Stock Market LIVE Updates: Sensex, Nifty gain at pre-open; ITI, GMR Airports, Waaree Energies in focus

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Stocks like Godavari Biorefineries, Gujarat Themis Biosyn, AstraZeneca Pharma, GVK Power and Infrastructure, GMR Airports Infrastructure, and Tilaknagar Industries will also be in focus on November 19….Read More

#1 Profit grows 14.7 percent to Rs 361.6 crore Vs Rs 315.1 crore, YoY

#2 Revenue increases 1 percent to Rs 3,574.4 crore Vs Rs 3,537.3 crore, YoY

Despite mixed global cues, the Indian indices opened higher on November 19 with Nifty around 23550.

The Sensex was up 309.40 points or 0.40 percent at 77,648.41, and the Nifty was up 100.50 points or 0.43 percent at 23,554.30. About 1789 shares advanced, 587 shares declined, and 94 shares unchanged.

Trent, BPCL, Infosys, NTPC and Adani Ports were among major gainers on the Nifty, while losers were Dr Reddy’s Labs, Shriram Finance, SBI Life Insurance, Asian Paints and JSW Steel.

The Nifty ended lower yesterday, its seventh straight daily loss. The last time that happened was in February 2023, which led to a relief rally and historically looking at the last decade, such downstreaks have mostly led to the market rebounding over the next 5 days.

Short-term momentum is also deeply oversold with the current decline dropping below the regression channel drawn from the March 2023 lows, which means statistically speaking, a bounce is overdue. Holding support in the 23200 – 23300 zone is key though, while 23680 remains the immediate upside hurdle.

An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight. The momentum that drove the market to its record peak of 26216 in September is gone. There can be recoveries which are unlikely to sustain given the selling mode of the FIIs and the concerns surrounding the weak earnings growth feared in FY25. At best the market may consolidate around the present levels with sideways movements. Sustained up moves will emerge only when incoming data indicates earnings recovery.

A significant trend is the sustained weakness emerging in a large number of mid and smallcaps. Hundreds of such stocks, which had run ahead of fundamentals, and driven by momentum are reverting to mean. Investors need not rush in to grab these stocks which have more downside potential. In contrast, quality largecaps are resilient and investors can stick to them.

Nifty’s downward trend continued for the seventh consecutive session, falling below its 200-day moving average and now down nearly 10% from its peak. FIIs have pulled out a record Rs 1.25 lakh crore since September 27, including Rs 30,937 crore this November.

WTI crude oil surged 3% to USD 69 per barrel following a production halt at Norway’s largest oilfield. Markets will be closed on November 20th for Maharashtra Assembly polls.

With Nifty remaining vulnerable, recommended trades include selling Nifty and Bank Nifty on rallies, along with Voltas (CMP RS 1,696), Axis Bank, and Oberoi Realty, which are expected to face further downside pressure.

Indian rupee opened flat at 84.39 per dollar on Tuesday versus Monday’s close of 84.39.

Benchmark indices are trading firm in the pre-opening session.

The Sensex was up 225.12 points or 0.29 percent at 77,564.13, and the Nifty was up 41.70 points or 0.18 percent at 23,495.50.

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Glenmark Pharma, financial stocks, and more….Read More

Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.

Spot gold rose 0.4% to $2,623.54 per ounce, the highest since Nov. 12. Prices rose 2% on Monday.

U.S. gold futures gained 0.5% to $2,627.60.