Closing Bell: Nifty below 24,150, Sensex down 55 pts; IT stocks outperform

Indian equity indices ended marginally lower in the volatile session on November 8. At close, the Sensex was down 55.47 points or 0.07 percent at 79,486.32, and the Nifty was down 51.10 points or 0.21 percent at 24,148.20.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

After showing fine upside bounce on Tuesday and Wednesday, Nifty tumbled down from near the hurdle on Thursday and closed the day lower by 284 points. After opening on a flat note, the market started to show sharp intraday weakness soon after the opening. It later shifted into a range bound action in the mid to later part of the session and finally closed at the lows.

A long negative candle was formed on the daily chart after the upside bounce of last two sessions. The crucial overhead resistance of 24500 remained intact and the market was not able to sustain above the resistance area. Though, technically this candle pattern not showing any signs of bigger decline from here but some more consolidation or minor dip is expected towards 23800 or slightly lows.

The short-term trend remains dicey with short-term volatility in the market. Until Nifty surpasses above 24500 levels, meaningful upside rally is not expected. At the lows, the Nifty could find support around 23800 levels.

Nifty opened on a flat note and after the initial bout of volatility it consolidated and closed the day on a negative note down ~51 points. On the daily charts we can observe that the Nifty is in the process of retracing the rise it witness from 23800 to 24500. Currently it is trading around the 61.82% Fibonacci retracement level (24090) which is likely to provide support and holding which can lead to resumption of upmove. A break below 23970 is likely to weaken the structure.

Bank Nifty continued to decline for the third consecutive session and closed below key daily moving averages suggesting weakness. We expect the range bound price action to continue within 51000 – 52500 from short term perspective. Divergence among the daily and hourly moving averages can lead to a range bound price action and volatility from a short-term perspective.

The 24,000 level is expected to serve as strong support for the index. If it holds above this level, Nifty bulls may still have an opportunity to regain momentum. However, a break below 24,000 could further weaken the market.

The RSI indicator remains in a positive crossover, indicating that short-term momentum is likely to stay strong. In the near term, the index may recover toward 24,500, but a dip below 24,000 could lead to a market correction.

In the last week, the benchmark indices witnessed roller coaster activity. Among Sectors, IT index was the top gainer, rallied over 3.78 percent whereas reality indices shed over 4 percent. During the week, after a sharp correction, market took the support near 23850/78250 and bounce back sharply but due to profi, booking at higher levels it corrected sharply. Technically, 24100/79300 and 24000/79000 would act as a key support zones for the traders. If it sustain above the same, then it could retest the level of 24500/80500. Further upside may also continue which could lift the index till 24600/80800. However, below 24000/79000 the sentiment could change. Below the same, traders may prefer to exit from the trading long positions.

For Bank Nifty now, 20-day SMA (Simple Moving Average) or 51500 would be the sacrosanct support zone. Above the same, it could move up till 52500-52800. On the flip side, below 20-day SMA or 51500 uptrend would be vulnerable.

Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs. The US FED continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet amid moderation in inflation. While inflation in India is estimated to increase in October and the strengthening USD would reinforce RBI to hold the rate in the near-term.

#1 Market reverses last week’s gains, falls nearly 1% this week

#2 Except IT & PSU Bank, all sectoral indices post losses this week

#3 Market ends lower in a news heavy week tracking geopolitical cues

#4 Realty stocks fall the most, IT index outperforms

After gyrating nearly 700 points in early trades, markets moved in a range-bound manner thereafter and ended marginally lower on selective selling in banking, telecom, metal, oil & gas and realty stocks. Despite recovery in global indices, Indian markets continue to bore the brunt of FII fund outflows. The US Fed rate cut failed to enthuse local investors as the undertone remains caution with a negative bias.

The markets traded lackluster, ending slightly lower as the consolidation phase continued. After an initial dip, the Nifty saw sharp fluctuations in the early hours before settling into a range-bound movement for the rest of the session. Sector-wise, the trend was mixed, with IT and FMCG showing gains while realty and energy were among the top decliners. Broader indices faced pressure, dropping between 1% and 1.5%.

This mixed sectoral trend is leaving participants uncertain about the market's next direction. While IT stocks have regained momentum following last week’s dip, the banking sector remains stuck in a range. Given the current scenario, a cautious stance with a hedged approach is advisable until clearer market signals emerge. Meanwhile, investors could use this period to selectively accumulate quality stocks available at attractive valuations.

Indian equity indices ended lower in the volatile session on November 8.

At close, the Sensex was down 55.47 points or 0.07 percent at 79,486.32, and the Nifty was down 51.10 points or 0.21 percent at 24,148.20. About 1314 shares advanced, 2475 shares declined, and 95 shares unchanged.

M&M, Titan Company, Tech Mahindra, Infosys and Nestle were among major gainers on the Nifty, while losers are Coal India, Tata Steel, Trent, Asian Paints and Shriram Finance.

Among sectors, IT index was up 0.7 percent, while media, PSU Bank, metal, oil & gas, power, realty declined 1-2 percent.

The BSE midcap index shed 1 percent and smallcap index was down 1.6 percent.

QIB – 0.98 times

NII - 0.38 times

Retail – 1.25 times

Overall – 0.87 times

QIB – 5.78 times

NII - 0.36 times

Retail – 1.07 times

Employee Reserved - 1.57 times

Overall – 3.44 times

QIB – 3.32 times

NII - 0.85 times

Retail – 2.85 times

Employee Reserved - 1.43 times

Overall – 1.55 times

The recent US Federal Reserve decision was largely a non-event, as it aligned with market expectations. Moving forward, the Fed’s trajectory will depend heavily on upcoming economic data from the US. Meanwhile, the RBI Governor recently shifted to a neutral stance, but there was no clear indication of a rate cut. With emerging signs of an economic slowdown, there may be some pressure on the RBI to implement a 25 basis-point rate cut in the next policy review. However, inflation figures will also play a crucial role in shaping this decision.

The Sensex was down 41.19 points or 0.05 percent at 79,500.60, and the Nifty was down 39.50 points or 0.16 percent at 24,159.80. About 1152 shares advanced, 2214 shares declined, and 70 shares unchanged.

QIB – 0.98 times

NII - 0.37 times

Retail – 1.21 times

Overall – 0.85 times

QIB – 4.49 times

NII - 0.31 times

Retail – 1.04 times

Employee Reserved - 1.51 times

Overall – 2.72 times

QIB – 2.09 times

NII - 0.78 times

Retail – 2.77 times

Employee Reserved - 1.37 times

Overall – 1.85 times

#1 Reported a strong set of earnings for Q2

#2 Further acceleration in growth is possible in H2FY25

#3 Hotel business continues to benefit from cyclical tailwinds on demand-supply mismatch

#4 International business also improved in Q2

#5 New businesses & expanding brandscape are adding to gains

#6 Raise LFL EBITDA/PAT estimates by 2-4 percent

#7 Factoring in stronger revenue PAR growth at 10 percent for FY25 vs 8 percent earlier

#1 Revenue Rs 37170 crore, dawn 3.6% YoY

#2 Total costs Rs33170 crore, up 1.7% YoY

#3 Other income Rs1300 crore vs Rs 640 crore YoY

#1 Net profit at Rs 21.2 Cr Vs Rs 18.6 Cr (YoY)

#2 Revenue Up 26.3% At Rs 297 Cr Vs Rs 235.2 Cr (YoY)

#3 EBTIDA Up 13% At Rs 42 Cr Vs Rs 37.2 Cr (YoY)

#4 Margin At 14.2% Vs 16% (YoY)

#1 Profit zooms 36.5 percent to Rs 449.4 crore Vs Rs 329.1 crore, YoY

#2 Revenue surges 30.6 percent to Rs 2,508.6 crore Vs Rs 1,921.6 crore, YoY

#1 Loss widens to Rs 214.7 crore Vs loss of Rs 200.3 crore, YoY

#2 Revenue jumps 13 percent to Rs 3,644 crore Vs Rs 3,226.4 crore, YoY

#1 Profit plunges 41 percent to Rs 9.8 crore Vs Rs 16.6 crore, YoY

#2 Revenue declines 7.8 percent to Rs 330.4 crore Vs Rs 358.3 crore, YoY

#1 Profit rises 4 percent to Rs 188.9 crore Vs Rs 181.5 crore, YoY

#2 Revenue grows 13 percent to Rs 1,143.2 crore Vs Rs 1,011.7 crore, YoY

QIB – 0.98 times

NII - 0.37 times

Retail – 1.16 times

Overall – 0.84 times

QIB – 3.90 times

NII - 0.25 times

Retail – 1 times

Employee Reserved - 1.43 times

Overall – 2.37 times

QIB – 1.83 times

NII - 0.72 times

Retail – 2.61 times

Employee Reserved - 1.30 times

Overall – 1.67 times

#1 Profit falls 10.9 percent to Rs 193.6 crore Vs Rs 217.2 crore, YoY

#2 Revenue declines 26 percent to Rs 1,394.3 crore Vs Rs 1,882.8 crore, YoY

#1 Delivered a strong overall performance beating our estimates

#2 Hospital division clocked multi-quarter high occupancy

#3 HealthCo’s profitability continued to improve while meeting growth expectations

