Today’s Market Summarised

A gap-down opening and NIFTY seeing a bearish trend throughout.

NIFTY opened the day at 17,971 with a gap-down and kept on falling. Nearly 130 points down in the first hour, the market saw consolidation for many hours. With some volatile near the closing time, NIFTY closed the day at 17,873, down 143 points or 0.80%.

BANK NIFTY opened the day at 38,929 and fell throughout the day. The index fell to 38,350 and then moved up slightly near closing. Almost all stocks in the index closed in the red. BANK NIFTY closed the day at 38,560, down 463 points or 1.19%. 

NIFTY REALTY(-2.3%) and NIFTY PSU BANK(-1.8%) fell heavily in the day. All sectoral indices except NIFTY METAL(+0.36%) and NIFTY IT(-0.39%) fell more than 1%.

Asian markets closed mostly in the green today. European markets are trading in green currently.

News Picks

Just less than 10 stocks from NIFTY 50 closed in the green today. Titan(+1.7%) once again closed as the top-gainer of the day.

Indian Oil(-4.4%) closed as the top-loser in the day, but it fell because of a Rs 5 dividend date.

SBIN(-2.8%) moved down again after its earnings announcement on November 3rd.

Balkrishna Industries(-5.5%) fell heavily ahead of its results today. Idea(-4.3%) also fell ahead of its results tomorrow.

Realty stocks saw profit booking in the day. DLF(-4.2%), Prestige(-3.6%), Godrej Properties(-3.2%), Sunteck(-1.9%) and Sobha(-1.4%) fell heavily.

Pidilite Industries(+4.5%), OIL India(-2.3%) and CRISIL(+9.4%) saw big moves after announcing their results.

Thermax(+13.5%) moved up after heavy order inflows were reported by the company.

Shipbuilding companies GRSE(+8%) and Cochin Shipyard(+2.6%) showed heavy buying in the day.

Tata Power(+1.1%), IRCTC(-0.3%) and SRF(-1%) saw heavy volatility in the day ahead of Morgan Stanley’s MSCI recalculation tomorrow.

India Oil Secretary says the plan to mix 20% ethanol with petrol from April 1, 2023, to help cut sugar export subsidy. Sugar stocks Balrampur Chini(+1.3%), Eid Parry(+0.03%) and Renuka Sugar(+4.8%) closed in green.

Godrej Consumer Products(-2.6%) fell in the day after reporting Q2 Consolidated Net Profit of Rs 479 crores, up 8% YoY but still below estimates.

Piramal Enterprises(-3.8%) also fell after reporting a 40% YoY fall in Q2 Cons Net Profit to Rs 419 crores.

Markets Ahead

The volatile week which started with the wild movements on Monday, continued till the last minute today. 17,800 was not broken intraday and that could have caused more fall.

Reliance continues to show strength and was in green even today while the market fell.

The U.S. inflation data did not look positive and that was the reason for bearishness in the U.S. market. But today, most Asian and European markets are in the green along with Dow Jones Futures. We will be seeing a bounce in NIFTY tomorrow if the green continues worldwide.

NIFTY IT is at a support zone and might be a decisive zone for the index in the coming days. FIIs continue to be net sellers in the month and markets continue to be weak. Let’s see if there is a change in mindset for them to take NIFTY back above 18k.

The second expiry of the month is over and hopefully, you have all made profits in the day. How was it for you? Let us know in the comments section of the marketfeed app!

Meet you all on The Stock Market Show at 7 PM on YouTube!

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