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Updated on: Tuesday, November 02, 2021, 09:24 AM IST

Markets open on strong note: Sensex above 60,300, Nifty touches 18,000

Among the early gainers on the bourses were Tata Motors, NTPC, Titan Company, L&T and Coal India. |

Among the early gainers on the bourses were Tata Motors, NTPC, Titan Company, L&T and Coal India. |

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The stock market indices opened on a positive note on Tuesday (November 2). At 09:16 AM, the Sensex was up 187.28 points or 0.31percent at 60,325.74. The broader Nifty was up 72.80 points or 0.41 perent at 18,002.50. About 1,254 shares have advanced, 395 shares declined, and 73 shares are unchanged.

Among the early gainers on the bourses were Tata Motors, NTPC, Titan Company, L&T and Coal India. Sun Pharma, Tata Steel, Dr Reddy, Tech Mahindra were among the early losers.

Stocks to watch out for

Stock-specific actions can be witnessed in stocks such as Tata Motors (Company misses estimates), Adani Transmission (signed share purchase agreement with REC Power Development and Consultancy for acquisition of its entire stake in MP Power Transmission Package-II), Grasim Industries (commissioned a new line of 300 ton per day capacity of Viscose Staple Fibre). Earnings to watch today include Bharti Airtel, Sun Pharma, Dabur India, Godrej Properties etc.

Wall Street indices record closing highs

Wall Street's main indexes notched record closing highs on on November 1 as Tesla shares surged and the energy sector gained while investors looked ahead to a major Federal Reserve meeting later in the week.

The Dow Jones Industrial Average rose 94.28 points, or 0.26 percent, to 35,913.84, the S&P 500 gained 8.29 points, or 0.18 percent, to 4,613.67 and the Nasdaq Composite added 97.53 points, or 0.63 percent, to 15,595.92.

Asia-Pacific shares trade mixed

Shares in Asia-Pacific were mixed in on November 2 morning trade, with the Australian central bank set to announce its interest rate decision later in the day.

Japanese stocks slipped following their November 1 surge, with the Nikkei 225 slipping 0.36 percent while the Topix index shed 0.59 percent. Japanese stocks slipped following their November 1 surge, with the Nikkei 225 slipping 0.36 percent while the Topix index shed 0.59 percent.

Oil prices up

Oil prices rose on November 2 as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand.

Brent crude futures gained 28 cents, or 0.3 percent, to $84.99 a barrel by 0117 GMT while US West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2 percent, to $84.24 a barrel.

India exports up

India’s merchandise exports in October rose 42.33 percent to $35.47 billion, according to provisional data released by the government on November 1. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019.

India’s merchandise exports in October 2021 was $35.47 billion, an increase of 42.33 percent over $24.92 billion in October 2020 and an increase of 35.21 percent over $26.23 billion in October 2019, as per an official statement.

Economy will bounce back: Survey

At least 41 percent Indians believe that the economy will bounce back by January 2022, a monthly analysis of consumer perception by Axis My India, has found. The findings released on November 1 revealed that at least 48 percent of respondents are optimistic of shifting to electric vehicle as fuel prices continue to rise.

The latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues in October, by Axis My India, a leading consumer data intelligence company, also revealed that the overall household spending has increased for 63 percent of families which reflects a 7 percent increase from the last month, among other things. This increase is highest in Northern India.

US manufacturing activity slows down in October

US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials, indicating that stretched supply chains continued to constrain economic activity early in the fourth quarter.

The ISM's index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September. A reading above 50 indicates expansion in manufacturing, which accounts for 12 percent of the US economy. Economists polled by Reuters had forecast the index would fall to 60.5.

Fed policy meet tomorrow (November 3)

With inflation at its highest point in three decades, the Federal Reserve is set this week to begin winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process that could prove to be a risky balancing act.

Chair Jerome Powell has signaled that the Fed will announce after its policy meeting on November 3 that it will start paring its $120 billion in monthly bond purchases as soon as this month. Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending.

Two stocks under F&O ban

Two stocks – Punjab NationalBank and Escorts – are under the F&O ban for November 2.

Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

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Published on: Tuesday, November 02, 2021, 09:24 AM IST
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