Closing Bell: Nifty below 23,550, Sensex down 111 pts; FMCG drags, media, realty shine

Indian equity indices ended lower on the sixth consecutive session on November 14 with Nifty below 23,550. At close, the Sensex was down 110.64 points or 0.14 percent at 77,580.31, and the Nifty was down 26.30 points or 0.11 percent at 23,532.70.

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

Today the domestic market experienced a lacklustre trading, but some stability was observed throughout from the low of the day. The sustainability of this trend remains uncertain as FIIs continue to be on the selling side. But on a positive note the degree of selling is reducing. Asian markets too displayed mixed sentiments as investors evaluate potential risk due to a likely change in the US policy with trade barriers.

However, it looks like the muted performance of domestic Q2 earnings has been mostly factored in with the consolidation of the last 1-2 months. Market will look forward for improvement in domestic business and economy data, in anticipation of a rebound in government spending which reduced during the year due to national & state elections.

Nifty opened on a flat note and continued to trade in a narrow range during the day to close in the red down ~26 points. On the daily charts we can observe that the index is trading around the 200-day moving average (23556). The index is trading at a crucial support level. There can be a pullback as the hourly momentum indicator has triggered a positive crossover, however, the trend remains weak and pullback towards 23700 – 23750 should be used as a selling opportunity as the overall trend remains negative. On the downside we are expecting 23180 which coincides with the 61.82% fibonacci retracement level.

Bank Nifty also consolidated in a range after the sharp decline in the previous session. The consolidation is a brief pause in the overall downtrend. We expect the Bank Nifty to head south towards 49700 (200 DMA. On the upside, 50560 – 50700 shall act as an immediate hurdle zone from short term perspective.

Markets witnessed a range-bound session with a negative bias as selective selling in FMCG, oil & gas and power stocks weighed on the sentiment. Despite the lacklustre trend, selective buying in realty, auto, banking and telecom stocks kept the losses under check.

Market gives negative returns for 2nd straight week, Sensex & Nifty fall 2 percent each

Midcap index slips 4 percent while Nifty Bank falls nearly 3 percent this week

All sectoral indices ex-Nifty IT give negative returns; PSU Bank & Metals fall 5 percent each

The Nifty index had a subdued session on the weekly expiry day following the recent sell-off. The benchmark index saw sharp fluctuations in the early hours, but a lack of clear direction among heavyweights kept the movement contained throughout the day. Sectorally, there was a mixed performance—realty and auto sectors edged higher, while FMCG and pharma ended in the red. Meanwhile, broader indices showed slight relief, posting gains in the range of 0.4% to 0.8%.

The Nifty's pause was largely anticipated after retesting its major support level at the 200-day exponential moving average (DEMA). We advise monitoring leveraged positions closely at this point. With major earnings now behind us, it’s crucial to focus on the performance of the IT and banking sectors for further cues.

Sensex and Nifty50 extended their losing streak on Thursday, marking a sixth consecutive session in the red. After a brief positive start driven by gains in HDFC Bank, Reliance, and major IT stocks, both indices reversed course as global pressures and persistent foreign investor selling weighed on sentiment.

The BSE Sensex fell 110.64 points, ending at 77,580.31, while the Nifty50 dropped 26.35 points, closing at 23,532.70.

A strong dollar index, now at 106.61, and the US 10-year bond yield at 4.48% have intensified headwinds for Indian equities, further strained by the rupee’s depreciation to a historic low of 84.40 against the dollar.

Inflation concerns, especially due to rising food prices from prolonged monsoon impacts, remain critical. The RBI’s decision to hold rates steady amid ongoing inflationary pressures and the Domestic Institutional Investors (DIIs) continued to support the market, but a relentless selling spree by Foreign Portfolio Investors (FPIs) further dampened sentiment.

Indian rupee ended marginally lower at 84.40 per dollar on Thursday versus Wednesday's close of 84.38.

Indian equity indices ended lower on the sixth consecutive session on November 14 with Nifty below 23,550.

At close, the Sensex was down 110.64 points or 0.14 percent at 77,580.31, and the Nifty was down 26.30 points or 0.11 percent at 23,532.70. About 2046 shares advanced, 1739 shares declined, and 88 shares unchanged.

Among sectors, FMCG, power, PSU Bank and oil & gas shed 0.3-1 percent, while auto, media, realty rose between 0.6-2 percent.

