The stock markets opened higher on first day of trading on Monday (November 8).
At 09:16 AM, the Sensex was up 201.32 points or 0.34 percent at 60268.94. The Nifty was up 43.20 points or 0.24 percent at 17,960.00. About 1488 shares have advanced, 659 shares declined, and 145 shares are unchanged.
Wall Street closes at record high
Wall Street's main indexes scored record closing highs on Friday and booked solid gains for the week following a strong US jobs report and positive data for Pfizer's experimental pill against COVID-19.
The Dow Jones Industrial Average rose 203.72 points, or 0.56 percent, to 36,327.95, the S&P 500 gained 17.47 points, or 0.37 percent, to 4,697.53 and the Nasdaq Composite added 31.28 points, or 0.2 percent, to 15,971.59.
Asian shares edge up in early trade
Asian shares edged up on Monday as risk assets basked in the glow of the upbeat October payrolls report, though caution was warranted ahead of a reading on US inflation that could spook the rate horses.
Early moves were modest with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.1 percent. Japan’s Nikkei added 0.3 percent, but was just short of the recent five-week peak.
Oil prices up
Oil rose as traders weighed the odds of a release of crude from the USStrategic Petroleum Reserve after OPEC+ resisted a plea from President Joe Biden to boost supplies more quickly.
West Texas Intermediate gained 0.5 percent in early Asian trading after surging 3.1 percent on Friday to pare a weekly loss.The administration will consider data coming out Tuesday as it assesses measures to stem gasoline prices, Energy
Secretary Jennifer Granholm said on Sunday. Vitol Group, the biggest independent oil trader, told Bloomberg onSunday that OPEC+ is unlikely to change its stance.
Fuel prices remain unchanged
Petrol and diesel prices remained unchanged for the fourth consecutive day on Monday. In Delhi, petrol is being sold for Rs 103.97, while the diesel rate is Rs 86.67.
In Mumbai, petrol is retailed at Rs 109.98 per litre while diesel is being sold at Rs 94.14 per litre. The petrol and diesel prices remained unchanged in Kolkata at Rs 104.67 per litre and Rs 89.79 per litre, respectively.
Petrol price in Chennai also remains at Rs 101.40 per litre and diesel Rs 91.43 per litre.
Gold prices extend rally
The precious metal rose as much as 1.5 percent on Friday despite a better-than-expected US payrolls report that suggested economic activity was regaining momentum early in the fourth quarter.
COMEX gold traded marginally higher near $1820/oz after a 1.3 percent gain in the previous session, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. Gold traded higher supported by a drop in US bond yields as Fed decided to take a gradual approach on monetary tightening besides, supporting price is inflation concerns. However, weighing on price is on account of an upbeat US jobs report, continuing strength in equity markets, and ETF outflows.
Gold has rallied sharply in the last few sessions amid lack of any aggressive move by the Fed but may struggle to build on the gains amid improved risk sentiment
NYMEX crude traded about 1 percent higher near $82.3/bbl after a 3.1 percent gain in the previous session. Crude trades are higher supported by reports that Saudi has raised prices for consumers and amid upbeat US jobs report and reports of success on Pfizer’s COVID pill and as OPEC+ decided to continue with gradual production hike stance. However, weighing on price is lower Chinese output, China’s crackdown on energy prices, and the possibility that the US may use reserves to ease gasoline prices.
Crude has bounced back sharply after recent correction indicating the strong upward momentum and this may continue unless there is any major intervention by the US or China.
Over 4 crore Indian investors data exposed
A vulnerability at a CDSL subsidiary, CDSL Ventures Limited (CVL), has exposed personal and financial data of over 4 crore Indian investors twice in a period of 10 days, according to cyber security consultancy startup CyberX9.
The Central Depository Services (India) Limited (CDSL) is a SEBI registered depository and CDSL Ventures Ltd is a KYC registering agency separately registered with the Securities and Exchange Board of India (SEBI).
CDSL said that CVL has taken immediate action and the vulnerability has been mitigated now.
Paytm IPO opens today
One97 Communications-owned Paytm will launch its initial public offering for subscription in the coming week. This is the largest-ever public issue in the history of Indian capital markets. Before this, state-run coal mining company Coal India had the biggest IPO of more than Rs 15,000 crore in October 2010.
The price band for the offer has been fixed at Rs 2,080 to Rs 2,150 per equity share.
Forex reserves up
India's forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank said on Friday.
The overall reserves had declined by $908 million to $640.1 billion at the end of the previous reporting week.
Foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to $578.462 billion for the reporting week, the RBI said in the weekly data.
Results today
Britannia Industries, Aurobindo Pharma, Sobha, 3i Infotech, Action Construction Equipment, Balrampur Chini Mills, Elgi Equipments, GVK Power & Infrastructure, HG Infra Engineering, KRBL, MM Forgings, PTC India Financial Services, Pricol, RSWM, Shankara Building Products, Shyam Metalics and Energy, Talbros Automotive Components, Ujjivan Small Finance Bank, Vijaya Diagnostic Centre, V-Mart Retail, and Wockhardt will release September quarter earnings.
F&O ban
Two stocks - Escorts and Punjab National Bank - are under the F&O ban.
