Market continues to Stumbles!

šŸ“°Daily Market Wrap-Up by Stock Whisperers-November 12

Author

thestock whisperers
November 12, 2024

šŸ“ˆ Market Overview:

Summary of the Day's Market Performance

  • Sensex fell by 820.97 points (-1.03%) to close at 78,675.18, while Nifty declined 257.80 points (-1.07%) to 23,883.50.

  • BSE Midcap and Smallcap indices lost 1% each, reflecting broad-based selling.

  • Sector Highlights: All sectors ended in the red. Auto, Banking, Capital Goods, FMCG, Metal, Oil & Gas, Power, Telecom, Media, and Pharma sectors were down 0.5-2%.

šŸ’ø Market Transactions:

  • Foreign Institutional Investors (FII): ā‚¹-3,024.31 crore (Net Sellers)

  • Domestic Institutional Investors (DII): ā‚¹1,854.46 crore (Net Buyers)

Foreign Institutional Investors (FII) extended their selling spree amid concerns over inflation and currency depreciation, while Domestic Institutional Investors (DII) stepped in to provide some support.

šŸ“ŠšŸ“‘ Important Observations and Market Sentiments: Editor Special

  • FII Selling Pressure: Persistent selling by FIIs, influenced by the strengthening USD due to ā€˜Trumponomicsā€™ and fears of rising domestic inflation, continues to weigh heavily on the market.

  • Impact of Inflation and INR Depreciation: Higher food prices could push up inflation, potentially influencing RBIā€™s monetary policy in the near term.

  • IT Sector Resilience: IT stocks showed gains amid optimistic outlooks on increased US IT spending.

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  • Bitcoin Surge: Bitcoin is nearing $90,000, driven by optimism about Trump's pro-crypto stance. If the rally persists, analysts forecast a possible rise to $100,000-$200,000.

šŸ“°Stock News:

Key Stock Movements and News

  • Top Losers: Britannia Industries, HDFC Bank, NTPC, Asian Paints, Bharat Electronics.

  • Top Gainers: Trent, HCL Technologies, Sun Pharma, Infosys, Reliance Industries.

  • Nykaa: Reported a 72% YoY increase in Q2 net profit to ā‚¹10 crore, missing Street estimates despite strong revenue growth.

  • Hyundai India: Posted a 16% YoY decline in Q2 net profit to ā‚¹1,375 crore.

  • Max Healthcare: Gained 4% after finalizing its Jaypee Hospital acquisition.

  • Sagility India: Debuted on the NSE at a 3.53% premium, with an opening price of ā‚¹31.06 per share.

  • LIC: Got a double upgrade from JPMorgan, with a revised target price of ā‚¹1,075 per share.

  • NMDC: Shares fell 4% after Q2 results, as JP Morgan forecasted an additional 6% downside. NMDC also announced a 2:1 bonus issue for its shareholders.

  • Windsor Machines: Hit the upper circuit after announcing the ā‚¹343 crore acquisition of Gujarat-based Global CNC.

  • Godrej Industries: Signed an agreement to acquire Savannah Surfactants.

The Market Whisper: Your Weekly Stock Markets Rundown

November 11- 15, 2024

šŸ“‰ Market Pause: Awaiting the Fed and China Stimulus Moves

This past week saw a 1% drop in Sensex and Nifty on Thursday, November 7 as investors took a breather ahead of the Federal Open Market Committee (FOMC) decision. The initial news of Donald Trumpā€™s projected re-election gave markets a temporary boost, but they quickly reversed as the Fedā€™s move took center stage.

Market optimism on Trumpā€™s re-election aligns well with Indiaā€™s economic and geopolitical goals. His stance suggests a continued non-interventionist U.S. foreign policy and prioritization of U.S. domestic growth, which could benefit Indiaā€™s position on the global stageā€¦ā€¦ā€¦ā€¦.

šŸ“ŒStocks to Focus:

  • LIC: Recent target price upgrades position it favorably for the short term.

  • Max Healthcare: With a strong acquisition strategy, itā€™s expected to continue performing well.

  • Bitcoin-related assets: Watch closely as pro-crypto policies may drive further gains.

šŸ“Summary:

A challenging session for Indian markets as selling pressure persisted across sectors. Rising inflation expectations and currency depreciation concerns continue to impact sentiments. The IT sector showed resilience, while FII-driven selling weighed down broader markets. Investors should closely monitor inflation data and RBIā€™s policy outlook in the coming weeks.

šŸ˜ŠThank you for subscribing to our Market Wrap-Up. Stay tuned for tomorrow's update.

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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