Stock Market Live Updates: Asia stocks gain on bullish tailwind from US rally

Stock market live updates| Sensex, Nifty F&O: Indices face key barriers amidst recovery efforts

The November Nifty futures climbed 0.9 per cent last week as it closed at 19,304 on Friday. At the same time, the cumulative Open Interest (OI) of Nifty futures on the NSE rose – it was recorded at 124.6 lakh contracts on November 3 versus 116.6 lakh contracts on October 27. A simultaneous increase in price and OI denotes long build-up.

The option chain shows that the Put Call Ratio (PCR) of the nearest weekly and monthly contracts stood at 0.8 and 1.2 respectively. The ratio did not change much when compared with last week’s value. Therefore, option traders are bearish this week and they expect the index to recover in the subsequent weeks. Read more.

businessline analysis| Cooling commodities boost India Inc Q2

For the 787 companies that had reported second quarter results till last Thursday, revenue growth was flat at 0.3 per cent y-o-y (excluding BFSI), with high PAT growth (55 per cent y-o-y). Higher margins delivered robust PAT growth. The first quarter had showed the first signs of commodity cool-off, which delivered fully this quarter.

However, weak volume growth was evident from margins. EBITDA margin grew 432 bps y-o-y in Q2 considerably trailing gross margin expansion of 635 bps. Without volume expansion, normal inflation in overheads has impacted. Read more.

Stock market live updates: Oil edges higher after Saudi Arabia and Russia reaffirm supply cuts

Oil edged higher in Asia after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through year-end, per a Bloomberg report.

Global benchmark Brent crude traded above $85 a barrel, while West Texas Intermediate was near $81. The announcement by the OPEC+ heavyweights on Sunday comes after the fading Israel-Hamas war premium and concerns over weaker global demand pushed oil prices down by more than 6% last week, per the report.

Stock market live updates| Index Outlook: Nifty 50, Sensex: Upside to be capped

Equity markets witnessed a strong bounce last week. A sharp fall in the US Treasury yields aided the rise in the global stock markets, especially in the US. The Dow Jones Industrial Average in the US surged 5 per cent last week and recovered the loss made in the previous two weeks. The Indian benchmark indices, the Sensex and Nifty 50, were up about a per cent each. Nifty Bank Index rose 1.25 per cent. Read more.

Stock market live updates: Asia stocks gain on bullish tailwind from US rally

Shares in Asia advanced following Friday’s rally in US stocks and bonds as investors gave further credence to the idea interest rates are near the cycle peak, per a Bloomberg report.

Equities rose in Australia, Japan and South Korea, while share futures for Hong Kong also gained ground. The S&P 500 enjoyed its best week this year, gaining 5.9%. US futures were little changed Monday, the report said.

South Korean stocks traded over 2% higher following news Sunday that the country would ban short-selling. The restriction took effect Monday and will last until the end of June next year, the country’s Financial Services Commission said.

Investors brought forward their forecasts for Federal Reserve rate reductions next year, according to swaps pricing, and have now fully priced in a cut by June. The heightened predictions for rate cuts were partly driven by a weaker expected jobs report Friday and a small increase in US unemployment, the report added.