Market may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 48 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed as investors await the results of the United States midterm elections. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden's term, with investors reportedly expecting Republican gains.

China's producer price index fell 1.3% in October on an annualized basis after rising 0.9% in September. China's consumer price index rose 2.1% in October compared to a year ago, easing after climbing 2.8% in September.

Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.

Domestic markets:

Back home, the domestic stock market remained shut on Tuesday, 8 November 2022, on account of Gurunanak Jayanti. The equity benchmark indices rose for the second session in a row on Monday, supported by strength in banks, metal and auto shares. Positive global markets, encouraging Q2 numbers and persistent buying by foreign institutional investors (FIIs) boosted investors sentiment. The barometer index, the S&P BSE Sensex, gained 234.79 or 0.39% points to 61,185.15. The Nifty 50 index rose 85.65 points or 0.47% to 18,202.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,948.51 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 844.20 crore in the Indian equity market on 7 November, provisional data showed.

Powered by Capital Market - Live News