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)
Index
|
Previous close
|
Support
|
Resistance
|
NSE
Nifty
|
19,802.00
|
19,767.45
|
19,855.85
|
BSE
Sensex
|
66,017.81
|
65,920.46
|
66,175.20
|
Nifty Top volumes
Stock
|
Volume
|
Previous close (Rs)
|
Support (Rs)
|
Resistance (Rs)
|
(in Lacs)
|
Tata
Steel
|
307.37
|
126.75
|
125.96
|
127.46
|
Power
Grid
|
113.83
|
211.30
|
209.34
|
213.19
|
NTPC
|
82.00
|
252.50
|
250.90
|
254.90
|
BPCL
|
81.20
|
411.05
|
403.30
|
416.15
|
Cipla
|
76.43
|
1174.40
|
1135.96
|
1241.41
|
- 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.