The benchmark stock market indices opened flat on November 10. The Sensex was down 325.58 points or 0.54 percent at 60,107.87. The broader Nifty was down 93.70 points or 0.52 percent at 17,950.60. About 151 shares have advanced, 266 shares declined, and 37 shares are unchanged.
Nifty ended almost flat on November 9 after muted moves. At close the Nifty was down 0.13 percent or 24.3 points to 18,044.2.
Nifty ended the day almost flat in line with most other markets. Nifty crossed the high of the previous day but there was no follow through upmove. A move above 18115-18125 band could lead to more upsides while 17947-17970 is a support band for the Nifty in the near term.
Stocks to watch out for
Stock specific actions can be witnessed in stocks such as as profit-taking and worries over ongoing inflation fueled a broad sell-off (The company reported higher consolidated profit at Rs 3,376.4 crore in Q2FY22 against Rs 3,094.1 crore in Q2FY21), AstraZeneca India (reported a 54.65 percent decline in its net profit to Rs 11.94 crore for the quarter ended 30 September 2021).
Wall Street closes lower on Tuesday
Wall Street closed lower on November 9, ending a multi-day rally of consecutive record closing highs as profit-taking and worries over ongoing inflation fueled a broad sell-off.
The Dow Jones Industrial Average fell 112.24 points, or 0.31 percent, to 36,319.98, the S&P 500 lost 16.45 points, or 0.35 percent, to 4,685.25 and the Nasdaq Composite dropped 95.81 points, or 0.6 percent, to 15,886.54.
Asian shares trade mixed
Shares in Asia-Pacific were mixed in November 10 trade as investors reacted to the release of Chinese inflation data for October. Surges in oil and Chinese factory prices added to investors worries that a hot US inflation reading could renew pressure on policymakers to lift interest rates.
The Nikkei 225 in Japan was little changed while the Topix index climbed 0.13 percent. South Korea’s Kospi dipped 0.61 percent. Shares in Australia edged higher, with the S&P/ASX 200 climbing 0.12 percent.
Traders await CPI data from the US this evening. The consumer price index is expected to have risen nearly 6 percent in October, the most in three decades.
US stock end lower on Tuesday
US stock indexes ended lower onTuesday, with the Nasdaq Composite and S&P 500 snapping long win streaks as market benchmarks retreated from record highs. Investors parsed a report on U.S. wholesale inflation and news that industrial conglomerate General Electric was planning on splitting into three separate companies.
In U.S. economic data, the October producer-price index rose 0.6%, in line with expectations, with the pace of wholesale inflation over the past 12 months flat at 8.6%. That is the highest level since the index was reconfigured in 2009, and likely one of the highest readings since the early 1980s. The National Federation of Independent Business said its gauge of small-business confidence slipped by 0.8 points to 98.2 last month, its lowest reading since March.
RBI announces global hackathon
The Reserve Bank of India (RBI) on November 9 announced the launch of its first global hackathon 'HARBINGER 2021 – Innovation for Transformation' with the theme ‘Smarter Digital Payments’.
The hackathon will invite participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, and strengthen the security of digital payments and promote customer protection, the RBI said in a statement.
Oil prices up to two-week high
Oil prices rose to a two-week high on November 9 after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
Brent futures rose $1.35, or 1.6 percent, to settle at $84.78 a barrel, while US West Texas Intermediate (WTI) crude rose $2.22, or 2.7 percent, to settle at $84.15.
Housing sales jump nearly 46%
Housing sales jumped nearly 46 percent q-o-q to 50,000 units in Q3 2021 and sales rebounded by approximately 86 percent y-o-y on a year-to-date basis on the back of an attractive mortgage regime and government incentives.
Office leasing activity reached 13.5 million sq. ft. in Q3 2021 growing at about 140 percent q-o-q, with the YTD number reaching 25 million sq. ft. for the key cities, says a report by CBRE South Asia Pvt Ltd titled India Market Monitor - Q3 2021.
Pune led housing sales in Q3 2021 with 33 percent, followed by Mumbai (23 percent), Bengaluru (17 percent) and Hyderabad (13 percent). At 47 percent and 31 percent, mid-segment and affordable/ budget respectively were the dominant growth driver of sales in Q3 2021. New project launches jumped by nearly 37 percent q-o-q to reach 48,950 units in Q3 2021, the report said.
China launches 3-tranch euro-dominated bond issue
China launched on Wednesday a three-tranche euro-denominated bond issue in its second major foreign currency transaction in a month, according to a term sheet reviewed by Reuters.
The country’s Ministry of Finance said on October 29 the deal would raise up to 4 billion euros ($4.6 billion) and the debt would be issued in three, seven and 12 year tranches.
Initial pricing guidance for investors has been set at the mid swap rate plus 20 basis points area for the 3-year deal, 40 basis points area for the 7-year, and 65 basis points area for the 12-year tranche, the term sheet showed.
China consumer inflation in line with expectations
China’s consumer inflation for October came in roughly in line with expectations, according to official data released Wednesday. The consumer price index for October rose 1.5% from last year, against expectations in a Reuters poll for a 1.4% increase. Producer prices, however, rose more than expected. The producer price index for October surged 13.5 percentfrom last year, above expectations in a Reuters poll for a 12.4% gain. China's October factory gate prices rose at the fastest pace since 1995.
China Evergrande Group is facing its biggest payment test since signs of a liquidity crisis emerged at the firm five months ago. Investors are waiting to see if the embattled developer makes coupon payments totaling $148.1 million for three dollar bonds before the end of 30-day grace periods Wednesday.
Results today
Bank of Baroda, Zomato, Affle India, Berger Paints, Glenmark Life Sciences, India Cements, Krishna Institute of Medical Sciences, Mazagon Dock Shipbuilders, Metropolis Healthcare, Nuvoco Vistas Corporation, Oil India, Pidilite Industries and Tata Teleservices are among 268 companies that will release September quarter earnings.
