Awakening in global markets; Investors expect; Crude oil prices rise; Why is the rupee tired?

A slight uptick in global markets. Investors are hoping that it will be reflected in India as well. Rising crude oil prices are a concern. The steady decline in the dollar-rupee exchange rate is also serious.

GIFT Nifty closed at 19,809 on Monday night in derivatives trade at Gujarat Gift City. Eat a little this morning. Then went up. The derivatives market is giving an indication that the Indian market will start trading higher today.

European indices were mixed on Monday. The Stakes 600 and CAC were marginally higher. Dax is down.

Shares in German pharmaceutical company Bayer plunged 18 percent after it announced that a chemical compound that helps prevent blood clots was found to be ineffective.

U.S. market indexes closed higher on Monday. Tech stocks led the indices higher. Shares of chip maker NVIDIA hit a record high as it prepares to report third-quarter results on Tuesday. The record also marked the stake of Microsoft, which acquired those fired from Open A.I.

The Dow Jones gained 203.76 points (0.58%) to close at 35,151. The S&P climbed 33.36 points (0.74%) to close at 4547.38. The Nasdaq rose 159.05 points (1.13%) to close at 14,284.5.

US bond prices rose on Monday. The return on investment in them has come down to 4.408 percent.

US futures are slightly up this morning. The Dow was up 0.05 percent, the S&P was up 0.08 percent and the Nasdaq was up 0.13 percent.

Asian markets are in different directions today. The Australian market started to rise. Japan’s Nikkei opened lower. The Nikkei hit its highest level since 1990 yesterday. The market is bullish in Korea. The Chinese market is also gaining.

Indian market

Indian markets were trading in a small range on Monday. The Sensex was down 139.58 points (0.21%) at 65,655.15 and the Nifty was down 37.8 points (0.19%) at 19,694. Bank Nifty rose one point to close at 43,584.95. The mid-cap index rose 0.11 percent to end at 41,856.45 and the small-cap index gained 0.07 percent to close at 13,872.8.

The market was dragged down by falling shares of auto companies. Reliance shares also fell. Bank Nifty was in losses in the morning but closed positive. IT stocks made gains.

Today Nifty has support at 19,670 and 19,620. 19,740 and 19,795 will be barriers.

Foreign investors also turned sellers on Monday. They sold shares worth Rs 645.72 crore in the cash market. Swadeshi funds bought shares worth Rs 77.77 crore.

Aluminum and copper made big gains yesterday. Other industrial metals fell on Friday. Aluminum rose 1.42 percent to $2,241.95 a tonne. Copper jumped 2.11 percent to $8340.10 per tonne. Lead rose 0.16 percent. Nickel 0.86 percent, zinc 0.23 percent and tin 1.2 percent lower.

Crude oil and gold

Crude oil prices rose again. It increased by two and a half percent only yesterday. Brent crude oil closed at $82.32 and WTI at $77.60. This morning they stood at 82.23 and 77.78 respectively. UAE’s Murban crude is trading at $83.92. There is talk in the market that OPEC will further cut crude oil production.

Gold prices closed slightly lower yesterday at $1978.60 per ounce. But this morning it jumped up to 1990 dollars.

Power prices in Kerala remained unchanged at Rs 45,240. The price may go up today.

Dollar goes up

The dollar rose eight paise to close at Rs 83.35. This is the highest closing rate for the dollar. It is noteworthy that the rupee weakened at the time when the dollar index fell. The dollar reached as high as 83.38 during yesterday’s trade. The Reserve Bank did not intervene to support the rupee. Last week, the Reserve Bank was on the verge of controlling the decline in the rupee.

The rupee has depreciated by 1.5 percent so far this fiscal year. The rupee also fell in low conditions after the rise of the dollar. The dollar index is lower these days on the conclusion that US interest rates will be cut further. Rupee could not take advantage of it. Withdrawals by foreign investors and a high trade deficit weaken the rupee.

The dollar index also fell yesterday. The index closed at 103.45. Dropped to 103.34 this morning.

Cryptocurrencies are on the rise. Bitcoin rises above $37,600.

Win for Microsoft

Microsoft has benefited greatly from the upheaval in the field of artificial intelligence. Microsoft hired Sam Altman and Greg Brockman, who were fired from Open A.I. They were appointed to head the artificial intelligence research department.

Microsoft’s move comes after an attempt to bring them back to Open AI failed. This is considered to be a great move by Microsoft CEO Satya Nadella. Microsoft has a 49 percent stake in Open AI. Now its leading experts are also in Microsoft. There are indications that hundreds of researchers from Open AI will follow Artman.

Meanwhile, there were changes again in Open AI. Emmett Shear replaces interim chief Mira Muratti. Shear is the creator of Twitch, a video streaming platform. He is an advocate of controlled artificial intelligence experiments.

Market signals

(Monday, November 20, 2023)

Sensex30 65,655.15 -0.21%

Nifty50 19,694.00 -0.19%

Bank Nifty 43,584.95 -0.00%

Mid Cap 100 41,856.45 +0.11%

Small Cap 100 13,872.80 -0.07%

Dow Jones 30 35,151.00+0.58%

S&P 500 4547.38 +0.74%

Nasdaq 14,284.50 +1.13%

Dollar ($) ₹83.35 +₹0.08

Dollar index 103.45 -0.47