Stock Market Cues: REPM Scheme, IMF's GDP Prediction, Gold Rates Today And Other Factors Likely To Impact Trade

Stock Market Cues For Today: D-street is set to open in the green amid mostly positive cues on November 27. Major commodity price changes and other international and domestic cues are expected to affect trade today. Some of the key developments set to impact trade include International Monetary Fund’s (IMF) GDP projection and the Cabinet’s approval of the rare earth permanent magnets (REPM) scheme.

On November 26, the headline indices finished a three day losing spree as the 30-share Sensex finished the session with strong gains of 1,022.50 points or 1.21 per cent at 85,609.51. On the other hand the Nifty 50 reclaimed the 26,200 mark as it finished around 26,205.30 with a gain of 320.5 points or 1.24 per cent. Here’s a look at some of the major stock market cues for today and their potential impact on the stock market:

Gift Nifty

On November 27, the Gift Nifty opened higher at around 26,440 levels compared to the previous close of 26,408.5, indicating a positive start for the headline indices. At the time of writing, the Gift Nifty traded around 26,427.5 levels up by 19 points or 0.07 per cent.

IMF’s GDP Prediction For FY26

India’s economy is projected to grow at 6.6 per cent in FY 26, according to IMF’s staff consultation report. While the  robust outlook is likely to reinforce positive investor sentiment, the IMF has also projected that India will achieve its $5 trillion GDP milestone in FY29. Notably, the IMF had earlier projected that India will reach the $5 trillion GDP milestone one year earlier. 

REPM Scheme

On November 26, the Union Cabinet approved a Rs 7,280 crore scheme after the market closed. The scheme seeks to promote the manufacturing of rare earth permanent magnets (REPM). Union Minister Ashwini Vaishnaw stated that incentives under the scheme can help India in becoming self-reliant in the field of rare earth magnet manufacturing in the next three to four years.

FIIs Extend Buying Activity

Foreign institutional investors remained net buyers in the cash segment for the second straight day on November 27 as they net purchased Indian equities worth Rs 4,778.03 crore Domestic institutional investors also continued their buying spree, adding equities worth Rs 6,247.93 crore amid momentum in the markets.

Crude Oil Prices On November 27

Crude oil prices witnessed a slight dip in the early hours of November 27, the price of Brent Crude edged lower by $0.29 or 0.46 per cent to $62.84 and the price of West Texas Intermediate crude remained around $58.36 down by $0.29 or 0.49 per cent.

Gold Rate On November 27

Physical gold prices edged upwards for the third continuous day on November 26, the price of 24 karat gold remained around Rs 12,792 per gram, the price of 22 karat gold was around Rs 11,726 per gram and the price of 18 karat remained around Rs 9,594 per gram.

Asian Indices Trade Mixed

In the early hours of November 27, all major Asian indices traded in the green. Japan’s Nikkei 225 and South Korea’s KOSPI traded 1.1 per cent and 0.64 per cent higher respectively. Other major Asian indices such as China’s Shanghai Composite and Hong-Kong’s Hang Seng traded higher by 0.17 per cent and 0.55 per cent respectively.

US Market Indices

On November 26, key Wall Street indices extended gains, the Dow Jones Industrial Average and the S&P 500 closed higher by 0.67 per cent and 0.69 per cent respectively. On the other hand, theNasdaq Composite finished higher by 0.82 per cent.