Trade Setup for Monday 7 Nov: Stock Market News

 

Trade setup for Monday 7 Nov– Good morning and welcome to the morning reports, the top things to know before the stock market opens today

Asian stock market indexes are trading higher on Monday tracking positive cues from Wall Street on Friday. Nikkei, Hang Seng, and Shanghai are trading higher by 1.30 percent, 2.21 percent, and 0.36 percent respectively. SGX Nifty is also trading higher by 78 points or 0.43 percent at 18281 levels at present at 7.15 am IST.

The indication getting from the Asian markets is positive. The Indian stock market indexes are likely to open higher today. Nifty may open above 18250 levels today.

 

The US and European market indexes update

 

The US stock market indexes ended higher on Friday after the October job reports. The October month’s job data reported a mixed picture on Friday. The report showed employers have added 261000 jobs against 200000 expectations while the unemployment rate rose more than expected at 3.7% in October from 3.5% in the previous month. 

The market sentiments also improved after the news that China may ease zero-Covid 19 policies. The key US indexes, Dow Jones and S&P 500 gained 1.26% and 1.36% respectively while Nasdaq was up by 1.28% at the close on Friday.

European stock market indexes rose sharply on Friday after the US job report, which indicates that the Fed may go slow in interest rate hikes. The market sentiments were also positive with the speculation of easing Covid-19 restrictions in China, which boosted the mining and luxury stocks on Friday.

European equity benchmarks, DAX and CAC gained 2.51% and 2.77% respectively while FTSE was up by 2.03 % at the close on Friday.

 

Indian stock market updates

 

Indian stock market indexes made decent gains on Friday amid positive cues from Asian and European markets. The equity benchmark indices Sensex and Nifty gained 0.19 percent and 0.36 percent respectively. The market breadth was positive with the advance decline indicating a ratio of 2:1 at the close. FIIs were the buyers, they bought Rs 1436.25 crore while DIIs sold Rs 548.59 crore in the equity cash segment on Friday.

 

 

FY23 Second Quarterly Results Today

 

Coal India, Divis Laboratories, One 97 Communications (Paytm), PB Fintech (Policybazaar), Bharat Petroleum Corporation, Aditya Birla Capital, Affle India, Ceat, Sun Pharma Advanced Research Company, Sundaram-Clayton, Tata Teleservices (Maharashtra), Ujjivan Small Finance Bank, Cera Sanitaryware, Endurance Technologies, Greenply Industries, India Cements, KEC International, RateGain Travel Technologies, and Vascon Engineers will announce their second-quarter results on 7 November.

 

News you should read before the trade setup for today 7 Nov 

 

According to the RBI data showed, the country’s foreign exchange reserve reported its biggest weekly jump since September 2021. India’s foreign exchange reserve rose by $6.56 billion to $531.08 billion for the first time in three weeks that ended October 28.

The crude oil prices rose nearly 5 percent on Friday in the hopes of increasing demand from China. The brent crude oil futures closed at $98.75 per barrel, 4.31% higher on Friday. On Monday morning, Brent crude is trading at nearly 1 percent down at $97.69 per barrel

 

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Happy Investing!!

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