Markets Today: FIIs; Enviro Infra IPO; Dow, S&P at record; Oil & Gold slide

Stock Market Today, Nov 26: The key benchmark indices, Nifty50 and Sensex, are likely to react to mixed global cues in Tuesday's session.

 

At 6:55 AM, GIFT Nifty futures were down 13.5 points, trading at 24,260, indicating a flat to negative start for the markets.

 

Also Read: Sensex gains over 3,000 points in two sessions. Time to buy, sell, hold?

 

In the previous session on November 25, benchmark indices closed the first trading day of the week on a strong note, gaining over 1 per cent each. The Sensex surged 1,961.32 points, or 2.54 per cent, to finish at 80,109.85, while the Nifty50 climbed 314.65 points, or 1.32 per cent, to settle aSet 24,221.90.

 

Domestic cues

 

Credit ratings agency S&P Global on Monday pared down its growth forecast for India to 6.7 per cent in FY26 from the earlier estimate of 6.9 per cent. READ MORE

 

IPO corner 

Several IPOs will remain in focus today. Enviro Infra Engineers IPO (Mainline) will enter its final subscription day, having been subscribed 12.52 times by Day 2, with QIBs at 2.58 times, NIIs at 34.60 times, and retail investors at 8.73 times, BSE data showed. 

 

Additionally, the Lamosaic India IPO (SME) and C2C Advanced Systems IPO (SME) will enter their final subscription day. Rajesh Power Services IPO (SME) will see Day 2 of its subscription, while the Rajputana Biodiesel IPO (SME) opens for subscription today.

 

FII, DII  

After weeks of heavy selling since October, foreign institutional investors (FIIs) turned buyers on November 25, scooping up shares worth Rs 9,947.55 crore. Meanwhile, domestic institutional investors (DIIs) took the opposite route, offloading shares of Rs 6,907.97 crore.

 

Commodity prices 

Oil prices dropped sharply on Monday, falling over 2 per cent, following reports that Israel and Lebanon had agreed to terms for a ceasefire to end the Israel-Hezbollah conflict. Brent crude futures declined 2.87 per cent to close at $73.01 per barrel, while US WTI crude futures fell 3.23 per cent to settle at $68.94 per barrel.

 

Gold prices also took a major hit on Monday, plunging around 3 per cent and breaking a five-session rally that had pushed the precious metal to its highest level in nearly three weeks. Spot gold fell 3.4 per cent to $2,619.43 per ounce, marking its biggest daily percentage drop since November 6. US gold futures mirrored the decline, dropping 3.4 per cent to $2,620.8.

 

Global cues 

Asia-Pacific markets traded lower on Tuesday, failing to follow Wall Street's record-breaking rally spurred by President-elect Donald Trump’s nomination of Scott Bessent as Treasury Secretary. The ASX 200 slipped 0.28 per cent, retreating from its all-time closing high recorded on Monday. Nikkei fell 0.82 per cent, while the Topix dropped 0.64 per cent. 

 

Data showed Japan’s service PPI rose 2.9 per cent year-on-year, slightly above the 2.8 per cent growth seen in the previous month. 

 

Meanwhile, South Korea’s Kospi slid 0.40 per cent in early trade.

 

In the US, stock markets soared on Monday, with major indices hitting record highs as investors welcomed Trump’s pick for Treasury Secretary. The Dow Jones surged 0.99 per cent, to close at 44,736.57, marking a new record close. The S&P 500 gained 0.3 per cent to settle at 5,987.37, achieving an all-time high during the session. The Nasdaq Composite advanced 0.27 per cent.

 

Here's how analysts are assessing today's (November 26) trading session:

 

Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas 

We expect the retracement to continue towards 24770, which coincides with the 50 per cent Fibonacci retracement level. Dips towards support zone 24120 – 24070 should be considered as buying opportunities.

 

Rupak De, senior technical analyst, LKP Securities 

The index has moved above the 21 EMA, indicating improving sentiment. The RSI is in a bullish crossover and trending upward. The sentiment is expected to remain positive in the short term, with buying on dips likely to favor traders. On the higher side, 24,500 is expected to act as a crucial resistance; a decisive move above this level could trigger a further rally. Support on the lower side is placed at 23,950–24,000.