HUL, BPCL, Tata Consumer, Nestle, Britannia are among the major losers on the Nifty, while gainers were Eicher Motors, Hero MotoCorp, Reliance Industries, HDFC Life and Kotak Mahindra Bank.

BSE Midcap index was up 0.4 percent and Smallcap index added nearly 1 percent.

#1 Q2 margin misses on growth investments

#2 Encouraged to see RE’s shift in stance to drive volume growth

#3 Market share loss could be more gradual

#4 Given better strategy, upgrade the stock to neutral

#5 Raise FY25/26 RE volumes estimates by 3-5 percent

#6 Lower margin estimates by 20-40 bps for FY25/26/27

#1 Q2 results below our estimates on lower revenue growth across regions

#2 Revenue growth guidance lowered while margin target raised

#3 India growth expectations toned down

#4 US is expected to pick up traction from Q2 & RoW outlook is robust

#1 CSM exports saw double-digit revenue growth

#2 Domestic revenue in-line while pharma slightly ahead

#3 Management lowered FY25 revenue growth guidance to high-single digit

If you are investing with a 1 year horizon stay away from equity markets. Because India is a rising threat, that will emerge at some time or the other.

Fundamentally, things are very resilient in India. But guardrails have become strong. Every month 35 billion new credit lines are being added. So the Indian banking system has become more conservative in the last few years.

You should not keep saying FIIs are leaving India to go to China. It is is because India has had pathetic earning results.

We are at a stage where every correction is an opportunity to buy. For FIIs who want to make a comeback to India - "dugna dam denga padega" (they will have to pay double).

Strong credit demand is a positive indicator of economic growth. India needs to expand its capacity to keep the industry attractive for investors

The Sensex was down 120 points or 0.15 percent at 77,570.95, and the Nifty was down 25.30 points or 0.11 percent at 23,533.70.

#1 Profit climbs 23.2 percent to Rs 61.7 crore Vs Rs 50.1 crore, YoY

#2 Revenue increases 9.4 percent to Rs 616.5 crore Vs Rs 563.7 crore, YoY

#1 Profit spikes 11-fold to Rs 17.94 crore Vs Rs 1.6 crore, YoY

#2 Revenue increases 9.8 percent to Rs 343.8 crore Vs Rs 313 crore, YoY

#1 Profit rises 21.1 percent to Rs 97.8 crore Vs Rs 80.7 crore, YoY

#2 Revenue jumps 28.4 percent to Rs 1,153 crore Vs Rs 897.9 crore, YoY

#1 Profit jumps 81.7 percent to Rs 35.8 crore Vs Rs 19.7 crore, YoY

#2 Revenue rises 12.7 percent to Rs 799.5 crore Vs Rs 709.3 crore, YoY

The company board approved sub-division/ split of each equity share of the company having a face value of Rs 2 each, fully paid-up, into 2 equity shares having a face value of Re 1 each, fully paid-up.

#1 Profit declines 11.9 percent to Rs 409.3 crore Vs Rs 464.7 crore, YoY

#2 Revenue falls 10.9 percent to Rs 934.5 crore Vs Rs 1,048.5 crore, YoY

Gold continues to trade lower, weighed by a higher dollar and elevated treasury yield after U.S. CPI data showed inflation remains sticky above the Fed's 2% target. Also in focus remains the U.S. Producer Price Index (PPI) and weekly jobless claims are due later today, with retail sales data on Friday and remarks from Fed Chair Jerome Powell and other central bank officials.

On the Technical chart, momentum looks corrective with resistance at 74500/ 75350, while on the downside support holds at 73400/ 72580.

#1 Posted weak Q2 earnings with EBITDA 8 percent below our estimate

#2 Company is now focussing more on growth than margins

#3 Growth over margin a right strategy, but valuation keeps us underweight

#4 Despite good mix, EBITDA margin declined on a YoY basis

#1 Profit tanks 42.3 percent to Rs 105 crore Vs Rs 182 crore, YoY

#2 Revenue falls 7.8 percent to Rs 1,917 crore Vs Rs 2,080 crore, YoY

#1 Profit surges 263.2 percent to Rs 265.9 crore Vs Rs 73.2 crore, YoY

#2 Revenue declines 13.6 percent to Rs 2,461.3 crore Vs Rs 2,848.7 crore, YoY

#3 Exceptional gain at Rs 158.4 crore Vs gain at Rs 89.3 crore, YoY

Bajaj Steel Industries has received an export order worth Rs 24 crore for design, manufacturing, supply, supervision of installation and  commissioning of Electrical Panel, Fire Fighting and HVAC Products to be delivered over a period of 1 year.

