Markets Today: GDP; Nov Mfg PMI; Dow & S&P 500 at record; FIIs; auto sales

Stock Markets Today, Dec 2: Benchmarks, Sensex and Nifty50, are set for an eventful week as investors digest recent GDP data and gear up for upcoming developments including RBI MPC decision on December 6. 

 

After surprising GDP growth figures in the first quarter of the current fiscal, the July-September quarter (Q2) of FY25 revealed a sharper-than-expected slowdown. The country's economic growth slipped to a seven-quarter low of 5.4 per cent, falling short of analysts' projections of around 6.5 per cent. 

 

Also Read: After Q2 GDP surprise, agencies downgrade India's FY25 growth forecast

 

Apart from that, as the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) gears up to announce its decision on interest rates, markets will likely remain cautious. 

 

Meanwhile, last checked, GIFT Nifty futures were trading 58 points higher at 24,362 levels.  The preceding week ended on a positive note for equity benchmarks. On Friday, the BSE Sensex surged 0.96 per cent to close at 79,802.79, while Nifty also gained 0.91 per cent to settle at 24,131.10.

 

Domestic cues 

Back home, investors await manufacturing PMI final figures for November. India’s private sector economy continued its strong growth in November, according to the HSBC Flash India Composite Output Index, which rose to 59.5, up from October’s final reading of 59.1. READ MORE

 

Also Read: During downturns quality stocks truly survive, thrive: Saahil Murarka

 

IPO corner

  Rajesh Power Services IPO (SME) is set to debut on the bourses today. Meanwhile, the Property Share Investment Trust IPO (Mainline) opens for subscription. Ganesh Infraworld (SME) and Suraksha Diagnostic IPO (SME) will enter Day 2, while Agarwal Toughened Glass IPO (SME) will see its last day of subscription. 

 

Additionally, allotment results are expected for Abha Power IPO (SME), and Steel and Apex Ecotech IPO (SME).

 

Also Read: Maruti Suzuki sales rise 10% in Nov; Hyundai down 7%, TaMo up marginally

 

FII, DII 

On the institutional front, FIIs continued their selling spree, offloading equities of Rs 4,383.55 crore on November 29, while DIIs countered with purchases of Rs 5,723.34 crore.

 

Also Read: FPIs' selling spree continues in Nov at Rs 21,612 cr as US bond yield rises

 

Global cues 

Asia-Pacific markets opened the week on a positive note, kicking off a data-heavy schedule as investors awaited economic updates from key nations, including Japan, Korea, and China. Over the weekend, China reported its official Purchasing Managers’ Index (PMI) readings for November. The manufacturing PMI rose to 50.3, its highest level since April, slightly exceeding economists’ expectations of 50.2 and improving from October’s 50.1. 

 

On Monday, S&P Global is set to release manufacturing PMI data for various Asian economies, including China’s Caixin PMI survey. 

 

Nikkei climbed 0.33 per cent, while the broader Topix index rose 0.77 per cent. The Kospi advanced 0.85 per cent and ASX 200 gained 0.35 per cent.

 

Also Read: Trump's threat of 100% customs duties on Brics nations unrealistic: GTRI  In the US, equity markets closed the previous week on a strong note. The Dow Jones and the S&P 500 reached record highs during a shortened trading session on Friday, capping their best months of 2024. The S&P 500 gained 0.56 per cent, the Nasdaq rose 0.83 per cent, and the Dow soared 0.42 per cent. 

 

Commodity check 

Oil prices declined on Friday, marking a 3 per cent weekly drop as concerns about supply risks from the Israel-Hezbollah conflict eased. The outlook for increased supply in 2025 further pressured prices, even as OPEC+ is anticipated to extend its output cuts. Brent crude futures fell 0.46 per cent to settle at $72.94 per barrel.

 

Gold, meanwhile, edged higher on Friday, supported by a weaker dollar and ongoing geopolitical tensions. Spot gold rose 0.7 per cent to $2,660.28 per ounce.

 

Here's how analysts are assessing today's (December 2) trading session:

 

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

  On the upside, the index will find immediate hurdles near 24,350-24,360 levels. The 21-DEMA is placed near 24,080, which will act as immediate support for the index followed by 23,570, where the 200-DEMA support is placed. As long as the index persists below 24,360, traders should focus on booking profits on bounce and wait for fresh breakout.

 

Jatin Gedia, technical research analyst at Mirae Asset Sharekhan 

Both daily and hourly momentum indicators are now in sync. Thus, both price and momentum indicator points towards continuation of the up move towards 24400. On the downside 23800 is the crucial support zone.