Indian equity benchmarks ended higher on Thursday. Key indices opened higher, as traders were positive with S&P Global Market Intelligence stating that the Asia-Pacific region is expected to dominate global economic growth in 2023, on the back of regional free-trade agreements, efficient supply chains, and competitive costs. It also added that Southeast Asia and India will be benefitted from trade diversification away from mainland China. 

“While the Nifty remains in a short-term uptrend and looks set to move higher towards the previous intermediate highs of 18.096, it is important that on any mild corrections the index holds above the immediate supports of 17,607-17,505 for the uptrend to continue,” Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said.

Zooming into the 15-minute chart, “we see that though Nifty witnessed selling pressure from the highs, the index recovered from the lows and managed to close with healthy gains. The short-term trend, therefore, remains up as the Nifty has moved above the previous swing high of 17,429 and made higher bottoms over the last few weeks,” the market expert said.

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Indian Indices

The Sensex jumped 212.88 points or 0.36% to 59,756.84 while the Nifty rose 80.60 points or 0.26% to close at 17,736.95 at the close of trading on Thursday. The Sensex moved in a high-low band of 59,959.94 and 59,496.80. There were 20 stocks advancing against 10 stocks declining. The Nifty traded in a range of 17,783.90 and 17,654.50. There were 39 stocks advancing against 10 stocks declining, while 1 stock was stable on the index.

Broader Indices

The broader indices ended green with the BSE MidCap index up by 0.44% while the SmallCap index was up by 0.41%. The top gaining sectoral indices on the BSE, Metal up by 3.02%, Realty up by 2.95%, Utilities up by 1.85%, Power up by 1.84% and Oil & Gas up by 1.39%. While IT down by 0.48% and TECK down by 0.02% were the only losing sectoral indices on the BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, fell 1.67% to 16.60 on Thursday.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with 36.5 points gain. The Nifty futures were trading at 17,839 on the Singaporean Exchange at around 07:00 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 17,676, followed by 17,645 & 17,596. If the index moves up, the key resistance levels to watch out for are 17,774 followed by 17,805 and 17,854, according to pivot charts.

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US Markets 

The S&P 500 fell 23.30 points, or 0.6%, to 3,807.30 on Thursday.

The Dow Jones Industrial Average rose 194.17 points, or 0.6%, to 32,033.28.

The Nasdaq fell 178.32 points, or 1.6%, to 10,792.67.

The Russell 2000 index of smaller companies rose 1.99 points, or 0.1%, to 1,806.32.

Asian Markets

Asian markets ended mostly higher on Thursday. KOSPI Composite was up by 1.74%, Hang Sang was up by 0.72%, while Nikkei 225 was down by 0.32% and Shanghai Composite settled down by 0.55%.

European Markets

European markets ended mixed on Thursday. UK’s FTSE 100 rose 0.25%, France’s CAC declined 0.51% and Germany’s DAX rose 0.12%.

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Major Headlines

RBI to hold additional meeting of Monetary Policy Committee on November 3

The Reserve Bank of India (RBI) has announced that an additional meeting of its rate-setting panel, the Monetary Policy Committee (MPC) for 2022-23 has been scheduled to take place on November 3. The off-cycle meeting of the RBI MPC comes after the central bank failed its inflation mandate.

As per the law, RBI must now submit a report to the central government explaining why it failed to curb inflation, the remedial measures it proposes to take, and the period within which inflation will return to target. The MPC is expected to deliberate on the response to the government for failing to meet the inflation mandate in this meeting.

Bulk Deal data

Marathon Edge India Fund I bought 20,00,000 shares in Newgen Software Tech Ltd at Rs 345 per share on the NSE.

India Acorn Icav sold 9,83,223 shares in Newgen Software Tech Ltd at Rs 345.03 per share on the NSE.

Bright Metal Refiners bought 19,30,000 shares in LT Foods Limited at Rs 133.12  per share on the NSE.

Al Mehwar Commercial Investments Llc sold 5,01,909 shares in Newgen Software Tech Ltd at Rs 345.01 per share on the NSE.

Clear Impex Private Limited sold 1,65,000 shares in Global Education Limited at Rs 301.5 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) have bought shares worth a net of Rs 2,818.40 crore, whereas domestic institutional investors (DIIs) sold shares worth a net of Rs 1,580.10 crore on October 27, as per data available on the NSE.

NSE F&O Ban

No securities have been placed under the F&O ban for October 28. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.