GIFT Nifty is pointing to a bullish start, perfectly in sync with our “Call of the Day” — suggesting another upbeat session for the benchmark Nifty, with positive momentum likely to sustain throughout the day.
Bullish sentiment is being fueled by three positive catalysts:
1) Bihar’s exit polls indicated a decisive win for the BJP–JD(U) alliance, with most pollsters on Tuesday forecasting a landslide victory for the ruling coalition and a major setback for the Tejashwi Yadav-led Mahagathbandhan.
2) US stock futures continue to enjoy strong session taking over the positive baton from Dow Jones which scaled new record high in overnight trade.
3) US lawmakers are nearing a deal to end the record-long government shutdown.
Bottom-line: Nifty looks poised to rip higher, as bullish traders are likely to pile into long positions amid renewed optimism over an NDA landslide victory in Bihar, with elections held on November 6th and 11th and results due on November 14th.
7:00 AM GLOBAL UPDATE:
GIFT Nifty 🇮🇳: (+132, 25952)
Dow Futures: (+53, 47980)
Nasdaq 100 Futures (+85, 25617)
Nikkei (+17, 50859)
Hang Seng (+58, 26755)
Dow Jones (+559, 47928)
Nasdaq Composite (-59, 23468)
Bovespa (+2491, 157749).
WHAT HAPPENED AT WALL STREET IN OVERNIGHT TRADE:
The Dow Jones marked a new record all-time-high on ugly jobs data. The Dow was zooming higher despite gloomy jobs data which painted a darker picture for the economy.
The big question: Cracks beneath the surface?
Always remember, when markets rally into bad news, it rarely ends quietly
Meanwhile, US Tech stocks resumed their rout Tuesday as market participants fretted about lofty valuations.
Gold prices ($4130 per ounce) climbed, hovering now near its highest level since October 24, driven by growing expectations of a Federal Reserve interest rate cut in December, despite policymakers’ efforts to downplay the likelihood of such a move.
WTI crude oil futures ($60.89) rebounded sharply, buoyed by optimism that the longest U.S. government shutdown in history could finally end this week and by signs of strong demand for fuels such as gasoline and diesel. The 42-day shutdown appears poised for resolution after the Senate approved a temporary funding bill, with the House expected to take it up on Wednesday.
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