Closing Bell: Market a sea of red; Nifty below 24,000, Sensex tanks 1,190 points

Indian equity indices erased previous session gains and ended lower on November 28 with Nifty below 24,000. At close, the Sensex was down 1,190.34 points or 1.48 percent at 79,043.74, and the Nifty was down 360.70 points or 1.49 percent at 23,914.20.

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

Markets broke a 3-day consolidation phase with a sharp decline on the monthly expiry day, losing nearly 1.5%. Early gains gave way to selling pressure in heavyweights, particularly IT and banking, dragging the indices lower. Most sectors closed in the red, with IT, auto, and financials leading the losses, while broader indices outperformed slightly, ending marginally positive.

Nifty struggled to breach the key resistance at 24,350 and slipped below its 20 DEMA, filling the gap on the daily chart. This suggests a likely consolidation phase ahead. Decline in key sectors like IT and banking adds to the negative sentiment. Traders are advised to remain cautious and focus on stock-specific opportunities until a clearer trend emerges.

The Nifty slipped sharply during the day, falling below the crucial support level of 23,940. The sentiment looks weak, and further weakness seems possible from here. On the daily chart, the index has closed a gap it created recently. In the short term, if the Nifty falls below 23,870, it might continue declining toward 23,500. However, if it sustains above 23,870 and does not make a lower low, it could witness a sharp recovery toward 24,200 and higher.

Nifty opened on a flat note and witnessed a sharp selloff thereafter. It closed in the red down ~361 points. On the daily charts we can observe that the consolidation of the last three trading sessions has broken down and filled the gap area formed on the 25th Nov between 23950 – 24150. Crucial retracement levels are placed at 23935 – 23807 which is likely to act as a strong support zone and potentially an uptrend resumption zone. Overall, the trend remains positive, and we expect the Nifty to resume its upmove towards 24400.

Bank Nifty also broke out of the consolidation range on the upside, however fizzled out to close in the red down ~395 points. It is holding on to its crucial hourly moving averages 51800. Also, the gap area in the zone 51200 – 51800 shall act as a crucial support zone from short term perspective. Overall, this fall is unlikely to result in resumption of the fall.

Ultimately, the range of 24,140-24,350 is breached but unfortunately on the lower side. After a sudden fall in the opening trade, there was no sign of any reversal and the Index kept on compounding its losses and filled the bullish gap zone to end the session at 23,914.15 with a loss of 360.75 points. Barring PSU Banks, Media, and Realty all the other sectors settled the trade in red with IT and Auto being the major underperformers.

Today's fall was limited to the Index stocks only which resulted in an outperformance by the Mid and Smallcaps segments.

On the daily timeframe, Nifty50 has formed a bearish candle but it appears that it is forming a right shoulder of an Inverted Head and Shoulder pattern and a strong close above 24,350 will confirm the pattern breakout. For now, the immediate resistance and support are at 24,140 & 23,76

Indian rupee ended 4 paise lower at 84.49 per dollar on Thursday versus Wednesday's close of 84.45.

Indian equity indices erased previous session gains and ended lower on November 28 with Nifty below 24,000.

At close, the Sensex was down 1,190.34 points or 1.48 percent at 79,043.74, and the Nifty was down 360.70 points or 1.49 percent at 23,914.20. About 2156 shares advanced, 1632 shares declined, and 101 shares unchanged.

SBI Life Insurance, HDFC Life, Infosys, M&M, Bajaj Finance were among the top losers on the Nifty, while gainers included Adani Enterprises, Shriram Finance, SBI, Cipla.

On the sectoral front, auto, bank, IT, FMCG, metal pharma, energy shed 0.3-2 percent, while PSU Bank index gained 1 percent and Media index up 0.3 percent.

BSE Midcap index ended flat and Smallcap index was up 0.4 percent.

The board of directors of PVP Ventures have approved the proposal for acquisition of substantial shares of Biohygea Global Private Limited, a health care venture located in Chennai in order to expand its fleet in the health care sector.

Indian Rupee depreciated on Thursday amid strong Dollar and weak tone in the domestic markets. However, mixed to weak tone in crude oil prices cushioned the downside.

We expect Rupee to trade with a negative bias on strength in the US Dollar and month end Dollar demand from importers. However, overall weakness in crude oil prices and fresh FII outflows may support the Rupee at lower levels. US markets will remain closed today to observe Thanksgiving Holiday. USDINR spot price is expected to trade in a range of Rs 84.35 to Rs 84.70.

#1 Management presentation alluded to softening category growth in urban markets in near-term

#2 Over long-term, management reiterated focus on market development in oral care in India

#3 Key initiatives include digital dental screening driving increased awareness towards oral health

#4 Expect earnings growth to moderate in near-term given soft demand trends

#5 Near-term earnings growth expected on advertising investments & high profitability in the base

Market tanks sharply on high geopolitical developments escalating news on the Russia-Ukraine war again. As per some social media reports Energy infrastructure is once again targeted by the enemy's massive strike," Ukrainian Energy Minister. Last week markets were coming out of the Lebanon ceasefire, but the closing remarks were a bit hawkish.

