 "Markets Today: NTPC Green IPO listing, FOMC Minutes, US Q3 GDP est, FIIs")
Stock Market Today, Nov 27: After snapping a two-day winning streak on Tuesday, benchmark indices – Nifty50 and Sensex –are expected to open on a cautious note on Wednesday, reflecting mixed global cues.
At 6:40 AM, GIFT Nifty futures were trading 11 points higher at 24,228, suggesting a flat to positive start for the Indian bourses.
The BSE Sensex closed 0.13 per cent lower at 80,004.06, while the Nifty slipped 0.11 per cent to 24,194.50, on November 26.
Meanwhile, NTPC Green IPO listing, the second estimate of the US Q3 GDP growth rate, the Core PCE Price Index for October, and initial jobless claims for the week ended November 23 will be in focus today.
Additionally, market participants will closely analyse the FOMC minutes released on Tuesday. The minutes revealed that Federal Reserve officials are optimistic about easing inflation and a resilient labour market, providing room for further interest rate cuts, though at a measured pace. While inflation remains above the Fed's 2 per cent target, policymakers expressed confidence in its current trajectory. They also indicated potential rate cuts in the future without specifying the timing or magnitude.
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Domestic cues
IPO corner
The much-anticipated NTPC Green IPO is set to list today, with expectations of a modest listing gain, as per Shivani Nyati, head of wealth at Swastika Investmart. Nyati highlighted the company's robust and diversified portfolio across geographies and offtakers as a key strength, underscoring its potential appeal to investors. READ MORE
The allotment for the Enviro Infra Engineers IPO is also scheduled for today, following an overwhelming response during its subscription period. The IPO was oversubscribed 89.90 times, with the QIB category seeing the highest demand at 157.05 times the shares on offer.
Additionally, allotments for the Lamosaic India IPO (SME) and the C2C Advanced Systems IPO (SME) will be announced today. Meanwhile, Abha Power and Steel IPO (SME) and the Apex Ecotech IPO (SME) will open for subscription today.
Furthermore, Rajesh Power Services IPO (SME) enters its third day of subscription, while Rajputana Biodiesel IPO (SME) moves into its second day.
FII, DII
FIIs bought shares of Rs 1,157.70 crore on November 26, while DIIs offloaded shares of Rs 1,910.86 crore.
Stocks to watch
Key stocks to be in focus today include Infosys, TCS as Nifty IT index hit new high on November 26, coupled with Angel One and Adani stocks, among others.
Commodity check
Oil prices declined after an initial uptick, as Israel's agreement to a ceasefire deal with Lebanon eased geopolitical tensions, reducing oil's risk premium. Brent crude futures fell 0.3 per cent to settle at $72.79 per barrel. Gold prices, meanwhile, dipped to a one-week low early in the session as safe-haven demand softened following the ceasefire agreement. However, lingering concerns over Ukraine and uncertainty surrounding US President-elect Donald Trump’s tariff policies capped losses. Last checked, Spot gold was down 0.17 per cent at $2,628.77 per ounce.
Global cues
Asia-Pacific markets opened on a mixed note on Wednesday, tracking gains on Wall Street, where the S&P 500 and Dow Jones hit new intraday and closing records. In early trading, ASX 200 gained 0.4 per cent. Conversely, Nikkei fell 0.5 per cent. Kospi dipped 0.1 per cent at the start.
On Wall Street, the Dow Jones advanced 0.28 per cent to close at a record 44,860.31. The S&P 500 climbed 0.57 per cent to finish at a record high of 6,021.63, while the Nasdaq rose 0.63 per cent. Here's how analysts are assessing today's (November 27) trading session:
Hrishikesh Yedve, AVP, technical and derivatives research at Asit C Mehta Investment
On a daily chart, Nifty has formed a bearish belt hold pattern, signifying weakness. Accordingly, 24,350 will act as strong resistance for the index in the short-term. On the downside, the 21-day exponential moving average (DEMA) is placed near 24,070. Thus, 24,070 will provide immediate support for the index followed by psychological support of 24,000. Overall short-term trend is up, but as long as index persists below 24,350, traders should focus on booking profits and wait for fresh breakout.
Rupak De, senior technical analyst, LKP Securities
In the short-term, the trend remains positive, with a ‘buy-on-dips’ strategy favouring traders. On the lower end, 23,950–24,000 might act as crucial support levels, while 24,500 could act as a key resistance level. A decisive move above 24,500 might trigger a further sharp rally.