Closing Bell: Nifty above 23,500, Sensex up 239 pts; auto, realty shine, metal, PSU banks drag

Indian equity indices ended on a positive note with Nifty above 23,500 amid volatility on November 19. At close, the Sensex was up 239.37 points or 0.31 percent at 77,578.38, and the Nifty was up 64.70 points or 0.28 percent at 23,518.50.

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

A strong bounce back due to bottom fishing was short-lived as caution prevails in the market. Investors tend to use every opportunity to book profit amidst consistent FII selling and weak Q2 earnings. Profit booking was also seen ahead of the upcoming Maharashtra state election.

The recent correction in valuation suggests a potential pause in further price erosion. However, the recovery will depend on an uptick in earnings which is likely to rebound due to the likely spurt in central and state expenditure in H2.

QIB – 0.0 times

NII - 0.13 times

Retail – 1.27 times

Employee Reserved - 0.16 times

Shareholder Portion - 0.54

Overall – 0.31 times

Nifty opened on a positive note and witnessed a sharp surge during the first half of the trading session. A sell off during the second half resulted into a weak close. Nifty closed in the positive up ~65 points however well off the intraday highs indicating inability to sustain at higher levels. The 40-hour average (23733) acted as a strong resistance and until the index manages to sustain above it, we shall to maintain a negative stance. The hourly momentum indicator has completed pullback cycle to equilibrium line suggesting that the pullback is over and is likely to resume next leg of the decline. On the downside we are expecting 23180, which coincides with the 61.82% Fibonacci retracement level.

Bank Nifty also witnessed an upmove towards 51000, however it sold off and closed well of the intraday highs. The weakness is likely to continue, and we expect the bank Nifty to test 49800 – 49700 which coincides with the 200-day moving average. On the upside, 50800 – 50900 shall act as an immediate hurdle zone from short term perspective.

Markets experienced a volatile session and ended marginally higher, pausing after the recent decline. Despite an initial uptick and a positive move in the first half, a sharp sell-off in the latter half erased all gains. Sectoral trends remained mixed, with realty, auto, and pharma leading the gainers, while metal and energy ended in the red. Broader indices outperformed amidst the choppiness, closing with gains of nearly half a percent each.

The Nifty's movement reflects that bears are firmly in control, using every rebound as an opportunity to short. We maintain our “sell on rise” stance for the index until a decisive reversal is evident, while emphasizing a selective approach for stock-specific trades.

For most part of the trading session, Bulls were in a commanding position but a sudden fall (geopolitical tremors) in the last session erased majority of its gains and the Index closed at 23,518.50 with gains of 64.70 points.

Among the sectors, Media advanced the most followed by Realty and Auto while Metal and PSU Banks registered to the list of underperformers. The Broader markets outperformed the Frontline Index as Mid and Smallcaps soared over 0.90%.

Around 200DMA, the Index has formed a DOJI candlestick pattern. A strong convincing and sustainable move above 23,800 is necessary for a trend reversal while 23,300 will work as a strong support.

Indian rupee ended marginally lower at 84.41 per dollar on Tuesday versus Monday's close of 84.39.

Indian equity indices ended on a positive note with Nifty above 23,500 amid volatility on November 19.

At close, the Sensex was up 239.37 points or 0.31 percent at 77,578.38, and the Nifty was up 64.70 points or 0.28 percent at 23,518.50. About 2197 shares advanced, 1591 shares declined, and 95 shares unchanged.

M&M, Trent, Tech Mahindra, HDFC Bank and Eicher Motors are among the top gainers on the Nifty, while losers are SBI Life Insurance, HDFC Life, Reliance Industries, Tata Consumer and Hindalco.

Among sectors, media, auto, realty, IT, pharma up 0.5-2.5 percent, while metal, oil & gas and PSU Bank down 0.5 percent each.

BSE Midcap and Smallcap indices up nearly 1 percent each.

#1 India, Europe drive earnings

#2 Work-in-progress to resolve Monroe USFDA issue

#3 Improved product mix offset by higher marketing/freight costs

#4 Company expects approval for Ryaltris NDA in China in FY26

#5 Plans to file Envafolimab in more than 20 markets in FY25 & the first market launch is expected in FY26

#6 For Ichnos Glenmark Innovation (IGI), R&D spending will be USD 60-70 mn per year going forward

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Retail – 1.19 times

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Shareholder Portion - 0.50

Overall – 0.29 times

On an absolute basis India may not go up, but also may not fall also - when it comes to impact from FIIs.

Markets move on a number of insignificant things. But there could be a rally in the next 6-8 weeks.

I am very bullish long term. I'm quite bullish very short term, but I'm still worried about this ongoing correction.

An advantage that India has been that India has been doing better than most other markets. Compared to other EMs India has had a more steady earnings growth.

