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Benchmark Indian equity indices BSE Sensex and Nifty 50 opened slightly higher on Thursday, amid mixed global cues.
Sensex Today
After a positive opening, Indian equity markets faced selling pressure, closing in the red on November 14. This marked the sixth consecutive decline for the Nifty and the third for the Sensex. Analysts warned that the risk-off sentiment among investors could persist, fueled by a weak September earnings season for India Inc and sustained foreign outflows. Additionally, a stronger US dollar and rising bond yields are adding to the pressure on Indian equities, as uncertainty grows around US President-elect Donald Trump’s economic policies.
At close, the Sensex was down 110.64 points or 0.14 percent at 77,580.31, and the Nifty was down 26.30 points or 0.11 percent at 23,532.70. The market breadth was in favour of gainers as around 2,039 shares advanced, 1,718 shares declined, and 88 shares were unchanged.
Notably, the exchanges BSE and NSE will remain closed tomorrow, Friday, November 15, 2024, on account of Prakash Gurpurb Sri Guru Nanak Dev Jayanti. Today marks the last official trading session for the current week.
29 out of the 50 constituent stocks of the benchmark NSE Nifty50 ended lower, dragged by Hindustan Unilever, Britannia Industries, BPCL, Tata Consumer, and Nestle India with losses extending up to 2.92 per cent on Thursday.
Sameet Chavan, Head of Research, Technical and Derivative at Angel One, noted key technical levels for the Nifty, saying, “Nifty’s immediate resistance is now around 23,800, followed by 24,000. Further weakness could push prices towards the 50-WEMA at 23,200, which aligns with the 61.8 percent retracement of the rally from election day.”
Both the Sensex and Nifty have each fallen over 2 percent this week. With frontline indices now down 10 percent from their September highs, this is only the second time the Nifty has entered correction territory since the COVID-19 selloff in March 2020.
Concerns over foreign institutional investor (FII) outflows have intensified following China’s recent stimulus package aimed at revitalising its property and stock markets. FIIs, who sold heavily throughout October, have continued this trend into November, offloading over Rs 21,000 crore worth of Indian equities.
Christopher Wood on emerging markets and India
Chris Wood says, India is having a healthy correction led by smallcaps.
Huge domestic flows is coming into the market.
Companies have been raising capital to take advantage of the higher valuations.
The good news about the foreigners selling is that they have the ability to buy any sharper correction.
Rupee Close
Indian rupee ended marginally lower at 84.40 per dollar on Thursday versus Wednesday’s close of 84.38.
