Today’s share market’s key developments include: Nippon Life partners with DWS for its AIF arm, Muthoot Finance boosts investments and fundraising plans, Godawari Power completes its mine expansion hearing, Sagility promoters plan a stake sale, and FIIs record net selling while DIIs report strong net buying.
9:00 AM IST
Stock Market LIVE Update | Sensex dips over 250 points | Nifty remains around 25,800
The market traded cautiously as the Bihar election outcome weighed on sentiment, leading the Sensex to slip over 250 points while the Nifty stayed near 25,800. Tata Motors’ commercial vehicle business fell nearly 3 percent after reporting a net loss of Rs 867 crore in its first quarterly results after listing. Fusion Finance expects profitability in the second half of the year after six quarters of losses. The rupee weakened to 88.74 as economists noted scope for an RBI rate cut.
Source: Bajaj Broking Research Desk.
GIFT NIFTY: Gift Nifty suggests a negative opening for the Indian market. Volatility is likely to remain at an elevated level in today's session on account of Bihar election outcome and volatile global cues. Index is likely to trade in the range of 25,600-26,100.
INDIA VIX: 12.16 | +0.053 (0.43%) ↑ today
Treasury Yield:
U.S. Treasury yields rose on Thursday as investors welcomed the end of the longest government shutdown in U.S. history. The 10-year Treasury yield gained 4 basis points to 4.119%.
Currency:
The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.35% to 99.14
Commodities:
Spot gold lost 1.1% to $4,151.86 per ounce.
Brent crude futures rose 55 cents to $63.24 a barrel after session sharp decline.
General Trends:
Asia-Pacific markets slid in Friday morning trade, tracking losses on Wall Street, as technology stocks continued to come under pressure and doubts about a Fed rate cut increased.
Sector-Specific Indicator:
Japan’s benchmark Nikkei 225 index lost 1.85%, while the Topix slid 1.03%. South Korea’s Kospi fell 2.29% and the small-cap Kosdaq was 1.42% lower.
Market in the Previous Session:
Indian equity indices ended largely unchanged on November 13th , after a choppy trading session marked by cautious sentiment. Market participants stayed on the sidelines ahead of the Bihar election outcome due on Friday. Additionally, traders adopted a wait-and-watch approach ahead of the release of major U.S. economic data points, which is expected to offer fresh cues on the Federal Reserve’s rate trajectory.
At close, the Sensex edged up 12 points, or 0.01%, to settle at 84,478.67, while the Nifty added just 3 points, or 0.01%, to end at 25,879.15.
Broader markets underperformed, with both the midcap and small-cap indices slipping around 0.35% each.
Sectorally, a mixed trend was observed — IT, media, and PSU bank indices declined by about 0.5% each, whereas metal, pharma, and realty indices gained close to 0.5%, reflecting selective buying interest.
Nifty Short-Term Outlook:
Nifty formed a high wave candle on the daily chart with a higher high and a higher low signaling consolidation with positive bias amid elevated volatility ahead of the Bihar election outcome.
Going ahead, index holding above Wednesday bullish gap area (25715-25780) will keep the bias positive and Nifty to head towards 26,100 levels and then towards the all-time high of 26277 in the coming weeks.
Nifty on expected lines has seen a 700 points up move in the last 1 week. Hence, some consolidation on account of volatile global market can not be ruled out ar higher levels in the coming sessions.
We believe dips should be used as buying opportunity. We expect index to hold above the key short-term support area of 25,300–25,400.
Intraday Levels:
Nifty: Intraday resistance is at 26,010, followed by 26,100 levels. Conversely, downside support is located at 25,710, followed by 25,600.
Bank Nifty: Intraday resistance is positioned at 58,615, followed by 58,850, while downside support is found at 58,000, followed by 57,770.
Nifty:
On the options front, the highest call OI remains at 27,000 and the strongest put writing at 25,000, with immediate call writing seen at 26,000 and put writing at 25,800.
A straddle at 25,900 highlights the key intraday balance point. In the previous session, calls were written above 25,900, while both call and put unwinding took place between 25,600 and 25,800, with put writers active at 24,500 and 25,000.
Overall, support remains at 25,800 and resistance at 26,000; a breakout above 26,000 can push the index toward 26,200, while a break below 25,800 can drag it toward 25,500.
Bank Nifty:
In Bank Nifty, call and put writers remain aggressive at 58,000 and 58,500, with a straddle at 58,500 acting as the trend-defining zone.
We saw call unwinding at 58,000 and fresh writing at 58,500 indicating shifting of base at the higher end.
Today, call writers at 58,000 were trapped, and if a similar squeeze develops at 58,500, the upside momentum can strengthen further.
The index stays positive only if it sustains above 58,500, while dips toward 58,000 are likely to be bought into.
Performance Overview:
The S&P 500 closed sharply lower on Thursday as an ongoing rotation out of big tech and waning odds of a December rate cut weighed on sentiment even with the ending of the longest ever U.S. government shutdown.
Sector-specific indicator:
The Dow Jones Industrial Average slipped 797 points, or 1.7%, the S&P 500 index dropped 1.6%, while the tech-heavy NASDAQ Composite underperformed, falling 2.3%.
Odds on a December rate cut fell below 50% following a flurry of Fed speak stoking caution on further rate cuts amid concerns about the lack of economic data owing to the government shutdown.
U.S. President Donald Trump signed a bill to unlock funding and end the longest government shutdown in U.S. history late on Wednesday, after the spending package was approved by the Republican-controlled House of Representatives.
Economic indicator:
It is also likely to lead to the resumption of crucial data releases used by investors and policymakers to gauge the actual impact on the health of the U.S. economy.
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