#1 Contract negotiation may be completed by FY25 end

A lot of the interim bad news is now in the price. I am arguing for an interim relief rally now. I think we are in a macro lull period for the next two months. From now till January, we have the last of the big IPOs. That will take away a lot of pressure from the market and we could have an interim rally. What I don’t know if we are in the way of a bear market. What I fear is a bigger correction coming in the market in January

Gujarat Themis Biosyn will be merged with Themis Medicare. The merger is subject to the approval of the secured creditors and shareholders of both companies, the stock exchanges, SEBI, NCLT, and other regulatory approvals. Themis Medicare will issue 118 shares for every 100 shares held by shareholders in Gujarat Themis Biosyn.

We had a great time in the market in the last 9 months in terms of number of IPOs. We were at around 68 IPOs. What we became worried about was in October, the time when China woke up. The quarter was looking bad at the beginning of the IPO season.

The worry about the China factor has now subsided with Trumps win.

Another worry that has come in has been the possibility of money moving into the US.

#1 Q2 below estimates, mainly on higher overheads; strong India sales in otherwise lacklustre quarter

#2 New launches and supplies from Monroe plant key for pick-up in US sales and better margins

#3 Look for improved execution in the US segment

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Retail – 1.01 times

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Shareholder Portion - 0.42

Overall – 0.24 times

Yesterday, the USDINR pair corrected lower to close with a loss of around 3 paise at Rs 84.38. The US yields eased despite better-than-expected US NAHB Index data (November) that came in at 46 Vs the estimate of 42.

The US allowing Ukraine to use long-range American ATACMS missiles for attacks inside Russia stoked geopolitical concerns that supported a recovery in the US bonds. The two and the ten-year yields eased by 3 bps each.

Major US data to be released today include housing starts.

Traders will closely monitor the assembly elections in Maharashtra and Jharkhand. In addition, India’s PMIs data slated to be released on Friday will also be on traders’ radar.

The USDINR pair is trading in a narrow range of Rs 84.25-Rs 84.50. The pair is likely to trade in this range in the near-term until the US yields break higher decisively. The 10-year US yields face a crucial resistance at 4.50%

#1 Steep correction an opportunity to accumulate

#2 Believe Suzlon’s business moat & growth opportunity for wind OEMs both remain strong factors

#3 FY25 sales volume lowered to 1.3 GW vs 1.5 GW earlier

#4 FY25-27 total sales volume unchanged at 7.15 GW

Stock Market LIVE Updates | Container Corporation of India share price rises 2%

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#1 Company is up 68% CYTD & 3x+ since May’22, when it presented its margin & brand portfolio goals by 2025

#2 Goals set by the company has already been surpassed

#3 On numbers, management has refrained from giving any new guidance on margins

#4 Management has rather focused on guiding and maintaining overall growth

#5 Guiding and maintaining overall growth may be a talking point today as well

#6 Look forward to hearing about new strategic initiatives towards meeting goals of consistent growth

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Shareholder Portion - 0.25

Overall – 0.14 times

The Sensex was up 872.38 points or 1.13 percent at 78,211.39, and the Nifty was up 259.20 points or 1.11 percent at 23,713.00. About 2653 shares advanced, 600 shares declined, and 75 shares unchanged.

GCCs have also seen a staggering growth - revenues and headcounts - this is also a major structural headwind for Indian IT sector

Weak order book could put second half of the year at the risk. We are slightly cautious on the space. We have turned "cautiously optimistic" because of Trump's view on corporate tax rates

Valuation of Nifty IT is trading at 28x. Valuations remain stretched out. FY2026, we are expecting it to be lower than the last six year average.

The telecom manufacturing company has received a contract worth Rs 95 crore from the Uttarakhand government for the mining digital transformation & surveillance system (MDTSS) project.

Multiple headwinds exist for IT sector - software eating into spends, IT services exports have been plateauing out (over the next couple years, penetration will be a 16-17%).

Nifty IT companies contribution to exports has also been coming down because mid tier IT companies have grown faster, global IT companies have increased penetration in India, Indian arms of global IT companies are also eating into market share for Indian IT companies.

#1 With a unique mix of convenience, frequent offerings, and strong user loyalty, Swiggy stands out in the QSR space

#2 Swiggy’s all-in-one app strategy enables strong cross-utilisation across services & better operational efficiency

#3 Quick commerce is a once-in-a-lifetime opportunity

#4 Swiggy could be among top 3 players in an exponentially growing market

#5 Swiggy is set to grow by expanding its customer base, boosting order volumes and values and enhancing profitability

The company's subsidiary, PG Technoplast, has signed a definitive agreement with Spiro Mobility to become an exclusive manufacturing partner for manufacturing the electric vehicles of Spiro Mobility (Africa’s largest EV player) in India.

#1 Loss widens to Rs 75 crore Vs loss of Rs 65.1 crore, YoY

#2 Revenue jumps 34.1 percent to Rs 321 crore Vs Rs 239.3 crore, YoY