Indian equity benchmarks ended higher for a third straight session on Monday following gains in Asian markets. Markets started the week on a positive note with continued foreign inflows. 

Market sentiment was supported by falling oil prices amid concerns that widening COVID-19 curbs in China will impact demand, while India, the world’s third-biggest oil importer, benefits from a slide in prices as it brings down imported inflation. 

Also Read: Binance’s CZ confirms $500 million investment in Elon Musk’s Twitter deal

“On the daily timeframe, the index is maintaining its bullish formation and managed to close above the 18,000 mark after more than a month, which indicates a positive undertone of the index,” Vidnyan Sawant, AVP – Technical Research at GEPL Capital said.

The momentum indicator RSI (relative strength index) is sustaining above 65 levels which shows strong bullish momentum of the index for the short to medium term.

As per the overall chart pattern and indicator set-up, the market expert feels that the Nifty will move towards 18,115 – 18,350 levels. “Our bullish view will be negated if it breaches below 17,420 levels.”

Also Read: Twitter delisted from New York Stock Exchange after Elon Musk acquisition

Indian Indices

The Sensex jumped 786.74 points or 1.31% to 60,746.59 while the Nifty rose 225.40 points or 1.27% to close at 18,012.20 at the close of trading on Monday. The Sensex moved in a high-low band of 60,786.70 and 60,246.96. There were 26 stocks advancing, 3 stocks declining and 1 was stable on the index. The Nifty traded in a range of 18,022.80 and 17,899.90. There were 44 stocks advancing against 6 stocks declining on the index.

Broader Indices

The broader indices ended green with the BSE MidCap index up by 1.24% while the SmallCap index was up by 0.45%. The top gaining sectoral indices on the BSE were Auto by 1.57%, Capital Goods by 1.54%, TECK by 1.45%, Industrials by 1.43% and Consumer Durables by 1.41%. While there were no losing sectoral indices on the BSE.

Also Read: Did Jair Bolsonaro’s cannibal rhetoric, I’d eat an Indian remark, lose him Brazil polls?

India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, fell 0.75% to 15.80 on Monday.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 46 points gain. The Nifty futures were trading at 18,106.5 on the Singaporean Exchange at around 06:40 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 17,931, followed by 17,902 & 17,855. If the index moves up, the key resistance levels to watch out for are 18,025 followed by 18,054 and 18,101, according to pivot charts.

Also Read: India’s job situation ‘really alarming’: Raghuram Rajan

US Markets 

The S&P 500 fell 29.08 points, or 0.7%, to 3,871.98 on Monday.

The Dow Jones Industrial Average fell 128.85 points, or 0.4%, to 32,732.95

The Nasdaq fell 114.31 points, or 1%, to 10,988.15.

The Russell 2000 index of smaller companies fell 0.06 points, or less than 0.1%, to 1,846.86.

Asian Markets

Asian markets ended mostly higher on Monday. The Nikkei 225 was up by 1.78%, the KOSPI Composite was up by 1.11%, Shanghai Composite was down by 0.77% and Hang Seng was down by 1.18%.

European Markets

European markets were ended mostly higher on Monday. UK’s FTSE 100 jumped 0.66%, France’s CAC declined 0.10% and Germany’s DAX rose 0.08%.

Also Read: ECB announces super rate hike of 75 bps to combat inflation

Major Headlines

Tata Steel Q2FY23 results

The company reported an 87% year-on-year decline in consolidated net profit at Rs 1,514 crore in Q2FY23, against Rs 11,918 in the corresponding quarter the year ago. Revenue was flat at Rs 59,878 crore. The production for the quarter was down 3% on-year and deliveries were down 2%. EBITDA per ton dipped 60% year-on-year to Rs 6,060.4 crore. The slowdown in major economies around the globe and uncertain geopolitical issues combined with seasonal factors led to an unfavourable operating environment during the quarter.

Larsen & Toubro Q2FY23 results

L&T reported performance for Q2FY23 registering 22.5% year-on-year growth in net profit to Rs 2,229 crore. Consolidated revenue grew 23% to Rs 42,763 crore led by execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT & TS portfolio. The company secured orders worth Rs 51,914 crore during the reviewed quarter, a year-on-year growth of 23%. The consolidated order book of the group was at Rs 372,381 crore as of quarter-end.

Also Read: Bank of Japan keeps ultra-low interest rates at -0.1%

Bulk Deal data

Rajasthan Global Securities Pvt Ltd bought 6,70,958 shares in Tourism Finance Corp at Rs 82.69 per share on the NSE.

M/S. Prarthana Enterprises sold 4,60,270 shares in Tourism Finance Corp at Rs 82.73 per share on the NSE.

Anuj Mundra sold 4,44,000 shares in Nandani Creation Limited at Rs 77.4 per share on the NSE.

Vandna Mundra sold 4,36,000 shares in Nandani Creation Limited at Rs 77.74 per share on the NSE.

Sunita Devi Mundhra sold 1,94,000 shares in Nandani Creation Limited at Rs 78.03 per share on the NSE.

Also Read: Elon Musk Twitter deal: A timeline of events

DII and FII data

Foreign institutional investors (FIIs) have bought shares worth a net of Rs 4,178.61 crore, whereas domestic institutional investors (DIIs) sold shares worth a net of Rs 1,107.10 crore on October 31, as per data available on the NSE.

NSE F&O Ban

No securities have been placed under the F&O ban for November 01. 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.