InvestorQ : What is your view of the markets on Tuesday, 09th November and do you see the rally sustaining?
shrinidhi Rajan made post

What is your view of the markets on Tuesday, 09th November and do you see the rally sustaining?

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diksha shah answered.
4 weeks ago
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The market sentiments took an early hit on Monday after lapses in lending emerged from the microfinance subsidiary of IndusInd Bank pushing the stock 10% down. However, by closer there were 40 stocks advancing and only 10 stocks declining in the Nifty 50. IOCL and Ultratech were among the gainers on exiting Moody’s Fallen Angel’s list.

The rally has now spread more to the mid-caps and the small caps with both the indices up by nearly 1.3% in the day. There was a lot of stock specific buying coming at higher levels of the indices with focus on smaller companies. Banks and pharma were the two sectors that came under pressure on Monday but the VIX despite the spike remained under 17.

Foreign investors net sold on Monday worth Rs.861 crore in equities while domestic funds bought Rs.1,912 crore. FPIs are playing a smaller role now in the market direction. Globally, the NASDAQ was up 22 bps while Dow is up 37 bps. European markets were also in the green with SGX Nifty trading about 30-35 bps in the green.

The action will now shift to the universe of macro data like IIP and inflation with the quarterly results for Q2 now more or less done and dusted.

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