Sensex opens on flat note at 61,748, Nifty remains unmoved

Mixed global cues led to a marginal drop for Sensex while Nifty was unchanged.

FPJ Web DeskUpdated: Monday, November 14, 2022, 10:09 AM IST
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Sensex falls marginally by 47 points, Nifty unchanged at 18,344, as markets opened flat to start off the week, driven by mixed global cues. Apart from hope that the US Federal Reserve's may reduce the intensity at which interest rates are being hiked, China's changing covid-restrictions also swayed global markets.

State-owned insurer LIC was among major gainers with a 9 per cent surge after reporting a rise in profit for the July-September quarter, while pharma brand Dr Reddy's slid down by 4 per cent. On the other hand metal stocks remained in the green as the sector went up by 1.5 per cent.

As per Geojit Fiancial's Chief Investment Strategist Dr. V K Vijayakumar, "The momentum in the market is evident in the 4 straight weeks of gains and FIIs turning buyers in all the last 11 trading days. FIIs are likely to continue buying since the dollar index has declined sharply to 106.6 from the recent high of around 114. DIIs are unlikely to sell big when the market momentum is so strong. Moreover, SIP inflows have crossed Rs 13000 crores a month- a record. The quality of the rally has improved with the participation of high quality large-caps like HDFC twins, RIL, Infosys and TCS. Bank Nifty at record highs can provide resilience to the market. The prospects of banks continue to improve."

Japan's Nikkei fell from a two-month high, as major venture capital firm SoftBank reported a loss in the past quarter.

Prashanth Tapse, Research Analyst at Mehta Equities Ltd sys, “Upward bias may continue in early Monday trades, as the firm US markets close on Friday is likely to aid the sentiment. However, with SGX Nifty erasing its gains, the mood would be of caution after the last week's upsurge. Despite the uncertainty, key positive catalysts such as the soft US inflation report, heightened optimism about China easing coronavirus restrictions, strong FII buying, and the US Dollar easing below 106.30 mark could keep the mood in good stead in the near to medium term. We suspect that the Fed will now more likely hike rates by only 50 basis points in December.”

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