6 Things to Know Before Market Opens on October 29, 2024
On October 29, 2024, the Indian benchmark indices are expected to start positively, followed by positive cues from the global markets.
On Tuesday, the benchmark indices, Sensex and Nifty 50 are likely to open higher following positive cues from global markets.
Previous Trading Session
On October 28, 2024, the Sensex grew by 0.76%, closing at 80,005.04, while the Nifty 50 increased by 0.65%, ending at 24,339.15.
FII and DIIs
On Monday, DIIs bought securities worth ₹12,258.32 crore, while FIIs sold securities worth ₹16,621.38 crore.
Put Call Ratio (PCR)
Nifty’s PCR has shifted to 0.85 in the previous session. A PCR ratio below 0.7 or heading toward 0.5 denotes a bearish trend, whereas a ratio above 0.7 or approaching 1 typically suggests a positive sentiment.
The increasing PCR, which is higher than 0.7 or surpasses 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling Call Options is higher than selling Put options, reflecting a bearish mood in the market.
Oil Prices
Crude oil prices stabilised after a 6% dip in the previous session, as the market turned its attention to developments in the Middle East and upcoming U.S. economic data. Brent crude rose by 0.59% to $71.84 per barrel, while U.S. WTI crude futures grew by 0.61% to $67.79.
Asian Markets
Asian markets had a mixed performance on Tuesday. Japan’s Nikkei 225 remained unchanged, while the Topix gained 0.3%. South Korea’s Kospi declined by 0.4%, and the Kosdaq dropped by 0.41%. Futures for Hong Kong’s Hang Seng index pointed to a higher opening.
US Markets
On Monday, the U.S. stock market closed higher in anticipation of a busy week of earnings reports from major companies. The Dow Jones Industrial Average grew by 273.17 points, or 0.65%, to reach 42,387.57. The S&P 500 rose by 15.4 points, or 0.27%, to 5,823.52, while the Nasdaq Composite increased by 48.58 points, or 0.26%, to close at 18,567.19.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.