November 14, 2024

+91 99390 80808

November 14, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 13 November 2024 

Stock Market Trend : 13 November 2024 

Dear Trader…

Indian equity benchmark indices Sensex and Nifty Future reversed early gains and closed in the red on Tuesday, weighed down by banking, financial, and auto stocks amid disappointing earnings and foreign outflows. Investors also awaited inflation data, scheduled for release later in the day.

The 30-share BSE Sensex dropped 821 points, or 1.03%, to settle at 78,675. The broader NSE Nifty future fell 295 points, or 1.22%, to close at 23,931.

The market capitalisation of all listed companies on BSE declined by Rs 5.76 lakh crore to Rs 436.78 lakh crore.

NTPC, HDFC Bank, Asian Paints, SBI, Tata Motors, and Maruti Suzuki were the top Sensex laggards, falling by 2-3%. HDFC Bank alone contributed 316 points to the overall decline in the Sensex.

Here are top factors that aided today’s selloff :

1. Asian stocks drop sharp – Asian stocks fell on Tuesday, led by declines in Chinese markets and semiconductor shares, as investors expressed concerns over U.S. President-elect Donald Trump’s policies. Meanwhile, bitcoin surged to a record high, fueled by expectations that assets benefiting from the new administration will perform well.Markets are optimistic that Trump’s second term will bring tax cuts and reduced regulations, boosting equities. This optimism helped propel bitcoin to an all-time high of $89,637.

2. FIIs extend selling spree – On November 11, foreign institutional investors (FIIs) maintained their selling trend, offloading equities worth Rs 2,306 crore. Meanwhile, so far in November, FIIs have sold equities worth Rs 23,547 crore, following the Rs 94,017 crore worth of equities sold in October. FII-triggered selling pressure continued to impact the domestic market. The recent strengthening of the dollar, driven by aggressive Trumponomics is adding fears.

3. Oil rises amid China stimulus concerns – Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, while investor disappointment over China’s latest stimulus plan and oversupply concerns limited gains.

Brent crude futures rose 38 cents, or 0.5%, to $72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5% at $68.40 a barrel.

4. Rupee at record low –The Indian rupee touched its all-time low on Tuesday, pressured by the dollar’s rise to an over four-month peak and by likely outflows from local equities.

The rupee hit a low of 84.4125 before ending at 84.3925, unchanged from its closing level in the previous session. The currency has fallen to record lows for five straight sessions. Donald Trump’s victory in the US election has boosted the dollar index, which has risen 1.8% so far this month.

5. October Inflation Data in focus – Analysts expect October’s inflation data, due after the market’s close, to rise to around 5.8%, a 14-month high. This data is crucial as it may provide insights into the economy’s condition and determine whether the Indian central bank will proceed with a 25-basis-point rate cut in December.

Nifty futures opened at 24266 points against the previous close of 24226 and opened at a low 23921 points. Nifty Future closed with an average movement of 394 points and decline of around 295 points and closed 23931 points…!!

Meanwhile, Two strong factors have been at play in this consolidating market. One, the relentless selling by FIIs has been favouring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market preventing a crash in the market. How the market will trend in the coming days will depend on the relative strength of these two factors.

The anticipated rise in domestic inflation, due to increasing food prices, along with depreciating INR, may influence the RBI’s monetary policy.

Technically, the important key resistances are placed in Nifty future are at 23931 levels, which could offer for the market on the higher side. stainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 24008 – 24108 levels. Immediate support is placed at 23808 – 23676 levels.

Past Performance is not an Indicator of Future Returns. The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in

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