InvestorQ : What has been the market trend for 10-Nov and what does that hold for 11-Nov?
Juvina Maggie made post

What has been the market trend for 10-Nov and what does that hold for 11-Nov?

diksha shah answered.
11 months ago

Nifty closed on Wednesday with just 27 points of losses but managed to close above the 18,000 mark. However, during the day there was lot of volatility in the market, although the entire attention span of the market was focused on the stellar listing performance of Nykaa, which literally doubled on listing day and crossed market cap of Rs.1 trillion.

The market breadth weakened sharply to 22:27 for the Nifty with metals and banks coming under pressure during the day. The VIX trended higher on Wednesday but at 16.3, it still remains at fairly comfortable levels. The low VIX means that the buy on dips approach to the market may not have really changed.

Foreign investors net sold equities worth Rs.470 crore on Wednesday while domestic funds bought stocks worth Rs.767 crore. However, what really stood was the overall FPI volumes which was close to Rs.19,000 crore indicating action in Nykaa listing play. Higher US inflation would mean added caution in India. Global markets have also been directionless.

The higher US inflation is likely to put the Indian markets under pressure and that is evident in early trades on Thursday. It only means that the market could just about be preparing for an earlier rate hike by the US Fed and the RBI may choose to follow suit to avoid monetary divergence. That is keep most stocks under pressure.