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Updated on: Monday, November 15, 2021, 09:40 AM IST

Stock market indices open higher: Sensex above 60,000-mark, Nifty inches to 18,200

The benchmark indices opened higher on Monday, first day of trading this week amid supportive global cues. /Representational image |

The benchmark indices opened higher on Monday, first day of trading this week amid supportive global cues. /Representational image |

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The benchmark indices opened higher on Monday, first day of trading this week amid supportive global cues.

At 09:15 AM, the Sensex was up 230.41 points or 0.38 percent at 60,917.10. The Nifty was up 73.20 points or 0.40 percent at 18,176. About 1,324 shares have advanced, 624 shares declined, and 106 shares are unchanged.

Banking stocks were early gainers with Kotak Mahindra Bank, HDFC Bank, Axis Bank, IndusInd Bank stocks all trading high. Tech Mahindra, Bharti Airtel, Reliance and Ultra Cements were major osers at the opening bell.

Wall Street stocks close higher on Friday

Wall Street stocks closed higher on Friday, with market-leading growth shares kick-starting a rise for the indices as

investors looked past the disappointing US economic data. Despite their advances, all three major US stock indices ended the session below last Friday’s close, ending a five-week streak of weekly gains.

The Dow Jones Industrial Average rose 179.08 points, or 0.5 percent, to 36,100.31. The S&P 500 gained 33.58 points, or 0.72 percent, at 4,682.85 and the Nasdaq Composite added 156.68 points, or 1 percent, at 15,860.9

Asian shares trade cautiously

Asian shares edged cautiously higher on Monday as the US stock futures made early gains, though investors were wary of bearish surprises in a batch of Chinese economic data due out later.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, after popping higher late last week.

Japan’s Nikkei gained 0.7 percent as data showing economic activity shrank by more than expected in the third quarter only reinforced the case for aggressive fiscal stimulus.

Goldman Sachs downgrades Indian equities

Goldman Sachs has downgraded Indian equities by one notch to ‘market weight’, citing a blistering run this year that has made them the best performing emerging Asian market.

Indian stocks have rallied nearly 28 percent in 2021 on the back of ultra-easy monetary policy, rising vaccinations and the economic reopening, compared with a 0.76 percent drop in the MSCI Emerging Market index.

The expected strong cyclical and profit recovery next year is well priced at the current peak valuation, while the market faces risks from emerging macro pressures such as higher oil prices and the tightening of monetary policy at home and in the US, it said.

Japanese economy contracts

The Japanese economy contracted at an annualised rate of 3 percent in July-September from the previous quarter, government data showed on Monday, posting the first decline in two quarters as resurgent coronavirus infections hurt consumer spending.

The gross domestic product (GDP) figure translated into a quarterly drop of 0.8 percent, worse than economists’ median estimate of a 0.2 percent contraction, the Cabinet Office data showed.

Oil prices edge higher

Oil edged higher as US President Joe Biden faced more calls to tap the Strategic Petroleum Reserve to try to tackle surging gasoline prices and push back against inflation running at the fastest pace in decades.

West Texas Intermediate added 0.4 percent in early Asian trading after dropping for three straight weeks. At the weekend, Senate Majority Leader Charles Schumer urged Biden to tap the emergency reserves, saying that consumers needed immediate relief at the gas pump. A top administration aide, Brian Deese, declined to say whether the president would tap the SPR.

Company results today

Advance Syntex, Binani Industries, Containerway International, East India Securities, Esaar (India), GCCL Construction, Gold Line International, GV Films, Hemadri Cements, Integra Capital Management, Jai Balaji Industries, Kotia Enterprises, KSS, MSP Steel & Power, Newtime Infrastructure, Parle Industries, PB Films, PG Foils, Rajesh Exports, Ravi Kumar Distilleries, Rollatainers, Samtel India, Silver Oak (India), Tinplate Company of India and Simmonds Marshall are among 83 companies that will release their September quarter earnings.

Eight stocks under F&O ban

Eight stocks—Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, NALCO, Punjab National Bank, SAIL and Sun TV Network—are under the F&O ban.

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Published on: Monday, November 15, 2021, 09:40 AM IST
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