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In November Market activity is the US expanded at the fastest pace in more than five years. Improvement observe in both the services and manufacturing sectors.
Due to a more robust economy, the US dollar index bounced back from its lows. Gold, which generally moves inversely to the dollar index, fell by nearly 1.7%. Usually, Gold and Dollar have an inverse relationship.
Vaccine News effect on the market
The University of Oxford and AstraZeneca Pharma announced that the vaccine being developed jointly by them had shown 70% effectiveness in one dose and 90% in 2 doses.
This vaccine has distinct advantages over Moderna and Pfizer’s vaccine candidates. This vaccine may be store refrigerator temperature and available at a lower cost. India has reserved 50 crore doses of the Oxford-AstraZeneca vaccine and may get ten crore doses in the next month.
A favourable close in the US markets and optimism around the vaccine news are keeping key Asian indices buoyant. Japan’s Nikkei 225 made substantial gains today (2.75%). Our Benchmark index NIFTY ended at record closing high with Nifty above 13,000 (increase 1%+) for the first time.
Market at a Glance
Among total about 1603 shares have advanced, 1167 shares declined, and 175 shares are unchanged.
Among the sectors, Nifty Bank index up 2.4 per cent. While auto, metal and pharma indices rose 1 per cent each.
Adani Ports, Eicher Motors, Axis Bank, Hindalco and M&M were among major gainers on the Nifty while Titan Company, HDFC, BPCL, Bharti Airtel and Shree Cements were among the losers.
In coming days we expect Nifty to continue its momentum. Traders and Investors should continue to hold their long position for a windfall gain in coming days. We don’t recommend profit booking at this stage; instead, we must add more at dips to gain huge in future.
Best regards,
StockTradingF&Oteam
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