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- Indian Stock Market News November 9, 2020
SGX Nifty Trades 160 Points Higher; Indicates Strong Opening for Indian Stock Markets Mon, 9 Nov SGX Nifty
The SGX Nifty hit a lifetime high today as global equities reacted positively to Biden victory.
At 8 am, it was trading up by 160 points, or 1.3% higher at 12,420 levels.
Trends on SGX Nifty indicate a strong opening for Indian stock markets.
Asian stock markets are off to a strong start after Joe Biden was declared the winner of the US presidential election against President Donald Trump, lifting uncertainty surrounding the nail-biting 2020 contest.
As of the most recent prices, the Nikkei is trading up by 2.1% and the Hang Seng is trading up by 1.3%. The Nikkei surged over 500 points, continuing to rise after reaching a 29-year high on Friday.
US stock markets ended the day flat after swinging between losses and gains during Friday's volatile session.
The Dow Jones Industrial Average ended down by 0.2% while the Nasdaq ended on a flat note.
All three major indices notched their best weekly performance since April. The S&P 500 and Nasdaq jumped 7.3% and 9%, respectively, last week, while the Dow rose 6.9%. The S&P 500 also posted its biggest election week gain since 1932.
Stocks were set to continue their big post-election rally as US futures rose in overnight trading on Sunday. The gains came as Democrat Joe Biden defeated Donald Trump in the US presidential race to become president elect.
Dow futures rose about 350 points while Nasdaq futures are trading higher by 256 points.
Crude oil prices declined on Friday as a jump in Covid-19 cases fuelled demand concerns. West Texas Intermediate crude futures, the US oil benchmark, settled US$ 1.65, or 4.3% lower at US$ 37.14 per barrel.
Gold prices had their best week in three months amid the ongoing presidential election. Spot gold rose 0.2% to US$ 1,953.2 per ounce on Friday. Gold jumped nearly 2.5% on Thursday, setting it up for a near 4% weekly gain, which is gold's best since late July.
Back home, Reliance Industries and Indiabulls Housing Finance will be among the top buzzing stocks today.
Market participants will also track shares of Oil India and Honeywell Automation as these companies are slated to announce their financial results for the September quarter today.
To know the top cues in today's stock market session, check out the pre-open commentary here.
Stay tuned for more updates on Indian stock markets in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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