Market Today: GIFT Nifty; FIIs; Hero MotoCorp Q2; Zinka Logistics IPO Day 3

Stock Market Today, Monday, Nov 18: Benchmarks, Sensex and Nifty50, may open lower today, mirroring weak global cues. At 6:36 AM, GIFT Nifty Futures indicated a gap-down start, trading down by 113.7 points at 23,488 levels.

 

In the previous session, both indices closed in the red. Sensex declined 110.64 points or 0.14 per cent to settle at 77,580.31, while Nifty50 ended at 23,532.70, losing 26.35 points or 0.11 per cent.

 

Meanwhile, the BSE and NSE will remain closed on Wednesday, November 20, in observance of the Maharashtra Assembly Election.

 

Domestic triggers 

Investors back home will react to Q2 nos. from top companies like Hero MotoCorp, Grasim Industries and Nazara Tech among others. They will also watch out for November services and composite PMI flash figures, which is expected on Friday, Nov 22.

 

 

Hero MotoCorp posted a 5.6 per cent rise in net profit for Q2FY25 at Rs 1,063 crore, alongside a 10 per cent revenue increase to Rs 10,482.93 crore. 

 

Waaree Energies and Valecha Engineering among two others will also remain in focus as they will announce their Q2 results.  

 

Also Read: Manufacturing slump likely to hit India's Q2 GDP growth to six-quarter low

 

FII and DII activity  

 

Foreign Institutional Investors (FIIs) sold shares worth Rs 1,849.87 crore on November 14, while Domestic Institutional Investors (DIIs) were net buyers, purchasing Rs 2,481.81 crore worth of shares.  

 

Also Read: FPIs selling-spree continues; Rs 22,420 cr withdrawn from equities in Nov

 

IPO corner

  Zinka Logistics IPO (Mainline) and Onyx Biotec IPO (SME) will enter their last day of subscription. Additionally, Neelam Linens and Garments (India) Ltd IPO (SME) will debut on stock exchanges.  

 

Commodity prices

  Crude oil futures ended the week with major losses, pressured by a looming supply glut and a strong dollar. On Friday, WTI crude oil's December contract closed at $67.02 per barrel, down 2.45 per cent. Brent crude's January contract settled at $71.04 per barrel, declining 2.09 per cent.

 

Global markets  

Asia-Pacific stocks traded mostly lower on Monday, tracking Wall Street. Key updates from Asia this week include China’s loan prime rate (LPR) decision, set for Wednesday, where no changes are expected. The one-year LPR is anticipated to remain at 3.1 per cent, and the five-year LPR at 3.6 per cent.  

 

Japan will release trade data on Tuesday and October inflation figures on Friday. Meanwhile, Australia’s central bank is set to publish the minutes of its recent meeting on Tuesday.  

 

Nikkei fell 1.16 per cent, while the Topix declined 0.65 per cent. Kospi gained 1.06 per cent, but the Kosdaq slipped 0.62 per cent. ASX 200 began the day lower by 0.33 per cent.  

 

All major US indices ended in the red on Friday, November 15, as concerns over interest rate trajectories and a sell-off in pharmaceutical stocks weighed on sentiment. The Dow Jones fell 0.70 per cent, the S&P 500 lost 1.32 per cent, and the Nasdaq declined 2.24 per cent. Furthermore, the investors remain cautious as market dynamics are influenced by policy expectations and sector-specific weaknesses.  

 

Here's how analysts are assessing today's (November 18) trading session:

 

Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas 

On the daily charts we can observe that the index is trading around the 200-day moving average (23556). The index is trading at a crucial support level. There can be a pullback as the hourly momentum indicator has triggered a positive crossover, however, the trend remains weak and pullback towards 23700 – 23750 should be used as a selling opportunity as the overall trend remains negative. On the downside we are expecting 23180 which coincides with the 61.82 per cent fibonacci retracement level.

 

Amol Athawale, VP, technical research at Kotak Securities

  The current market texture is weak but oversold, for the positional traders now, 200 day SMA or 23500/77400 (Simple Moving Average) would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally. On the higher side, the market could bounce back till 23800-24000/78500-79000. However, dismissal of 23500/77400 could trigger further weakness. Below which, it could slip till 23300-23200/77000-76600.

 

Rupak De, senior technical analyst at LKP Securities

  The index has slipped sharply due to strong selling by major players. The Nifty has fallen toward its 200DMA, breaching the support level at 23800. Immediate support is now at 23500, and a fall below this level could trigger further correction toward 23300–23200. On the higher end, resistance is positioned at 23750.