Daily market commentary - November 1, 2019 - BONANZA PORTFOLIO LTD

By Mr Jaipal Shetty, Fundamental Analyst

In global scenario, October data represented the strong improvement in operating conditions faced by manufacturers of China since February 2017. Output and new orders both expanded at steeper rates, with the latter supported by a renewed increase in export business. As a result, companies enlarged their purchasing activity.

The markets closed flat today with NIFTY 50 up by 0.19% at 11,899.50 and SENSEX closing higher by 0.09% at 40,165.03. The markets took a breather today after rallying by around 315 point in the past 6 trading sessions. Global markets largely were trading higher on the back of an unexpected rise in China's manufacturing activity. This also led to a rally in Nifty Metal Index which closed higher by 2.5% today. According to media reports Lupin is in talks to sell its Japanese subsidiary Kyowa Pharma for an enterprise value of $ 600mn, the stock closed 2.6% in the green today.

Vodafone has reaffirmed that it will continue to stay invested in the India quelling the rumours of its exit. It also mentioned that it is seeking government's support to deal with ADR related verdict of Supreme Court, the stock closed higher by 8.7% today.

TVS Motor's total sales for the month of October increased by only 2% m-m, the stock closed 3.6% in the red today.

Source : Equity Bulls

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