The benchmark S&P BSE Sensex ended down 0.14% to 61,663.48 and NSE Nifty 50 index dropped 0.2% to 18,307.65. They fell about 0.2% for the week.
Both indexes had gained more than 2% in the wake of relatively soft U.S. inflation data last week, which had rekindled bets for smaller rate hikes.
But they have dropped about 0.75% in the past two sessions as an increasing number of Fed officials fired warning shots on interest rates. World stocks were heading for a 1% loss on the week on Friday.
“Indian markets are in the overbought zone. Geopolitical tensions and the Fed again being on the hawkish mode are keeping Asian markets under pressure and Indian markets under profit-taking zone,” said Prashanth Tapse, vice president of research at Mehta Equities.
With corporate earnings mostly done, the markets will be trading sideways until the next Fed rate decision in early December, Tapse said.
St. Louis Fed President James Bullard and Minneapolis Fed Bank President Neel Kashkari batted for more rate hikes late on Thursday to tackle inflation.
The recent strength in Indian stocks is also down to foreign investors’ participation.
They have purchased a net $3.52 billion worth of equities so far this month, compared with marginal withdrawals worth $0.52 million in October, Refinitiv data showed.
Among stocks, Bajaj Healthcare surged as much as 7.5% after it completed the U.S. health regulator’s pre-approval inspection of its facility in Gujarat, while Honda India Power hit a record high in a post-results rally.
The public sector bank index rose 1.5%, while the auto index was a top drag, falling 1.2%.
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“During the week, the direction of the domestic market was largely driven by the trend of global peers. Global markets were surging in the expectation that the Fed would scale back its aggressive rate hike in reaction to easing U.S. inflation data. However, the euphoria was dashed by better U.S. retail sales in October and aggressive remarks from Fed officials. Domestic CPI inflation has moderated to 6.8% owing to declines in food and commodity prices, however, it remained above the RBI’s tolerance level. The CPI is estimated to fall within the range from Q1 FY24. Although domestic macroeconomic indicators and FII inflows are favourable, with negative vibes from global markets and premium valuation compared to peers, the domestic market traded with caution.In the absence of major domestic triggers, the domestic market is expected to continue its focus on global trends. Considering the current market scenario, a balanced approach with a mix of equity & debt, 60:40 for an average risk-averse investor, is advised as interest yields are becoming attractive, and the economy is slowing.”
– Vinod Nair, Head of Research at Geojit Financial services
“Nifty bears remained at the helm during the first half of the trading session; whereas bulls fought back towards the end. On the daily chart, the index has slipped below the recent consolidation, suggesting a waning bullishness. The momentum oscillator is in a bearish crossover. On the lower end, support exists at 18210/18000. On the higher end, resistance is visible at 18450.”
– Rupak De, Senior Technical Analyst at LKP Securities
Domestic equities witnessed selling pressure amid mixed global cues. Nifty opened positive but soon drifted into red and remained under pressure throughout the day. It recovered in the last hour and closed with a loss of just 36 points at 18308 levels. Except for PSU Bank, all sectors were in Red, though some fresh buying was seen in IT and financials towards the fag end.Hawkish commentary from Fed officials over the continuation of aggressive stance in subsequent meets dented the global sentiments. Next week FOMC meeting minutes are due, which would provide further cues to the market. This week though Nifty shied away from its all-time high, it is hoped that next week, Nifty would scale to those levels. The volatility index too is at one year low and at comfortable levels, supporting the positive sentiments.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Gold gains Rs 45; silver advances by Rs 316
Gold price rose by Rs 45 to Rs 53,220 per 10 gram in the national capital on Friday following gains in prices of the precious metal in the international market, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 53,175 per 10 gram.Silver also gained Rs 316 to Rs 61,732 per kg.In the international market, gold traded in the green at USD 1,766 per ounce while silver quoted flat at USD 21.22 per ounce.
The BANK NIFTY index witnessed a volatile trading session where the first half was controlled by the bears and in the closing hours, bulls came back to hold the support. The bulls in order to gain back the momentum will have to take the index above 42,600-42,700 levels from where the uptrend will resume. The bears will watch for 42,000 on the downside if breached and will get an upper hand on the index which will drag it further down toward the 41,500 level.
