In a day marked by heightened volatility, Indian equity benchmarks concluded flat on Thursday, triggered by a slide in Healthcare, IT and Consumer Durables stocks. Markets made a positive start, as traders took support with Chairman of CII National Committee on EXIM Sanjay Budhia stating that the focus on new and existing markets, product diversification and simplification of procedures will significantly help enhance the competitiveness of domestic exports. He said as a part of market facilitation services, industry chamber CII has identified the emerging markets and the potential sectors to help exporters explore newer markets. Some support also came with Reserve Bank of India Governor Shaktikanta Das' statement that the rupee has witnessed low volatility and orderly movements as compared to its peers. Das said household inflation expectations are becoming more anchored, but added that headline inflation is vulnerable to recurring and overlapping food price shocks. However, markets soon slipped down in no time and remained in a tight range till the end as traders were anxious with provisional data from NSE showing that foreign institutional investors net sold shares worth Rs 306.56 crore on Wednesday. Some concern also came as the latest payroll data released by the EPFO showed that reflecting a slowdown in the pace of formal job creation, new subscribers added by the Employees' Provident Fund Organisation (EPFO) declined by 10.1 per cent to 5.86 million in the first half (April-September) of FY24, from 6.52 million during the same period last year. Traders took a note of Commerce and Industry Minister Piyush Goyal's statement that the proposed free trade agreements with the European Union (EU) and four-nation EFTA group are doable, but they should keep in mind India's concerns as the level of economic development is different. Finally, the BSE Sensex fell 5.43 points or 0.01% to 66,017.81 and the CNX Nifty was down by 9.85 points or 0.05% to 19,802.00.

The US markets were closed on Thursday on account of Thanksgiving Day.

Rupee settled lower against dollar on Thursday due to FII outflows and weak local equities. Traders were worried even after Union Minister of Commerce and Industry Piyush Goyal said that India's exports to Nordic region has grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Besides, highlighting the fact the region has come close to India in recent years, the Minister pointed out that Indian Cuisine, Bollywood, Yoga, Ayurveda and Textiles are extremely popular in Nordic-Baltic region. On the global front, euro rose on Thursday for the first time this week, after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the United States and Japan kept trading activity muted. With markets shut in Japan and the United States for Thanksgiving holidays, currencies traded with some volatility, as liquidity was thinner than usual. Finally, the rupee ended at 83.34 (Provisional), weaker by 2 paise from its previous close of 83.32 on Wednesday.

The FIIs as per Thursday's data were net sellers in equity segment, while they were net buyers in debt segment. In equity segment, the gross buying was of Rs 7134.76 crore against gross selling of Rs 8499.52 crore, while in the debt segment, the gross purchase was of Rs 1444.12 crore with gross sales of Rs 140.60 crore. Besides, in the hybrid segment, the gross buying was of Rs 27.02 crore against gross selling of Rs 30.80 crore.

The US markets were closed on Thursday on account of Thanksgiving Day holiday. Asian markets are trading mixed on Friday despite signs that China is taking measures to alleviate its property sector woes. Indian markets ended lackluster trade marginally in red on Thursday amid mixed global cues. Today, domestic indices are likely to open in red in the absence of overnight cues from Wall Street and amid mixed Asian cues. The session is likely to be range-bound ahead of long weekend as markets will remain close on Monday. However, foreign fund inflows likely to aid sentiments. According to the provisional data available on the NSE, foreign institutional investors (FII) purchased shares worth net Rs 255.52 crore on November 23, 2023. Sentiments will get a boost as PHDCCI's report stated that measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to $2 trillion by 2030. Some support will come with report that Rohit Kumar Singh, secretary, department of consumer affairs said the government is set to take a slew of measures to contain the stubborn retail food inflation, including through intervention in pulses markets. Meanwhile, Additional Secretary in the department of commerce Rajesh Agarwal said the Micro, Small and Medium Enterprises (MSMEs) are getting greater importance in the upcoming Free Trade Agreements (FTAs) as these pacts provide huge opportunities for them to participate in global trade. Paper industry stocks will be in limelight as the Directorate General of Commercial Intelligence and Statistics (DGCIS) data showed that paper imports into India surged by 43 per cent in volume terms in the first half of 2023-24, fueled by a more than two-fold jump in imports from ASEAN countries. There will be some reaction in edible oil industry stocks with a private report that Indian buyers curtailed purchases of palm oil for December and January shipments due to rising prices and as refiners face negative margins after making heavy imports in the past few months. Stocks related to plastic industry will be in focus as Plexconcil said plastic exports grew 9.4 per cent year-on-year to $933 million as the raw material prices declined and festive demand in key markets increased. The country's plastic exports stood at $852 million in October 2022.

Support and Resistance: NSE (Nifty) and BSE (Sensex)

Nifty Top volumes

• UPL has received an intimation on November 22, 2023, about issuance of certificate of incorporation with regards to new step-down subsidiary viz. Advanta Seeds (Pty) in South Africa.
• Power Grid Corporation of India has received an approval for augmentation of transformation capacity by 1X1500 MVA (3rd), 765/400 KV ICT at Maheshwaram (PG) Substation in Telangana.
• Servotech Power Systems has bagged 2649 AC EV charger orders from Bharat Petroleum Corporation.
• Dr. Reddy's Laboratories' unit -- Dr. Reddy's Laboratories, Inc. is recalling 1,656 bottles of Montelukast sodium tablets in the US market for manufacturing issues.