The Sensex opened slightly higher at 77,711.11 from its previous close of 77,578.38 but has dropped significantly, trading at 76,847.59 as of 9.40 AM, down by 730.79 points or 0.94 per cent. Similarly, the Nifty opened lower at 23,488.45 compared to its previous close of 23,518.50 and is currently at 23,275.30, losing 243.20 points or 1.03 per cent.

Foreign Institutional Investors (FIIs) continued their selling streak, offloading equities worth ₹3,411 crore on November 19, while Domestic Institutional Investors (DIIs) purchased equities worth ₹2,783.89 crore on the same day.

The market witnessed significant sectoral movements, with technology stocks providing some support. Infosys led the gainers with a 1.12 per cent increase, followed by HCL Tech at 0.63 per cent and TCS at 0.53 per cent. Conversely, Adani Enterprises and Adani Ports were the most significant losers, both dropping 10 per cent, while SBI fell 5 per cent, and IndusInd Bank declined 3.21 per cent.

Dr. V K Vijayakumar from Geojit Financial Services highlighted the market’s cautious sentiment, stating, “The element of uncertainty is high, and most market participants are likely to be in a wait and watch mode.” The Reserve Bank of India (RBI) offered a slightly optimistic outlook, projecting third-quarter GDP growth at 7.6 per cent, an improvement from the previous quarter’s estimated 6.7 per cent.

Global markets presented a mixed picture. The U.S. markets displayed volatility, with the Nasdaq rising over 1 per cent and the S&P 500 ending higher, primarily driven by technology shares. Japan reported a trade deficit for the fourth consecutive month, while China maintained its benchmark lending rates.

Technical analysts provided nuanced perspectives on market movement. Sameet Chavan from Angel One noted the market’s volatile nature, observing that while the market showed initial bullish sentiment, the final trading hour revealed underlying challenges. Hardik Matalia from Choice Broking advised caution, recommending traders implement strict stop-loss measures and avoid holding overnight long positions.

The market’s technical levels suggest potential volatility. For the Nifty, support levels are identified at 23,350, 23,250, and 23,200, with resistance levels at 23,600, 23,700, and 23,800. Vikas Jain from Reliance Securities remained cautiously optimistic, suggesting, “NIFTY-50 has witnessed a pullback from its support range, and we could expect some positive momentum to continue near 24,000 levels over the next few days.”

Sector-specific insights indicate potential opportunities in hotels, aviation, banking, telecom, IT, and pharma sectors, while FMCG, cement, petroleum refining, and metals currently show weakness. The market continues to be sensitive to global developments, geopolitical tensions, and potential economic stimulus measures.

The day’s trading reflects the complex interplay of domestic and international economic factors, with investors carefully navigating uncertainties in the global financial landscape. As the market remains volatile, investors are advised to maintain a cautious and strategic approach to their investment decisions.

Related Topics