FLAT OPENING ON THE CARDS; INFLATION DATA EYED

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 9 points at the opening bell.

The stock exchanges will remain closed on Tuesday, 14 November 2023, on the occasion of Diwali Balipratipada.

On the macro front, India`s inflation rate for October will be unveiled on 13 November 2023. India`s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.

Global markets:

Overseas, Asian stocks are trading higher on Monday, bouncing off declines in the previous session as investors look to more economic data ahead of high-stakes talks between the U.S. and China. U.S. President Joe Biden and China�s President Xi Jinping are set this week for their first in-person meeting in about a year.

Japan�s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually cooling, according to data released by the Bank of Japan. The central bank�s corporate goods price index rose 0.8% in October from a year earlier.

Ratings agency Moody�s Investors Service on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation�s fiscal strength.

Domestic markets:

Back home, special one-hour Muhurat trading session on Sunday led to substantial gains in benchmark indices, with the Nifty closing above the 19,500 mark. The barometer index, the S&P BSE Sensex climbed 354.77 points or 0.55% to 65,259.45. The Nifty 50 index added 100.20 points or 0.52% to 19,525.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 190.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 95.31 crore in the Indian equity market on 12 November, provisional data showed.

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