Market Today: GIFT Nifty; Adani stocks; Zinka, NTPC Green IPO; PMI, Rupee

Stock Market Today, Nov 22: A day after the US indicted Adani Group Chairman Gautam Adani and seven others on bribery charges, investors will closely be monitoring developments in this case today.

 

Back home, at 6:35 AM, GIFT Nifty futures were trading 111.3 points higher at 23,460, indicating a gap-up start for the bourses.

 

In the previous session, the Sensex fell 0.54 per cent to close at 77,156.80, while the Nifty declined 0.72 per cent to settle at 23,349.90.

 

Also Read: Nifty 50 likely to hit 27,000 by end of 2025, says Goldman Sachs

 

Domestic cues

  Investors will keep a close eye on India’s Manufacturing, Composite, and Services PMI Flash data for November, alongside movements in Adani Group stocks and the NTPC Green Energy IPO.

 

Also Read: US bribery taint melts Adani stocks; Kenya cancels airport, energy deals

 

The HSBC final India Manufacturing PMI  rose to 57.5 in October, recovering from an eight-month low of 56.5 in September. 

 

On Day 2 of the NTPC Green Energy IPO, retail investors subscribed to 2.38 times the shares on offer. Qualified institutional buyers (QIBs) followed suit, subscribing to 75 per cent, while Non-Institutional Investors (NIIs) booked 34 per cent of their allocated portion.

 

Meanwhile, the rupee weakened to a record low of 84.50 per dollar as FPIs sold off domestic equities amid rising geopolitical tensions and a surge in crude oil prices.

 

FII, DII 

 

Foreign Institutional Investors (FIIs) offloaded shares of Rs 5,320.68 crore on November 21, while Domestic Institutional Investors (DIIs) purchased shares of Rs 4,200.16 crore.

 

IPO corner 

Zinka Logistics IPO (Mainline) and Onyx Biotec IPO (SME) are set to debut on the stock exchanges today. Additionally, the Enviro Infra Engineers Limited IPO (Mainline) and C2C Advanced Systems Limited IPO (SME) will open for subscription.

 

Lamosaic India Limited IPO (SME) continues into its second day of subscription.

 

Cryptocurrency 

Bitcoin edged closer to the $100,000-mark for the first time, fuelled by optimism surrounding Trump's proposed crypto initiatives. Last checked, Bitcoin was trading 0.43 per cent lower at $98,029.

 

Commodity prices

  Crude oil prices surged over 2 per cent after Russian President Vladimir Putin confirmed the launch of a hypersonic intermediate-range ballistic missile into Ukraine, escalating geopolitical tensions with warnings of potential further actions. 

 

Spot gold extended its rally for a fourth consecutive session on Thursday, reaching a one-week high as safe-haven demand spiked. Spot gold inched up 0.8 per cent to $2,670.49 per ounce, while US gold futures rose 0.9 per cent, settling at $2,674.90.

 

Global markets 

Asia-Pacific markets rallied on Friday, taking cues from Wall Street, where the S&P 500 logged gains for the fourth consecutive day. Investors in the region assessed Japan’s October consumer price index (CPI) data. The CPI came in at 2.3 per cent, down from 2.5 per cent in the prior month.

 

Core inflation rose 2.3 per cent year-on-year, slightly above the forecast of 2.2 per cent by Reuters analysts but cooler than the 2.4 per cent reported in September. 

 

Nikkei advanced 0.54 per cent, and the broader Topix index gained 0.51 per cent. ASX 200 opened 0.71 per cent higher, while Kospi rose 0.67 per cent.

 

Overnight on Wall Street, the Dow Jones c;limbed 1.06 per cent. The S&P 500 rose 0.53 per cent, while the Nasdaq Composite inched up 0.03 per cent.

 

Here's how analysts are assessing today's (November 22) trading session:

 

Shrikant Chouhan, head of equity research, Kotak Securities 

The current market texture is weak but oversold hence the strong possibility of one quick pullback rally is not ruled out. For the traders now, 23350/77150 and 23400/77300 would be the key levels. Above 23400/77300, we could see one quick pullback rally till 23500-23550/77700-78000.On the flip side, fresh selloff is possible only after dismissal 23250/76900. Below which the selling pressure is likely to accelerate. Below the same market could slip till 23175-23150/76600-76500.

 

Rupak De, senior technical analyst, LKP Securities 

In the short-term, sentiment remains weak, with support placed at 23,200. A fall below this level could trigger a correction in the market. On the upside, resistance is placed at 23,550; a decisive move above this level might induce a rally in the market.