Oil Rig Count on November 10.
Foreign Investments: According to Dr. V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “the FII selling trend observed in September and October continued in early November as well.”FIIs sold equities in the cash market for Rs 3063 crore in the first three days of November.”
However, he believes that this selling trend is unlikely to continue because the fundamental trigger for FII selling, rising bond yields, has reversed. After peaking at 5% on October 19th, the 10-year US bond yield began to fall; the reduction has been severe in the last two days, with the yield falling to 4.66% on November 3rd. The key catalyst for this bond yield flip is Fed Chairman Jerome Powell’s mildly dovish comments that “despite elevated inflation, inflationary expectations remain well anchored.”
This statement has been viewed by the market as the end of the rate-hiking cycle. As a result, yields have substantially improved. “In the future, FII selling is likely to be subdued.” They may even become buyers in order to avoid missing the Indian market’s surge. Frontline banks, cars, capital goods, and mid-caps in IT and real estate are all expected to do well, according to Vijayakumar.
Global market trend: According to Deepak Jasani, Head of Retail Research at HDFC Securities, the Nifty remained range bound until November 3 following a stronger opening. It gained for the second straight session, he noted, and concluded 0.51 percent or 97.4 points higher at 19230.6. “Most Asian stocks rose on Friday, boosted by Wall Street strength and increased bets that the US Fed’s run of interest rate hikes was coming to an end.” European stocks rose little.”
According to a private survey, India’s October services increased at the slowest rate since March, as output and new company expansion remained modest due to inflationary pressures. According to the latest government data, the seasonally adjusted S&P Global India Services PMI Business Activity Index of 58.4 in October indicated a significant increase in output. Despite the fact that the headline result fell from 61 in September to indicate the slowest rate of expansion since March.
“The Nifty rose for the second consecutive session with an up gap, but it did not close at the intraday high.” It generated a high-wave candle in the process. After two weeks of losses, the Nifty rose 0.96 percent on a weekly basis. So far, the up move appears to be a bounce rather than a new increase, and it still has some legs to run. “On the upside, the Nifty could face resistance in the 19333-19480 band, while 19047 could provide support in the short term,” Jasani added.
Bank Nifty: “The Bank Nifty index had a strong opening but went into consolidation at higher levels,” said Kunal Shah, Senior Technical Analyst at LKP Securities. It struggled to break through the immediate resistance level of 43,500, where substantial call writing was noted. The index’s lower-end support is at 42,800, and a break below this level might strengthen selling pressure.”
Frequently asked questions
What is the position of Sensex Nifty today?
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| Index | Price | %Chg |
|---|---|---|
| NIFTY 50 | 19125.50 | 0.41 |
| SENSEX | 64078.11 | 0.46 |
| NIFTY BANK | 42949.80 | 0.39 |
| NIFTY IT | 30597.50 | -0.01 |
What is the prediction for the Sensex index?
SENSEX Prediction
SENSEX Forecast
The SENSEX (64,081) The Sensex is currently rising. If you are holding long positions, keep them with a daily closing stoploss of 63,485. New short bets can be created if the Sensex closes below 63,485.
What will be Sensex in 2025?
If you invest in the Sensex and let your money compound at a rate of 15% or 12%, your money may be worth 1 lakh in 3.3 to 4.1 years and 5 lakh in 14.8 to 18.3 years.
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