A rally on cards on upbeat global cues

11 Nov 2022 , 08:25 AM

The market is geared for strong rally in early trade on upbeat global cues. On the macro front, the Industrial Production and Manufacturing Production data for September will be released today, 11 November 2022. Among stocks, Hindalco Industries, Mahindra & Mahindra, Life Insurance Corporation of India, Sun TV Network, Zee Entertainment Enterprises will declare their results today, 11 November 2022. SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 323 points at the opening bell. Global markets: Overseas, Asian stocks are trading higher after the release of U.S. inflation data in October raised investor hopes that inflation has peaked. US stocks mounted their biggest rally since 2020 after Octobers reading of consumer prices raised investor hopes that inflation has peaked. Price increases moderated in the United States last month. Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department said Thursday. The year-over-year gain was the smallest since January. Excluding volatile food and energy prices, core inflation rose 6.3% in the past 12 months and 0.3% from September. Meanwhile, US President Joe Biden is reportedly expected to discuss Russias war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia. Domestic markets: Back home, the domestic equity market tumbled on Thursday, tracking weak global peers. The S&P BSE Sensex, was down 419.85 points or 0.69% to 60,613.70. The Nifty 50 index lost 128.80 points or 0.71% to 18,028.20. Foreign portfolio investors (FPIs) bought shares worth Rs 36.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 967.13 crore in the Indian equity market on 10 November, provisional data showed. Powered by Capital Market – Live News