Indian Markets Surge Amid Mahayuti Victory; PSU Banks, Energy, Realty Lead Sectoral Gains

The Indian markets opened strongly today, bolstered by the BJP-led Mahayuti's decisive victory in the Maharashtra elections. Globally, a weaker US dollar and declining 10-year US Treasury yields added to the positive sentiment, while Asia-Pacific markets also traded higher.

Nifty 50

A significant drop in the open interest (OI) of major derivatives indexes indicates considerable short covering, suggesting a potential shift in investor sentiment in the near term.

Investors are now anticipating key macroeconomic data, with US and India's July-September GDP figures scheduled for release this week. The monthly Bankex F&O expiry saw the index rise by 2%, led by gains in PSU banks, energy, and realty sectors.

Notably, the Nifty PSU Bank index jumped over 4%, while the realty and energy indices advanced around 2% each. Market volatility eased, with the India VIX ending 5% lower.

Top 5 Gainers & Losers --

Gainers	5.0% ONGC	4.1% L&T	4.0% BEL	3.7% BPCL	3.4% SBI
Losers	2.4% JSW Steel	0.8% Tech M	0.6% Infosys	0.6% Bajaj Auto	0.5% Asian Paints

Indices Overview:

Index	Prev. Close	% Change	Year High	Year Low
Nifty 50	24,221.90	1.32	26,277.35	19,703.85
Nifty Bank	52,207.50	2.10	54,467.35	43,230.95
FinNifty	24,058.70	1.84	25,201.95	19,467.25
Nifty Midcap100	55,900.55	1.61	60,925.95	41,676.35
Nifty Smallcap 100	18,115.85	2.03	19,640.60	13,656.05

Global Highlights:--

• China's Banking Boost: The People's Bank of China injected $124 billion into the banking system to alleviate the debt burden of local governments.

• US Treasury Yield: The US dollar and Treasury yields fell after Trump selected Scott Bessent as Fund Manager.

• Middle East Tension: The US, UK, and France endorsed the IAEA's resolution against Iran's nuclear program.

IPO Corner:

Company	Price Band	Opening Date	Closing Date
Enviro Infra Engineers Ltd	₹140- ₹148	Nov 22, 2024	Nov 26, 2024

Source: Chittorgarh

FAQ in Spotlight:

What is the Debt-to-Income Ratio Rule?

Keep your total monthly debt payments below 36% of your gross monthly income to maintain manageable debt levels.