– Kunal Shah – Senior Technical & Derivative Analyst at LKP Securities
Domestic market is now focusing on global trend for future direction due to lack of domestic triggers. Negative vibes in developed market and aggressive comment from Fed officials have shaken the ongoing optimistic trend across the globe. Despite a late attempt of recovery, the domestic market largely traded with a negative shade, in all sectors except PSU banks.
– Vinod Nair, Head of Research at Geojit Financial Services
Market View: Ajit Mishra,VP – Technical Research, Religare Broking
Markets are indicating the prevailing consolidation to continue and Nifty should decisively cross 18,450 levels to regain strength. Meanwhile, we reiterate our view to focus more on sector/stock selection citing restricted participation. Besides, we’re observing breakout failures across sectors so maintain strict risk management rules also in place.
Rupee slips 6 paise to close at 81.70 (provisional) against US dollar
Closing Bell: Sensex falls for 2nd day, ends 87 pts lower; Nifty near 18,300; PB Fintech jumps 8%, Glenmark Pharma cracks 5%
Sensex recoups losses, trades 100 points down
BEL signs LATOT with CASDIC, DRDO
Price as on 18 Nov, 2022 02:30 PM, Click on company names for their live prices.
“Risk of recession has increased. Balance sheet needs to be normalised in measured way,” says Christine Lagarde, ECB (From Agencies)
#GlobalNews | "Risk of recession has increased. Balance sheet needs to be normalised in measured way," says Christi… https://t.co/vP7971ltGA
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Tokyo’s Nikkei index ends lower on profit-taking
Tokyo’s key Nikkei index gave up earlier gains and ended lower on Friday as investors locked in profit while searching for fresh cues. The benchmark Nikkei 225 index slipped 0.11 percent, or 30.80 points, to 27,899.77, while the broader Topix index only just remained in the black, inching up 0.04 percent, or 0.75 points, to 1,967.03. Shares enjoyed a healthy ascent in the morning as investors cheered the gains of the US Semiconductor Sector Index, despite falls in major Wall Street indices.
Som Distilleries & Breweries Board approves company’s name change to Som Distilleries Breweries & Wineries
Price as on 18 Nov, 2022 01:09 PM, Click on company names for their live prices.
Top market gainers
Price as on 18 Nov, 2022 01:05 PM, Click on company names for their live prices.
Strides receives USFDA approval for Potassium Chloride Oral Solution
Price as on 18 Nov, 2022 12:46 PM, Click on company names for their live prices.
THESE STOCKS HIT FRESH 52-WEEK HIGHS
Sensex tanks 300 points, hit day’s low
Vidhya Srinivasan has been appointed as the Chief Financial Officer of Eicher Motors
Price as on 18 Nov, 2022 12:14 PM, Click on company names for their live prices.
SEBI directs IHH to get Delhi High Court nod. What does the market regulator’s order mean for Fortis and what are the key factors in the deal?
#WATCH | SEBI directs IHH to get Delhi High Court nod. What does the market regulator's order mean for Fortis and w… https://t.co/byndzq4a9f
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PMS & AIF Industry to Cross $18.3 trillion by 2027 Growth at 41% CAGR
– Sundaram Alternates – WhiteOak
Bajaj Healthcare is in focus! USFDA inspection of Vadodara API plant completed with no 483 observations
Price as on 18 Nov, 2022 11:53 AM, Click on company names for their live prices.
CLSA India strategy: DMF inflows at multi-month lows; FIIs favoured Financials and Staples
#MarketsWithETNOW | @CLSAInsights India strategy: DMF inflows at multi-month lows; FIIs favoured Financials and Sta… https://t.co/OlJ26NxVIq
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Bond yields edge higher ahead of fresh debt supply
India government bond yields rose marginally on Friday, as market participants awaited fresh debt supply through a weekly debt auction. New Delhi plans to raise 300 billion Indian rupees ($3.67 billion) through the sale of bonds later in the day. The benchmark Indian 10-year government bond yield was at 7.2954% as of 0455 GMT, after closing slightly higher at 7.2808% on Thursday.
JUST IN: Term of PSU bankers can be extended to 5 years (Source: Informist)
Tata Power will offer clean and green energy products and solutions to the people of Odisha, a top official of the power utility said. CEO & MD, Tata Power, Praveer Sinha said this while attending the India Smart Grid Forum (ISGF) organized Distribution Utility Meet here on Thursday.