It's an F&O expiry day, and such headlines bring a lot of volatility in the market. A technical close below 23800 would be a make-or-break level for Nifty. I expect markets to trade sideways with negative biased pressure. On the resistance side, 24350 acts as strong resistance; any close above this can turn the market mood.

Despite, subdued mood in the market, Enviro Infra a specialised water and wastewater management company managed to attract stronger response from all sets of investors, with high demand seen in both QIB & NII category. The subscription demand is justified on the back of reasonable IPO valuation along with sector wise focus and increasing relevance of water & wastewater infrastructure treatment by the govt as well as industries.

Considering all the parameters supported by strong ask in its subscription demand and followed by improving market sentiments, the stock can list with a healthy listing gain around ~15-25% range on its issue price. Allotted conservative investors can think of booking profits anything above 25% due to the ongoing market volatility scenario.

While long term investors should consider the company to 'hold it for long term' despite knowing short term volatility & risk in the markets. For non-allotted investors, we advise to accumulate if we get dips post listing.

Shares of Sonata Software climbed over 3 percent to hit an intraday high of Rs 649 apiece on November 28, following the announcement of a multi-million-dollar modernisation deal in Australia with a leading access solutions client. However, profit booking soon seeped into the counter, pulling the stock off its day's high.

The transformative deal involves streamlining and standardising the client’s APAC business processes across 13 countries, ensuring real-time collaboration and enhanced operational efficiency across their value chain of customers, suppliers, distributors, and partners, according to the company.

Gold prices are likely to see some consolidative moves in the session ahead as the U.S market is closed on account of Thanksgiving holiday, while the incoming U.S data continue to show steady growth with strong labour market along with stick inflation above the Fed's 2% target. Focus in the session ahead will be on the geo-political developments in the middle-east, Russia-Ukraine conflict, and trade tariffs as proposed by Donald Trump".

On chart, momentum looks down with resistance at 75900/ 76110, while on the downside prices may test 75320/ 75100.

#1 CEO focus was firmly on growth as aim is to grow ahead of category & FMCG peers

#2 Segments beyond oral are also a focus, with plans to bring products from parent's stable

#3 Interventions cover the entire value chain (product, packaging, ads, distribution & more)

#4 Concern is on consumption trends with weakening urban & flattening rural growth

GAIL (India) Limited, through its wholly owned subsidiary GAIL Mangalore Petrochemicals Limited (GMPL), has re-engaged with Process Licensor

INEOS to support the plant's revitalization, formalizing this renewed collaboration through an Amendment Agreement signed here.

The company board of directors on November 28 approved fresh issue of secured non-convertible febentures/perpetual debt instruments/

unsecured subordinated non-convertible desbentures /bonds and or other debt securities upto Rs 200 crore on private placement basis in one or more

tranches.

The company  board approved raising funds by issuance of 7.5 % Secured Foreign Currency Convertible Bonds up to USD 75 Million in one or more tranches with a maturity of 5 years as per applicable ECB guidelines set forth by the Reserve Bank of India.

Manaksia Coated Metals and Industries will meet on December 2 to decide on a proposal for raising funds by way of a preferential issue, private placement, or other means.

The Sensex was down 767.74 points or 0.96 percent at 79,466.34, and the Nifty was down 215 points or 0.89 percent at 24,059.90. About 2076 shares advanced, 1254 shares declined, and 99 shares unchanged.

The company will meet on December 2 to decide on a proposal for raising funds by way of a preferential issue, private placement, or other means.

The Sensex was down 568.17 points or 0.71 percent at 79,665.91, and the Nifty was down 160.70 points or 0.66 percent at 24,114.20. About 1996 shares advanced, 1263 shares declined, and 116 shares unchanged.

NTPC Green Energy has informed that on successful commissioning, first part capacity of 55 MW out of 105 MW Shajapur

Solar Project (Unit-I) at Shajapur, M.P of NTPC Renewable Energy Limited (a wholly owned subsidiary of NTPC Green Energy Limited), is declared on Commercial Operation w.e.f. 00:00 Hrs. of 29.11.2024.

Ajmera Realty & Infra India has repaid Rs 100 crores of its corporate debt. The repayment is facilitated from the funds raised through the recent equity offering of Rs 225 crore.

State-run NBCC will be developing a 10-acre industrial plot in Noida at a tentative project cost of approximately Rs 600 crore in partnership with HUDCO, the company informed on November 27.

NBCC and HUDCO signed an MoU to develop the industrial, with NBCC as the 'Project Management Consultant' for the institutional plot at Noida sector-62.