Market Today: GIFT Nifty, Maharashtra election, Enviro Infra IPO, Dow Jones

Stock Market Today, Nov 25: A decisive National Democratic Alliance (NDA) victory in Maharashtra is set to boost bullish sentiment, and drive benchmark indices, Sensex and Nifty, as domestic developments take the centre stage. However, global uncertainties, including the escalating Russia-Ukraine conflict, remain a concern.

 

Vinod Nair, head of research at Geojit Financial Services said, “Most of the state elections are now over, and the market may find stability as government spending will improve in the coming months to meet the FY25 capex target. Which in turn supports private spending. The upcoming economic indicators like PMI data, IIP, and inflation will be keenly watched by investors for a resemblance of a 10 to 12 per cent corporate earnings growth in H2FY25."

 

 

Also Read: Election results: NDA set to stun in Maharashtra, INDIA to retain Jharkhand

 

At 6:54 AM, GIFT Nifty futures were trading 395 points higher at 24,281.5, indicating a gap-up start for the bourses.

 

Benchmark indices ended last week on a strong note, driven by broad-based buying across sectors. In the previous session, the Sensex surged 1,961.32 points, or 2.54 per cent, to close at 79,117.11. Similarly, Nifty rose 557.35 points, or 2.39 per cent, to settle at 23,907.25.

 

Domestic cues 

Apart from election outcomes, market participants will be closely watching IPO developments and stock-specific movements. 

 

Also Read: Earnings downgrades widespread and more expected, says Andrew Holland

 

IPO corner 

NTPC Green IPO (Mainline) will announce its allotment today. The Enviro Infra Engineers Limited IPO (Mainline) and C2C Advanced Systems IPO (SME) will enter Day 2 of their subscriptions, while Rajesh Power Services IPO (SME) opens for subscription today. Lamosaic India Limited IPO (SME) will see its third day of subscription.

 

FII, DII  

Foreign Institutional Investors (FIIs) sold shares of Rs 1,278.37 crore, on November 22. Meanwhile, Domestic Institutional Investors (DIIs) purchased shares of Rs 1,722.15 crore.

 

Also Read: FPI selling spree continues in Nov at Rs 26,533 cr, pace of outflow slows

 

Cryptocurrency 

In the cryptocurrency market, Bitcoin hovered near the $100,000 mark. Last checked, Bitcoin was trading slightly lower by 0.10 per cent at $97,933.72.

 

Commodity prices 

Oil prices posted a weekly gain of more than 5 per cent amid intensifying conflict in Ukraine and expectations of higher Chinese imports in November. Brent crude futures rose 1.27 per cent to settle at $75.17 per barrel, while WTI crude climbed 1.63 per cent to close at $71.24 per barrel. Gold prices soared past the $2,700 mark for the first time in over two weeks, driven by safe-haven demand. Spot gold jumped 1.5 per cent to $2,709.24 per ounce, while US gold futures settled 1.4 per cent higher at $2,712.20, marking the metal’s biggest weekly gain in nearly two years.

 

Global cues 

Global markets started the week on a positive note. Asia-Pacific indices advanced, with investors eyeing key economic data, including South Korea’s central bank rate decision and India’s second-quarter GDP numbers. 

 

Other major releases include China’s year-to-date industrial profits on Wednesday, Australia’s October inflation data, and November inflation readings for Tokyo, which are considered a bellwether for nationwide trends in Japan.

 

Asian markets showed strong performance, with ASX 200 hitting a record high of 8,458.9 after rising 0.75 per cent. Nikkei gained 1.19 per cent, and the broader Topix index rose 0.83 per cent. Kospi, meanwhile, added 0.93 per cent, while the Kosdaq jumped 1.76 per cent. 

 

In the US, the Dow Jones closed at a new record of 44,296.51, gaining 0.97 per cent. The S&P 500 extended its winning streak to five sessions with a 0.35 per cent gain, and the Nasdaq rose 0.16 per cent.

 

Here's how analysts are assessing today's (November 25) trading session:

 

Shrikant Chouhan, head of equity research, Kotak Securities 

As long as the market is trading above the 200 day SMA or 23600/77500 the pullback formation is likely to continue. On the higher side, it could move up to 24000-24200/79400-79900 On the flip side, below 23600/77500 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions. 

 

Rupak De, senior technical analyst, LKP Securities

  The RSI has entered a bullish crossover near the oversold zone, suggesting positive momentum for Nifty50. The sentiment appears favourable for a meaningful rally in the short term, as long as the index stays above 23,600. Immediate resistance is seen at 23,960–24,000. A decisive move above 24,000 could trigger a rally toward 24,500. On the downside, supports are placed at 23,750 and 23,550.