Markets Today: GDP; Sensex, Bankex new expiry day; Enviro Infra IPO listing

Thursday's session proved challenging for domestic markets, with benchmarks plunging sharply on the monthly F&O expiry. Sensex crashed 1,190 pts to 79,043.74, while Nifty slid 360.75 pts to 23,914.15

Stock Markets Today, Nov 29: As benchmarks, Sensex and Nifty50, gear up for the final trading session of the week, all eyes will be on India’s Q2 GDP numbers.

 

However, the mood remains cautious, with weak cues from Asia-Pacific markets and the absence of direction from Wall Street, which was closed on Thursday, November 28, for Thanksgiving. 

 

Early indicators suggest a flat start, as GIFT Nifty futures were down 4 points at 24,111, hinting at a muted opening.

 

Thursday’s trading session proved challenging for domestic markets, with benchmarks plunging sharply on the monthly F&O expiry day. Sensex crashed 1,190 points, or 1.48 per cent, to 79,043.74, while Nifty slid 360.75 points, or 1.49 per cent, to 23,914.15. 

 

Domestic cues 

Back home, the spotlight will be firmly on the Q2 FY25 GDP data, which is likely to reveal a six-quarter low in growth for the September quarter of FY25. Analysts expect the manufacturing sector to be a key drag on economic performance, reflecting broader concerns over demand moderation. READ MORE

 

Also Read: India's gig economy may add 90 million jobs, contribute 1.25% to GDP

 

The data comes as investors digest new developments in the derivatives market, which are set to redefine trading patterns in the months ahead. Beginning January 1, 2025, expiry schedules for derivatives contracts will undergo major changes. Weekly Sensex contracts will shift from Fridays to Tuesdays, while monthly contracts for Sensex, Bankex, and Sensex 50 will all expire on the last Tuesday of the month. READ MORE

 

Adding to the regulatory landscape, Sebi has announced the interoperability of stock exchanges across segments, including cash, derivatives, currency, and interest rate derivatives. 

 

Also Read: SBI's business may hit Rs 100 trillion in FY26, says Chairman CS Setty

 

IPO corner 

In the primary market, Enviro Infra Engineers IPO (Mainline) and Lamosaic India IPO (SME) will list on the bourses today. Meanwhile, the IPOs of Suraksha Diagnostic (Mainline) and Ganesh Infraworld (SME) will open for subscription. Rajputana Biodiesel IPO (SME) will have its allotment finalised today. 

 

Additionally, Agarwal Toughened Glass India IPO (SME) enters its second day of subscription, while the IPOs of Abha Power and Steel (SME) and Apex Ecotech (SME) move into the final day of their subscription period.

 

FII, DII 

On the institutional front, FIIs resumed their selling spree, offloading equities of Rs 11,756.25 crore on November 28, while DIIs countered with purchases of Rs 8,718.30 crore.  Also Read: Markets log biggest decline in two months as FPIs resume selloff

 

Global cues 

Asia-Pacific markets fell on Friday as investors digested Tokyo November inflation figures and industrial production figures from South Korea. Tokyo’s headline inflation rate climbed to 2.6 per cent in November, rebounding from 1.8 per cent in October.

 

Meanwhile, South Korea’s industrial production data provided a positive surprise, rising 2.3 per cent year-on-year in October, a sharp recovery from the 1.3 per cent decline recorded in September.

 

Last checked, Nikkei was down 0.7 per cent while ASX200 was down 0.45 per cent. Also, Kospi was trading lower, down 1.5 per cent.

 

Commodity check 

Oil prices dipped slightly in Asian trading on Thursday as an unexpected increase in US gasoline inventories ahead of the Thanksgiving holiday raised concerns about weakening demand in the world’s largest consumer of motor fuel. Brent crude futures slipped 4 cents to $72.79 per barrel, while US WTI crude edged down a cent to $68.71 per barrel.

 

Gold prices also softened on Thursday, pressured by a strengthening US dollar and mixed economic data from the United States. Spot gold declined 0.3 per cent to $2,627.60 per ounce, while US gold futures dropped 0.5 per cent to $2,627.00 per ounce. 

 

Here's how analysts are assessing today's (November 29) trading session:

 

Shrikant Chouhan, head of equity research at Kotak Securities 

The current market texture is weak and technical bounce back is possible only after dismissal of 24,000/79,200 or 20 day Simple Moving Average (SMA). Below 20 day SMA or 24,000/79,200, market is likely to retest the levels of 23,850-23,750/78,500-78,200. On the flip side, above 24,000/79,200 it could bounce back till 24,150-24,175/79,500-79,800.

 

Rupak De, senior technical analyst at LKP Securities 

In the short-term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher.