The market started the week with weakness. Sensex was trading down 106 points amid selling in IT and metal stocks. Nifty fell 44 points to close at 25,833. Bank Nifty also fell 90 points and closed at 57,943. Midcap and smallcap indices remained almost stable. If we look at the initial levels, the Sensex opened 25 points down at 84,379. Nifty opened 14 points lower at 25,863. Bank Nifty opened 89 points lower at 57,942. In the currency market, the rupee strengthened by 11 paise and closed at 88.59/dollar. After Thursday’s fall, today investors will keep an eye on both domestic and global cues. Heavy selling by foreign investors, movement in global markets and the pace of quarterly results will decide the direction of Sensex and Nifty today.
Tech stocks were under heavy pressure in the US markets. The Nasdaq fell 375 points, while the Dow Jones Industrial Average (DJIAO) fell 500 points from its intraday high and closed 100 points below its previous close. However, some signs of relief are visible in Asian markets today. Nifty is steady around 26,050, while Nasdaq futures are up 300 points and Dow futures 70 points. Japan’s Nikkei has jumped 600 points to its all-time high.
Major triggers for the market today
Nasdaq fell 377 points, Dow fell 109 points
Nasdaq futures rose 300 points
Dollar index at 3-month high, metals slip
Gold broke the trend of 5 days of decline, silver shined
Results: ITC, NTPC, Bandhan, Dabur, IEX, Pidilite mixed
Results: United Spirits, Lodha, IIFL Finance strong, DLF weak
Eight results will be released in Nifty futures including BEL, Maruti, Shriram Finance
IMG meeting on IDBI Bank disinvestment
lenskart ipo open
Heavy selling by FIIs, DIIs become support
Yesterday, foreign investors (FIIs) made huge sales worth ₹9,047 crore in cash, index and share futures. This was the biggest selloff in the cash market since September 26. However, domestic funds (DIIs) continued buying worth ₹2,470 crore for the 45th consecutive day, providing some support to the market.
Mixed trends are being seen in the commodity market with rise and fall.
Gold rose by ₹700 to close at ₹1,21,400, while silver rose by ₹2,500 to close at ₹1,48,650. In the international market, gold rose by ₹ 50 dollars and silver by 2%. On the other hand, crude oil remained sluggish near ₹64. The dollar index hit a three-month high above 99. Profit booking was seen in base metals, with copper falling 2% and zinc falling 1.5% on the London Metal Exchange.
The rise in quarterly results continues
ITC’s operating performance remained strong in the September quarter. NTPC, Bandhan Bank, Dabur, IEX and Pidilite had a mixed performance. United Spirits and Lodha posted strong results, while IIFL Finance performed in line with expectations. Manappuram Finance’s results were in line with expectations, but DLF underperformed on all parameters.
Today the results of these companies will be in focus
Today the market will keep an eye on the quarterly results of BEL, Maruti Suzuki and Shriram Finance. Apart from this, results of eight companies including Godrej Consumer, Patanjali, BPCL, Samman Capital and Vedanta will also be released in the F&O sector.
keep an eye on government decisions
An inter-ministerial group meeting will be held today regarding the disinvestment of IDBI Bank, in which a decision can be taken on inviting financial bids. The government’s stance on this issue is likely to cause turmoil in the banking and public sector sectors.