#4 Company is focussing on right areas & thus delivering on growth & profitability

#1 Profit jumps 40.1 percent to Rs 125.2 crore Vs Rs 89.3 crore, YoY

#2 Revenue falls 0.1 percent to Rs 691.9 crore Vs Rs 692.6 crore, YoY

#1 Profit declines 38 percent to Rs 281.7 crore Vs Rs 454.6 crore, YoY

#2 Revenue slips 6.4 percent to Rs 3,992.1 crore Vs Rs 4,265.2 crore, YoY

#1 Profit climbs 34.4 percent to Rs 72.2 crore Vs Rs 53.7 crore, YoY

#2 Revenue increases 23.6 percent to Rs 1,990.9 crore Vs Rs 1,610.4 crore, YoY

#1 Profit falls 17.9 percent to Rs 206 crore Vs Rs 250.8 crore, YoY

#2 Revenue declines 19.3 percent to Rs 2,447.5 crore Vs Rs 3,033.3 crore, YoY

QIB – 0.98 times

NII - 0.36 times

Retail – 1.11 times

Overall – 0.83 times

QIB – 1.02 times

NII - 0.69 times

Retail – 2.54 times

Employee Reserved - 1.25 times

Overall – 1.21 times

QIB – 1.52 times

NII - 0.22 times

Retail – 0.97 times

Employee Reserved - 1.38 times

Overall – 1.07 times

#1 Profit drops 31.3 percent to Rs 897.2 crore Vs Rs 1,305.6 crore, YoY

#2 Revenue declines 17 percent to Rs 24,675.2 crore Vs Rs 29,712 crore, YoY

#1 Profit plunges 41.2 percent to Rs 909 crore Vs Rs 1,546 crore, YoY

#2 Revenue grows 4.1 percent to Rs 3,051.9 crore Vs Rs 2,931.3 crore, YoY

#3 Tax expenses at Rs 605.22 crore Vs tax writeback at Rs 75 crore, YoY

#1 Q2 results ahead of estimates, both farm & auto segments surprised positively

#2 Post strong retail volume growth in the festive season, demand outlook is positive

#3 There could be some near-term margin pressures associated with BEV launch

#1 Profit jumps 17 percent to Rs 70.3 crore Vs Rs 60.1 crore, YoY

#2 Revenue grows 5.3 percent to Rs 700.3 crore Vs Rs 665 crore, YoY

#1 Profit sinks 17.5 percent to Rs 108.7 crore Vs Rs 131.7 crore, YoY

#2 Revenue rises 0.5 percent to Rs 1,370.4 crore Vs Rs 1,363 crore, YoY

#3 EBITDA falls 4.5 percent to Rs 210.1 crore Vs Rs 220.1 crore, YoY

#4 Margin declines 80 bps to 15.3 percent Vs 16.1 percent, YoY

Asian Paints, Divis Labs, Aurobindo Pharma, Atul Auto, Data Patterns, DOMS Industries, HealthCare Global Enterprises, Krishna Institute of Medical Sciences, Ratnaveer Precision Engineering, TVS Electronics, Utkarsh Small Finance Bank, and Zim Laboratories will announce quarterly earnings on November 9.

State Bank of India, Tata Motors, Power Finance Corporation, Life Insurance Corporation of India, Vedanta, Ola Electric Mobility, Ashok Leyland, Aarti Industries, Bajaj Hindusthan Sugar, Dreamfolks Services, Equitas Small Finance Bank, Fine Organic Industries, Flair Writing Industries, Fortis Healthcare, Latent View Analytics, Metropolis Healthcare, MRF, Info Edge, Premier Energies, Samhi Hotels, Tracxn Technologies, and Whirlpool of India will release their quarterly earnings scorecard on November 8.

QIB – 0.79 times

NII - 0.36 times

Retail – 1.02 times

Overall – 0.71 times

QIB – 0.31 times

NII - 0.64 times

Retail – 2.40 times

Employee Reserved - 1.19 times

Overall – 0.78 times

QIB – 0.73 times

NII - 0.18 times

Retail – 0.94 times

Employee Reserved - 1.31 times

Overall – 0.62 times

The Sensex was down 61.88 points or 0.08 percent at 79,479.91, and the Nifty was down 33.50 points or 0.14 percent at 24,165.80.

The company has received the largest single order to date, valued at Rs 126 crores ( USD 14.95 Mn ) for 4 no. rotary dryer packages for drying of rock phosphate.

#1 Missed elevated estimates even while growth remained strong

#2 Closed stores in both the key fashion formats

#3 Management remains confident on growth opportunity