Share market: Both benchmark indexes began flat on Monday, with mixed tendencies, indicating that domestic markets were still in the consolidation period.
The Sensex began the day in the green, indicating a cautious market mood, while the Nifty opened in the negative.
The BSE Sensex started the day at 84,000.64, up 22.15 points, or 0.03 percent, while the Nifty 50 index opened at 25,744.75, down 18.60 points, or 0.07 percent.
Although the prognosis is brighter, market analysts said, the upward momentum is still feeble as the indexes are having difficulty breaking beyond all-time highs.
From November 3 to 7, a high-level group of European Union (EU) negotiators will be in New Delhi to discuss the proposed India-EU Free Trade Agreement (FTA) with their Indian counterparts. The goal of the engagements is to settle important unresolved problems and get the agreement closer to a fair and balanced framework that is advantageous to both parties.
According to Ajay Bagga, a Banking and Market Expert, “Market sentiment will improve if the EU-India FTA makes some headway,” ANI said. Profits have exceeded projections, and some PSU bank and metals pockets are now in favor. However, Indian markets are clearly lacking in upward impetus, with selling occurring as they attempt to reach their prior all-time highs. Due to pressure from outflows and a higher dollar, FPI flows have been negative for the last four days, and the rupee is close to its lowest point ever.
He went on to say that global forces and foreign outflows are weighing on Indian markets as they try to break through barrier levels.
In the meanwhile, market mood remained mixed due to global influences. Similar trends were seen in the U.S. markets, as the AI-driven rally kept driving certain technology companies higher while the overall markets remained in a state of consolidation.
Bagga pointed out that as money for food stamps and other assistance programs declines, the prolonged government shutdown in the United States is having an impact on economically disadvantaged sectors.
There was still a lot of IPO activity in the primary market. On day two, the public offering of eyeglasses retailer Lenskart Solutions was subscribed 2.02 times, despite worries about its high value. With 1.89 times subscription, institutional investors led the bidding, followed by individual investors with 3.33 times and QIBs with 1.64 times.
On November 4, Billionbrains Garage Ventures Ltd. (Groww) is scheduled to launch its first public offering. The total issue size is Rs 6,632.30 crore, which includes an offer for sale valued at Rs 5,572.30 crore and a new issuance of Rs 1,060 crore. The price range for each share is set at between Rs 95 and Rs 100.
In terms of commodities, gold prices had a good start to November.
“Gold prices started November on a positive note, gaining Rs 200 initially and extending up to Rs 800 at Rs 1,22,150 per 10 grams on the MCX, supported by a weaker rupee and Comex gold holding above USD 4,010,” said Jateen Trivedi, VP Research Analyst-Commodity and Currency at LKP Securities. He continued by saying that attention is now focused on Manufacturing and Non-Manufacturing PMI readings because to the continuing U.S. government shutdown, which is restricting the delivery of important data.
Aditya Birla Fashion and Retail, Adani Ports and Special Economic Zone, Apollo Micro Systems, Berger Paints India, Escorts Kubota, Mahindra & Mahindra, One 97 Communications, State Bank of India, and Suzlon Energy are among the major corporations whose results are expected today.
