InvestorQ : What is your market view for Wednesday, 10th November and do you see the auto stocks driving the rally?
vidhya Laxmi made post

What is your market view for Wednesday, 10th November and do you see the auto stocks driving the rally?

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diksha shah answered.
4 weeks ago
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On Tuesday, the Nifty ended in the red with advance / decline ratio at 25:25. But you are right that out of the five top gainers in the Nifty 3 were auto stocks which included Mahindra, Tata Motors and Hero Moto. In the case of M&M, the overall numbers were good but the sharp spurt in profits came from the financial services business.

On Tuesday, Britannia reacted negatively to the margin pressures and the selling was also quite visible in the HDFC stocks. Overall, the rupee has strengthened to a large extent against the dollar while the bond yields have stayed under 6.40%. All eyes will now be on the minutes of the Fed for the next steps.

On Tuesday, the foreign investors continued to be net sellers offloading Rs.2,445 crore of equities while the domestic investors bought Rs.1,418 crore of equities. November looks to be the second consecutive month of FPI selling after October as risk-off sentiments are taking over the markets. Global selling has been most visible in the IT and banking space.

Globally, there was weakness on Tuesday as the Dow and the NASDAQ ended lower. Markets across Europe were also in the red even as the SGX Nifty is also trading with losses of around 60 bps in early trades. It looks like the Nifty could once again struggle to stay above the 18,000 mark.
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