The company clarified on report of "Secures Codli Mineral Ore Block". The company said it had participated in the forward auction for granting the

Mining Lease of Codli Mineral Block XII, Dharbandora, Goa and is awaiting notification of the outcome of the said auction, by the Directorate of Mines & Geology, Government of Goa.

Following an inspection of its Bengaluru facility, Cipla has received 8 observations in Form 483 from the US Food and Drug Administration (US FDA). The inspection took place at the company’s manufacturing facility in Virgonagar, Bengaluru, from November 7 to 13.

#1 Profit falls 5.3 percent to Rs 194.2 crore Vs Rs 205.1 crore, YoY

#2 Revenue grows 14.3 percent to Rs 2,032 crore Vs Rs 1,778 crore, YoY

The Board of Directors of the company, approved the acquisition, by the Company, of 100% of the issued and outstanding equity shares of Del Monte Foods (DMFPL)from the existing shareholders of DMFPL.

The consideration for the acquisition of DMFPL will be issue of equity shares of the Company to the existing shareholders of DMFPL, by way of a preferential allotment.

Earnings are slowing down, so there is a clear challenge for the earnings to come back. Maybe it would take 6 months for the earnings to come back, but it will come.

The FIIs can sell and go but the price they will have to pay to enter India again is high. Maybe when they come back the index will be 30,000.

#1 Reported Q2 sales below our estimates

#2 Lower operating expenses helped margin beat our estimates

#3 Margin to be rangebound at 19-20 percent over FY25-27

#4 Recovery in US sales growth key to reduce margin drag

I don't think there is anything like NSE. Patience is the most important thing to have while participating in the market. Another advice is to stay invested.

#1 Balance sheet turned net cash on consistent Optg cashflow performance

#2 Project pipeline doubled over the last 2 years

#3 FY25 pre-sales are trending well with 31 percent sales growth in H1

#4 Management has reiterated its guidance of 30 percent+ sales growth in FY25

Asian equities declined Thursday as the dollar’s sustained strength and weakness in China weighed on the region’s risk appetite. Japanese stocks climbed as the yen fell.

#1 Q2 EBITDA flat YoY, but 8 percent below estimate on lower-than-expected RE margin

#2 RE volumes are showing signs of pick-up

#3 RE should be a key beneficiary of 2W premiumisation

#4 Toughest phase of competition is behind

#1 Profit surges 40 percent to Rs 71.96 crore Vs Rs 51.5 crore, YoY

#2 Revenue rises 8.7 percent to Rs 2,003.8 crore Vs Rs 1,843.4 crore, YoY

#1 Profit plunges 26.6 percent to Rs 38.4 crore Vs Rs 52.4 crore, YoY

#2 Revenue jumps 31.2 percent to Rs 408 crore Vs Rs 311.1, YoY

#3 Exceptional item Nil Vs exceptional gain of Rs 16.4 crore, YoY

The challenge for central bankers has always been between doing too little or too late on the one hand, and too much and too early on the other.

The Sensex was down 39.01 points or 0.05 percent at 77,651.94, and the Nifty was down 1.80 points or 0.01 percent at 23,557.20.

#1 Profit declines 14.3 percent to Rs 82.3 crore Vs Rs 96 crore, YoY

#2 Revenue slips 7.6 percent to Rs 567.6 crore Vs Rs 614.2 crore, YoY

#1 Profit sinks 37.3 percent to Rs 297.5 crore Vs Rs 474.3 crore, YoY

#2 Revenue rises 2.5 percent to Rs 6,437 crore Vs Rs 6,279.6 crore, YoY

#1 Balance sheet turned net cash on consistent Optg cashflow performance

#2 Project pipeline doubled over the last 2 years

#3 FY25 pre-sales are trending well with 31 percent sales growth in H1

#4 Management has reiterated its guidance of 30 percent+ sales growth in FY25

Asian equities declined Thursday as the dollar’s sustained strength and weakness in China weighed on the

region’s risk appetite. Japanese stocks climbed as the yen fell.

#1 Profit falls 10.9 percent to Rs 119 crore Vs Rs 133.5 crore, YoY

#2 Revenue declines 21.5 percent to Rs 1,072.2 crore Vs Rs 1,366.6 crore, YoY