Hindustan Copper and BSE are leading the gains among the Smallcap stocks and have soared 7.57% and 7.15% respectively, while Computer Age Management, Welspun India, Jyothy Labs, NLC India and UCO Bank have rallied over 4% each.

(Source: NSE)

Share price of Coal India soared 4.70% to Rs 347.40 during the intra-day trade on Monday. The state-run company on Friday, posted a 12.5% growth in consolidated net profit to Rs 6,799.77 crore for the second quarter of FY24 compared to Rs 6,043.55 in Q2FY23, according to the regulatory filing on NSE. Coal India’s consolidated sales rose to Rs 29,978.01 crore in the Q2FY24 from Rs 27,538.59 crore in Q2FY23.

SBI Life Insurance, Apollo Hospital, HDFC Life, Tech Mahindra and Bajaj Finance are the top laggers on NSE Nifty 50 index.

Coal India, Eicher Motors, NTPC, Hindalco and BPCL are the top gainers on NSE Nifty 50 index.

Power Finance Corporation is leading the gains among the Nifty Midcaps 50 stocks and has soared nearly 7% during intra-day trade on Monday. REC, AU Small Finance Bank, and NMDC are among the other top Midcap buzzers.

The Nifty PSU Bank index soared 1.54% during the intra-day trade on Monday. Union Bank of India led the gains and added over 5.70%, while Canara Bank, Bank of Maharashtra and Punjab National Bank rallied over 3% each.

Japanese wholesale inflation slowed below 1% for the first time in just over 2-1/2-years in October, data showed on Monday, a sign that cost push pressures that had been driving up prices for a wide range of goods were starting to fade, reported Reuters.

Coal India, Eicher Motors, NTPC, BPCL and Power Grid Corporation leading the gains on the NSE.

The Nifty IT index fell 0.80% during intra-day trade on Monday, with losses led by Persistent Systems, Coforge, Mphasis, TCS, and L&T Technology.

(Source: NSE)

Coal India, NTPC,ONGC, Tata Steel and Power Grid Corp are the top volume gainers on the NSE Nifty 50 index.

Eicher Motors, NTPC, Hindalco, Coal India and Power Grid Corporation are the early gainers on Nifty 50.

“Gold prices edged higher as investors look forward to U.S. inflation data after hawkish remarks from Federal Reserve Chair Jerome Powell, which pushed bullion to a more than three-week low, last week. Governor Powell in Fed policy meeting maintained a mixed tone, however last week he surprised the market by mentioning that Fed policymakers are still looking to bring Inflation down to its target of 2% and increased possibility of a rate hike. Fed official Bostic’s perspective diverged from Powell’s, as he suggested that the Fed could achieve its 2% inflation goal without imposing additional rate hikes. U.S. consumer sentiment fell for a fourth straight month in November, and households’ expectations for inflation rose again, a survey showed on Friday. Concerns relating to the Israel-Palestine war is also losing its steam weighing on safe haven assets. Over the weekend, Moody’s revised US outlook from stable to negative, raising concerns regarding financial risks, this could support safe haven metals on lower end. Focus this week will be on US consumer prices index (CPI) data due on Tuesday that could influence the Fed’s interest rate outlook.”

– Manav Modi, Analyst, Commodity and Currency, Motilal Oswal Financial Services.

“The good beginning for Samvat 2080 with a 100 point rally in Nifty is indicative of the bullish sentiment in the market. The market is climbing walls of worries posed by 2 wars and a slowing global economy. This happens in a bull market. Investment strategy should be based on this basic understanding of market behaviour. An important feature of the market is that it is up trending despite sustained FPI selling. This means that even if FPIs continue to sell, the market will remain resilient if the selling is in small quantities. Of course, big selling by FPIs will negatively impact markets. The huge outperformance of the mid and small cap indices in Samvat 2079 is unlikely to continue in 2080. Large caps are fairly valued and, more important, safe now. Leading financials have the potential to outperform. Automobiles, construction- related segments, digital platform companies, select pharma, capital goods and telecom companies are on strong wicket.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Nifty weekly contract has highest open interest at 19,500 for Calls and 19,400 for Puts while monthly contracts have highest open interest at 19,500 for Calls and 19,000 for Puts. Highest new OI addition was seen at 19,400 for Calls and 19,300 for Puts in weekly and at 19,400 for Calls and 19,300 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 10.63%, decreased future index shorts by 0.06% and increased in index options by 16.96% in Call longs, 10.93% in Call short, 20.93% in Put longs and 33.46% in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

The NSE Nifty 50 opened at 19,486.75 down 0.19%, while the BSE Sensex opened at 65,158.31 down 101.14 points.

“Dalal Street initiated Samvat 2080 on a positive note, with all sectoral indices closing in the green during the Muhurat session. Notably, Nifty Mid-cap and Nifty Small Cap witnessed gains of 0.77% and 1.29%, respectively. However, this Monday brings two pieces of bad news: FIIs continued selling, totaling Rs. 190 crores after a Rs. 262 crore sell-off on Friday, and Moody’s cut the US debt outlook to negative. On a positive note, WTI oil prices remain low at $76 a barrel, bullish traders anticipate the end of the Fed’s tightening cycle with potential rate cuts in June, and Friday’s optimism on Wall Street suggests a successful “soft landing” for the US economy. The market’s resilience hinges on FIIs’ buying participation. Q2 results for GRASIM and MANAPPURAM are awaited, and Dalal Street will be closed on November 14th for Diwali Balipratipada. Attention now turns to US Inflation figures on Tuesday, with India’s CPI Inflation figures for October releasing on November 13th. Nifty faces hurdles at 19707, testing bulls’ commitment. The recommended trade suggests buying Nifty (19526) between 19400-19450, with targets at 19589/19707 and aggressive targets at 20000. For Bank Nifty (43997), a buy between 43700-43750 is advised, with targets at 44100/44500 and aggressive targets at 44750-44801. The chart of the day is bullish on Coal India, Ashok Leyland, IndusInd Bank, and L&T Financial. Additionally, the suggested stock to buy is Homefirst Finnance Company at an entry price of 951, targeting 1201, with a stop loss at 821 for a holding period of 0-365 days.”

– Prashant Tapse, Senior VP (Research), Mehta Equities.

WTI crude prices are trading at $76.70 down 0.62%, while Brent crude prices are trading at $80.97 down 0.56%, on Monday morning.

Wall Street’s main indices ended with big gains on Friday, boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors looked ahead to next week’s reports on inflation and other economic data, reported Reuters. The tech-heavy Nasdaq Composite soared 276.66 points or 2.05% to 13,798.11. The S&P 500 climbed 67.89 points or 1.56% to 4,415.24, while the Dow Jones Industrial Average surged 391.16 points or 1.15% to 34,283.1.