Summary of this article
Sensex and Nifty finished the session with marginal gains.
The Sensex and Nifty closed higher by 0.05 per cent 0.16 per cent respectively.
Strong DII buying and positive Q2 results buoyed investor sentiment on November 3.
Stock Market News: The Sensex and the Nifty 50 started the month of November on a positive note. The headline indices snapped a two-session losing streak on November 3 as they finished in the green zone. The Nifty 50 index finished the session at 25,763.35 down by 41.25 points or 0.16 per cent. On the other hand the Sensex finished at 83,978.49 up by 39.78 points or 0.05 per cent.
After opening slightly lower, the Nifty and Sensex picked up pace to finish higher backed by strong domestic institutional investor (DII) buying and strength seen in sectors such as banking, realty, metal, and pharma.
Shriram Finance and Tata Consumer Lead Gainers
Shares of Shriram Finance Tata Consumer led the gainers among Nifty 50 constituents. Shriram Finance shares closed at Rs 795.15 apiece up by 6.18 per cent on the NSE on the other hand shares of Tata Consumer ended the session at Rs 1,195.5 apiece with gains of 2.62 per cent. Other major gainers among Nifty 50 stocks included Apollo Hospitals Enterprise Ltd, Mahindra & Mahindra and Tata Motors Passenger Vehicles which finished the session higher by as much as 2 per cent. On November 3, as many as 32 constituents of the benchmark index rallied while 18 closed lower.
Nifty Realty and Nifty Pharma Gain
The Nifty Realty and Nifty Pharma indices finished the session with gains on November 3 closing higher by 2.23 per cent and 1.2 per cent respectively. In the broader market, the Nifty SmallCap 100 and the Nifty MidCap 100 mirrored the movement of the benchmark Nifty and closed the session higher by 0.77 per cent and 0.72 per cent respectively.
Global Markets On November 3
Asian indices finished the session mixed on November 3. South Korea’s KOSPI, Japan’s Nikkei 225 and Hong Kong’s Hang Seng index closed higher by 2.71 per cent, 2.07 per cent and 0.48 per cent respectively. On the other hand the Shanghai Composite finished the session lower by 0.19 per cent.
Primary Market Action
Shares of SME company Jayesh Logistics Ltd listed on the NSE SME Emerge platform on November 3. Studds Accessories IPO closed for subscription after garnering significant demand on the other hand Lenskart Solutions IPO continued to attract investor interest. Pine Labs Ltd also announced the price band for its upcoming public issue today.
Market Outlook
The current trading week is a truncated one as the stock market will remain closed on November 5 on account of Gurpurab, also known as Guru Nanak Prakash Utsav. Typically volatility tends to remain high in truncated trading weeks. Additionally domestic triggers such as the announcement of financial earnings and macroeconomic data releases are expected to impact trading activity.
Some notable quarterly earnings scheduled to be announced this week include Bharti Airtel, Titan Company, Adani Enterprises, Adani Ports, InterGlobe Aviation, Mahindra & Mahindra, SBI and Lupin. The buying and selling activity undertaken by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) are also expected to impact the stock market.
Other triggers which may affect investor sentiment in the upcoming days include key international trade negotiations such as a potential India-US trade deal.