Price as on 18 Nov, 2022 10:43 AM, Click on company names for their live prices.
Bitcoin marches to $17k; Solna tanks 3%, XRP gains 2%
Defence stocks under pressure, fall up to 5%
Price as on 18 Nov, 2022 10:21 AM, Click on company names for their live prices.
Eugia Pharma Specialities, a wholly-owned subsidiary of Aurobindo Pharma, received USFDA nod for Amphotericin B Liposome for injection
Price as on 18 Nov, 2022 10:11 AM, Click on company names for their live prices.
Sandip Sabharwal on new-age tech stocks
#MarketsWithETNOW | "Better to wait before investing in new age tech companies," says Sandip Sabharwal. Here are th… https://t.co/VdXszMooPf
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Market LIVE Updates: Sensex erases gains, dips 150 points
Life Insurance Corporation of India sold 2 per cent stake or 56.68 lakh shares in Bajaj Auto via open market transactions. With this, LIC’s shareholding in the company stands reduced to 5.2 per cent, from 7.2 per cent earlier.
Price as on 18 Nov, 2022 09:50 AM, Click on company names for their live prices.
MARKET VIEW: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A significant trend in the market now is the bloodbath in the new-age digital companies triggered by the end of the lock-in period for initial institutional investors. Some of these stocks may turn out to be big wealth creators in the long run. Long-term investors with high risk appetite may consider nibbling at some of these stocks now available at huge discounts to their IPO price.
Vedanta Group’s board of directors will consider the proposal for payment of third interim dividend for the financial year 2022-23 in the meeting to be held on 22 November, 2022.
Price as on 18 Nov, 2022 09:19 AM, Click on company names for their live prices.
Check out the most active stocks on NSE
Price as on 18 Nov, 2022 09:19 AM, Click on company names for their live prices.
The Hyderabad bench of the National Company Law Tribunal has admitted a petition by the State Bank of India to start bankruptcy proceedings against the construction player as lenders increase pressure on the debt-laden engineering, procurement and construction (EPC) company to recover dues of over Rs 6,000 crore.
Price as on 18 Nov, 2022 09:18 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 150 points, Nifty nears 18,400; Nykaa gains 4%, Vedanta 2%
Pre-open session: Sensex rise over 50 points; Nifty above 18,390
5.42 crore Nykaa shares change hands in two block trades at Rs 184.55/share
Source: ET NOW
Oil climbs as dollar slips, but demand outlook clouds market
Oil prices rose on Friday as the dollar slipped but were headed for hefty weekly losses on expectations there will be no let-up in sharp U.S. interest rate hikes and the prospect of weaker demand from top oil importer China amid rising COVID-19 cases.
Asia shares cautious, bonds edgy after Fed warnings
Asian shares were in a cautious mood on Friday after U.S. Federal Reserve officials fired more warning shots on interest rates, while rising coronavirus cases in China and liquidity strains in its bond market added to uncertainty.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 62 points, or 0.34 per cent, higher at 18,437, signaling that Dalal Street was headed for a positive start on Friday.
Tech View: Nifty chart hints at consolidation ahead
While negating its higher high formation of the last four sessions, headline equity index Nifty formed a small negative candle on the daily time frame with a long upper shadow today on the weekly expiry day. Nifty charts hint at the emergence of minor weakness from the highs amidst a narrow-range movement.
Tokyo shares open higher despite US losses
Tokyo shares opened higher on Friday despite falls on Wall Street over concerns that the Federal Reserve’s interest rate hikes could trigger a US recession. The benchmark Nikkei 225 index added 0.24 percent, or 67.02 points, to 27,997.59 in early trade, while the broader Topix index climbed 0.37 percent, or 7.25 points, to 1,973.53.
US stock market: Nasdaq, Dow drop as hawkish Fed official comments weigh
Wall Street’s main indexes ended modestly lower on Thursday in a choppy session as hawkish comments from a U.S. Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes.
Rupee falls 38 paise to close at 81.64 against US dollar
The rupee depreciated by 38 paise to close at 81.64 against the US dollar on Thursday, tracking the strength of the American currency in the overseas markets and a muted trend in domestic equities.
Sensex, Nifty on Thursday
The 30-share Sensex ended 230 points lower at 61,750 while its broader peer Nifty 50 ended just above the 18,350 level.