Stock Market Today: Nifty Ends in Green, Led by Gains in Infosys and HCL Tech
The GIFT Nifty is trading marginally higher near 25,721, indicating a positive open for the benchmark Nifty 50. US and European index futures are trading higher during Asian trading hours.
The Nifty ended in the green, closing above the 25,500 mark, led by gains in Infosys and HCL Tech. Trent and Tata Consumer Products were the biggest drags.
Nifty Midcap and Smallcap Performance
The Nifty Midcap 150 also closed higher, with Uno Minda and Nykaa leading the gains, while the Nifty Smallcap 250 ended flat, supported by NALCO and Balrampur Chini.
Sectorally, Nifty IT emerged as the top gainer, driven by strength in Infosys and HCL Tech, while Nifty Media was the biggest loser. Nifty Realty fell for the fourth straight session, weighed down by Sobha and Raymond.
Global Market Updates
As US stocks rose, the MSCI All Country World Index had its best day since late June as the White House expressed support for the bipartisan deal to end the shutdown.
The S&P 500 Index closed 1.5% higher in New York, extending Friday’s last-minute rally which was sparked by renewed negotiations to end the shutdown. Nasdaq 100 Index rose 2.2% to snap a two-session skid.
Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment, sparking a cross-asset rally from commodities to cryptocurrencies.
Commodity Updates
Gold held gains after recording its biggest daily jump since May. Bullion was steady on November 11 at around $4,120 an ounce, having surged as much as 2.9% in the previous session.
Oil steadied as traders tracked softening market metrics and waited for reports that may give clues about an impending global surplus. Brent was near $64 a barrel after a small gain on Monday, while the West Texas Intermediate was below $60.
Corporate Earnings and Updates
Jindal Stainless reported a 6.7% increase in revenue at Rs 10,893 crore versus Rs 10,207 crore. Rolex Rings reported a 9.6% decline in revenue at Rs 271 crore versus Rs 300 crore.
EIH Associated reported a 17.7% decline in revenue at Rs 58.3 crore versus Rs 70.8 crore. HLE Glascoat reported a 48.8% increase in revenue at Rs 351 crore versus Rs 236 crore.
Market Outlook
The Nifty Nov futures is up 0.42% to 25,694 at a premium of 120 points. Nifty Nov futures open interest down by 0.09%. Nifty Options 11th Nov Expiry: Maximum Call open interest at 25700 and Maximum Put open interest at 25500.
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