Market Today: CPI, IIP; Dow, S&P 500 record; Nykaa Q2; Sagility IPO listing

Stock Market Today, Tuesday, Nov 12: Benchmarks Sensex and Nifty50 may open on a flat note amid mixed global signals. At 6:33 AM, GIFT Nifty Futures were down 5 points at 24,221, suggesting a subdued start for the bourses.

 

In the previous session on Monday, November 11, the BSE Sensex and NSE Nifty50 ended the trading session on a flat note following a choppy day. The BSE Sensex closed at 79,496.15, gaining a modest 0.01 per cent. Meanwhile, the Nifty50 settled at 24,141.30, down 0.03 per cent.

 

Investors back home will be looking out for October inflation figures and industrial production data for September. According to a Reuters poll, consumer price inflation in India is expected to have risen to 5.81 per cent in October—a 14-month high—due to a surge in vegetable and edible oil prices. 

 

Additionally, the financial regulators, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), issued new guidelines on Monday directing foreign portfolio investors (FPIs) to secure government approval and concurrence from investee companies if they acquire equity stakes that exceed prescribed limits. READ MORE

 

Q2 earnings 

Investors will assess earnings reports from companies like Britannia, ONGC, and Hindalco Industries. Britannia posted a 9.6 per cent Y-o-Y decline in net profit for Q2FY25 at Rs 531.5 crore, largely due to steep commodity inflation affecting consumer demand. Meanwhile, ONGC announced a 17 per cent increase in net profit for the same quarter, attributed to reduced windfall and other taxes. ONGC’s standalone net profit reached Rs 11,948.02 crore in Q2FY25, up from Rs 10,238.10 crore in the prior year’s period.

 

Also Read: FY25 as weak-earnings year is gradually getting priced in: Chhaochharia

 

The companies to announce Q2 results include Nykaa, Zydus Life, Hyundai Motor India, Bosch, Ashoka Buildcon, and Sula Vineyards.

 

Other triggers

 

China back on top 

China has regained its lead over India in the MSCI Emerging Markets Investable Market Index (EM IMI) for the second consecutive month, following India’s temporary top spot in August. As of the end of October, China’s weight in the EM index stood at 24.72 per cent, an increase from 21.58 per cent at the end of August. Meanwhile, India’s share fell to 20.42 per cent from 22.27 per cent. READ MORE

 

Institutional activity 

Foreign institutional investors (FIIs) offloaded shares of Rs 2,307 crore, on November 11. Domestic institutional investors (DIIs), on the other hand, purchased shares of Rs 2,027 crore.

 

IPO corner 

Niva Bupa IPO (mainline) will announce its allotment today. Sagility India Limited IPO (Mainline) will be listed on the stock exchange.

 

Additionally, Mangal Compusolution IPO (SME) opens for subscription while Neelam Linens and Garments (India) Ltd IPO (SME) will see its last day of subscription today.

 

Global markets  

Asia-Pacific markets showed a mixed performance on Tuesday, as investors approached trading cautiously, even amid a strong rally on Wall Street.  Nikkei 225 edged up 0.23 per cent and the Topix rose 0.68 per cent. In South Korea, the Kospi declined 0.36 per cent.

 

Investors in the region are looking out for economic reports, including Australia’s NAB survey on business conditions and Indonesia’s retail sales data for September. 

 

In the US, the Dow Jones hit another record high on Monday, continuing its post-election rally with a 0.69 per cent gain to close above 44,000 for the first time. The S&P 500 also saw a small gain of 0.1 per cent, setting a new record by closing above 6,000. The Nasdaq Composite, however, was almost unchanged, ticking up just 0.06 per cent.

 

Commodity prices

  Oil prices dropped over 2 per cent on Monday, as China's latest stimulus measures failed to meet investor expectations for demand growth in the world’s second-largest oil consumer, alongside anticipated supply increases in 2025. Brent crude futures fell 2.76 per cent to $71.83 per barrel, while US West Texas Intermediate (WTI) crude futures dropped 3.32 per cent to $68.04 per barrel. 

 

Later today, OPEC is expected to release its monthly oil market report, providing further insights into the global oil outlook.

 

Gold prices also slipped over 2 per cent on Monday, impacted by the continued rise of the US dollar and fiscal policy concerns following Donald Trump’s US election victory. Spot gold declined 2.5 per cent to $2,617.96 per ounce.

 

Here's how analysts are assessing today's (November 12) trading session:

 

Hrishikesh Yedve, AVP, technical and derivatives research at Asit C Mehta Investment 

  On a daily basis, the index formed a doji-like candle, indicating uncertainty. On the higher side, the 100-Days exponential moving average (DEMA) hurdle is placed near 24,430 followed by 24,540, which was last week’s high. On the downside, the 150-Days exponential moving average (DEMA) is placed near 24,990, which will act as short term support for the index followed by 23,800, where the recent swing support is placed. In the immediate term, we expect the index will consolidate in the range of 23,800 to 24,500. A decisive breakout on either side will determine the next direction of the index. Until then, traders should aim to buy near support and sell near resistance.

 

Rupak De, senior technical analyst, LKP Securities 

The Nifty remained volatile, failing to give any directional breakout. The index oscillated within the range of 24,000-24,350. The momentum indicator RSI shows a bullish crossover. Additionally, on the daily chart, the index has formed an inverted hammer pattern, indicating a possible bullish reversal. On the higher side, the index might move towards 24,500-24,550, while support is placed at 24,000.