Stock market today: Key things to know before the opening bell on November 6

The Indian stock market sighed relief after the key benchmark indices closed nearly a percentage point higher on Tuesday after Monday's mayhem. The NIFTY50 and SENSEX rallied over 1% from their intraday lows to close 0.9% higher on Tuesday. The relief rally was largely led by private banks and metal stocks, including HDFC Bank, ICICI Bank, Tata Steel, and JSW Steel.

Stock market today

The Indian stock markets are expected to open on a positive note, taking cues from buoyant global markets that await the U.S. presidential election results, which are expected to be announced soon. On the contrary, the GIFT NIFTY indicates a negative start as it is trading 64 points down at 24225 on the NSE.

Global markets

The US stock markets closed higher across the board, with the tech-heavy NASDAQ index leading with 1.4% gains on Tuesday. The S&P 500 and Dow Jones closed 1.2% and 1.0% higher, respectively. On the other hand, the US 10Y too jumped by 1.7% to 4.3% in anticipation of higher volatility and a cautious stance among investors.

The US Federal Reserve is set to announce its key policy stance on November 7, in which market participants expect another 25 bps rate cut.

The European market closed mixed on Tuesday ahead of important events in the US. Germany’s Dax, France’s CAC40, and Euro Stoxx closed in green with nearly 0.5% gains. Meanwhile, the UK’s FTSE closed 0.4% lower on Tuesday.

Asian markets

Asian indices are trading mixed to positive this morning as Japanese indices continue to rally higher consecutively while Hong Kong and Chinese markets falter. Japan’s Nikkei is trading over 1% higher ahead of key events in the US. Japan’s manufacturing PMI suggests a slowing economic condition as the November 2024 reading came lowest in 12 months.

The Chinese indices await stimulus measures to support the world’s second-largest economy. The Chinese markets opened negative on Tuesday with 0.5% losses, and Hong Kong’s Hang Seng index traded over 1.1% lower. Meanwhile, the rest of Asia trades positively in the Korean and Taiwanese markets.

Oil

The crude oil prices continued their rally on Tuesday by closing the day with 1.5% gains. On Wednesday morning, the price fell by over 0.5% across the board. The Brent Crude prices opened 1% lower at $75 per barrel, while the WTI Crude oil prices traded 0.5% lower at $71.9 per barrel.

FII & DII data

Foreign institutional investors (FII) continued their selling stance on Indian equities on Tuesday as they sold Indian equities worth ₹2,569 crore. On the other hand, the domestic investors supported the market with buying worth ₹3,030 crore of Indian equities on Tuesday.

Technicals

NIFTY50 and SENSEX rebounded sharply on Tuesday from key support levels of 23,850 on the NIFTY and 78300 on the SENSEX. The benchmark indices took support from the lows of the budget day on 05 August, thereby forming a double bottom pattern on their charts.

Earnings post-market hours

Dr Reddy’s mixed set of numbers as the total operational revenue for the quarter rose by 16% YoY to ₹8,038 crore as compared to ₹6,902 crore in the previous year's similar quarter. The operational profit grew marginally by 3.4% YoY to ₹2,077 crore, and lastly, the net profit fell by 17% YoY to ₹1,255 crore.

Titan reported another weak set of numbers as the revenue increased by 16% YoY to ₹14,534 crore, while the operating profit went down by 12.5% YoY to ₹1,236 crore. The net profit for the quarter fell 23% YoY to ₹704 crore.

Waaree Renewable Technologies, the listed subsidiary of Waaree Energies Ltd, reported a very strong set of numbers as the total revenue jumped 3.5x from ₹150 crore to ₹524 crore, operational profit increased by 133% YoY to ₹72 crore as compared to ₹31 crore. Lastly, the net profit went up by 161% YoY to ₹54 crore as compared to ₹21 crore in the previous year.

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