Closing Bell: Nifty ends above 18,400, Sensex up 249 pts led by auto, oil & gas, financials

Markets gained nearly half a percent in a volatile trading session, in continuation of the prevailing trend. The Nifty index traded lackluster for most of the session however a sharp surge in the last half an hour pushed the index to the day’s high. It finally settled at 18,403.40; up by 0.4%.

Most of the sectoral indices traded in tandem with the benchmark and ended with modest gains however the underperformance continued on the broader front.

Participants are maintaining a cautious stance around the record high which is reflecting in the market move. However, selective buying in the index majors on a rotational basis is helping the index to hold gains and gradually inch higher as well. We thus maintain our view to continue to follow the up trend until Nifty holds 17,800 and look for buying opportunities on dips.

The headline index Nifty remained volatile during the session. On the lower end, 18300 acted as support on a sustained basis, whereas on the higher end, the index moved above 18400.

The trend remains positive for the short term, as the index closed above the 50 EMA. On the higher end, resistance is placed at 18500/18600. Support on the lower end is pegged at 18250-18300 zone.

Indian markets opened on positive note following positive overall Asian markets. However, the markets couldn't sustain the gains post morning session. During the afternoon session the markets traded volatile with weakness in Metal and Capital Goods shares dragged key gauges lower, while buying in Auto and Telecom stocks helped markets to trade near neutral lines.

Traders were cautious after India’s exports dip to USD 29.78 billion in October 2022 from USD 35.73 billion a year ago. Besides, trade deficit widened to USD 26.91 billion as against USD 17.91 billion a year ago.

During the closing session, some support also came from financial stocks which helped in markets to firmly trade in green.

Rally gathered pace towards the closing hours after trading range-bound for a major part of the trading session. Majority of the European and Asian indices logged gains, which had a rub-off effect on the local benchmarks. Sharp fall in the crude oil prices and the strengthening rupee against the dollar boosted investors' confidence.

With domestic inflation showing signs of cooling, traders are hoping that the RBI in next month's policy meeting may take a dovish stance in its rate setting decision.

For the trend following traders, 18300 would be the sacrosanct support level. Above which, the index could rally till 18500-18600. On the flip side, if the index trades below 18300, the chances of hitting 18230-18200 would turn bright.

The Nifty continued with the brief consolidation in the first half of the session on November 15. Towards the end of the session the bulls took control & pushed the index higher. As a result, the Nifty managed to hold on to the support zone of 18300-18200.

On the higher side, the index has once again reached the rising trendline drawn from the previous key swing highs on the hourly chart. Going ahead, 18500 will be the key level to keep a tab on.

The recent up move in Nifty is not yet reflected in the broader market; the midcap & small cap indices are still in short term consolidation.

Indian rupee closed 16 paise higher at 81.10 per dollar versus previous close of 81.26.

Indian benchmark indices ended higher in the highly volatile session on November 15 with Nifty above 18400.

At Close, the Sensex was up 248.84 points or 0.40% at 61,872.99, and the Nifty was up 74.20 points or 0.40% at 18,403.40. About 1582 shares have advanced, 1814 shares declined, and 120 shares are unchanged.

Power Grid Corporation, ONGC, ICICI Bank, Bharti Airtel and Dr Reddy's Laboratories were among the top Nifty gainers, while the biggest losers were Coal India, HDFC Life, Grasim Industries, Cipla and Bajaj Finserv.

On the sectoral front, auto, oil & gas, bank up 0.5-1 percent.

Broader indices underperformed the main indices with midcap and smallcap indices ended on flat note.

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