In the 30-share Sensex pack, only BEL, SBI, Tata Steel, Eternal, Reliance Industries, Bharti Airtel and Bajaj Finserv ended in the green, while the rest suffered losses. Trent fell the most, down 2%, followed by Tata Motors Passenger Vehicles, Power Grid Corp and Infosys. Sector-wise, Nifty IT, Auto, FMCG and Oil & Gas were the biggest drags, declining up to 0.6% on November 25. Infosys, TCS, HCL Tech and Wipro suffered the most.
On the other hand, Nifty PSU Banks were the biggest gainers, ending over a percent higher. Nifty Metal, Pharma and Realty also rose up to 0.5%. Companies like State Bank of India, Canara Bank, Bank of Baroda and Indian Bank led the gains.
Expert views
“The domestic market witnessed sharp volatility at the monthly expiry, driven by a weakening INR and continued FII outflows. Caution prevailed as investors waited for clarity on a possible rate cut at the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals,” said Vinod Nair, head of research at Geojit Investments. Selling pressure is evident around the 26,000 level, although negative impacts appear limited given strong domestic fundamentals, including solid second-half earnings prospects.
Technical view
“Looking at the key levels, the 20-day EMA of the 25,850-25,800 zone is expected to act as a crucial support for the Index. Any sustained move below 25,800 could push the index towards 25,600. On the upside, the 26,000-26,050 zone remains a strong resistance for the index,” said Sudeep Shah, head of technical and derivatives research at SBI Securities. “For Bank Nifty, the 58,600-58,500 zone is expected to act as a crucial support for the Index. Any sustained move below 58,500 could push the index towards 58,000. On the upside, a breakout above the 59,200-59,300 zone could lead to a continuation of the index’s rise,” Shah added.
Rupee vs dollar
The Rupee ended flat at 89.22 per dollar compared to yesterday’s close.
Global markets
Global stocks rose on Tuesday after Federal Reserve officials boosted hopes of a rate cut in December, giving markets new momentum. Investors responded by rotating into technology stocks, brushing aside growing concerns that the sector may be running too hot.
The MSCI All-World Index rose for the third time in a row, recovering from last week’s low. European shares rose 0.2%, while US stock index futures also moved closer to positive territory, reflecting a broader improvement in sentiment.
Gold fell 0.6% to $4,115 an ounce, although it remained on track to post a gain of almost 3% in November.
Rough impact
In commodities, Brent crude futures fell 0.8% to $62.88 a barrel on concerns that global oil supply could rise sharply next year and outpace demand. Markets remain uncertain about the prospects for Russian exports, with negotiations to end the conflict in Ukraine showing little progress, but traders appeared more focused on forecasts that global supply could exceed demand next year.
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