Market Holds Steady Despite Volatile Session!

📰Daily Market Wrap-Up by Stock Whisperers-November 11

Author

thestock whisperers
November 11, 2024

📈 Market Overview:

Summary of the Day's Market Performance

  • Sensex rose slightly by 9.83 points (+0.01%) to close at 79,496.15, while Nifty edged down 6.90 points (-0.03%) to 24,141.30.

  • BSE Midcap and Smallcap indices fell 0.8% and 1%, respectively.

  • Sector Highlights: The Banking and IT indices showed gains, up 0.6% and 1%, respectively. Meanwhile, Auto, FMCG, Healthcare, Metal, Oil & Gas, and Media sectors declined by 0.5-1%.

💸 Market Transactions:

  • Foreign Institutional Investors (FII): ₹-2,306.88 crore (Net Sellers)

  • Domestic Institutional Investors (DII): ₹2,026.63 crore (Net Buyers)

Foreign Institutional Investors (FII) continued to sell, affecting the market sentiment, while Domestic Institutional Investors (DII) provided some buying support.

📊📑 Important Observations and Market Sentiments: Editor Special

  • FII-Driven Market Dynamics: The market is primarily swayed by FII movements amidst weak earnings and expectations from US policy under Donald Trump.

  • IT Sector’s Outperformance: The IT sector remained resilient due to the robust US dollar and anticipations of increased US IT spending.

  • Focus on Inflation Data: Investors are watching India’s CPI data, expected to reflect higher food prices, potentially causing RBI to maintain interest rates in the near term.

  • India stock funds see Rs 41,890 cr of inflows in October: AMFI

    -India debt funds see Rs1.57 trln of inflows in Oct: Amfi

    -Large Cap Fund Inflow At Rs3,452.3 Cr Vs Rs1,769 Cr Inflow (MoM)

    -Small Cap Fund Inflow At Rs3,772 Cr Vs Rs3,071 Inflow Cr (MoM)

❓ DO YOU KNOW?

  • CPI Data Watch: CPI (Consumer Price Index) data will likely reflect a month-on-month rise in food prices, which could impact RBI's interest rate decisions in the near term.

📰Stock News:

Key Stock Movements and News

  • Top Gainers: Power Grid Corp, Trent, Infosys, HCL Tech, Tech Mahindra.

  • Top Losers: Asian Paints, Britannia, Apollo Hospitals, Cipla, ONGC.

  • L&T Tech: Acquired California-based AI software firm Intelliswift in a $110 million deal, expanding its international AI and software capabilities.

  • Azad Engineering: Shares rose on a new pact with Baker Hughes for a Saudi Arabia unit.

  • Ola Electric: Received strong 'buy' ratings from major brokerages with a 12-month target range of ₹110-₹137.

  • ITI: Gained 11% after emerging as the lowest bidder for the BharatNet project.

  • HFCL: Stock rose 6% on securing a ₹8,100 crore project.

  • Goldman Sachs: Initiated coverage on United Spirits with a 'buy' call, expecting a 14% upside.

  • Trent: Broke a five-day losing streak with a 27% upside forecast by Goldman Sachs.

  • Biocon: Surged 5% as the USFDA cleared its Bengaluru unit.

  • DCX Systems: Rose 5% on winning a new export order worth ₹460.3 crore.

The Market Whisper: Your Weekly Stock Markets Rundown

November 11- 15, 2024

📉 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 Trump’s projected re-election gave markets a temporary boost, but they quickly reversed as the Fed’s move took center stage.

Market optimism on Trump’s re-election aligns well with India’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 India’s position on the global stage………….

📌Stocks to Focus:

  • Trent: With fresh coverage and a favorable outlook from Goldman Sachs, it’s positioned for gains.

  • Biocon: The USFDA clearance could lead to stronger performance.

  • Tata Motors: Given the optimistic targets, it remains a stock to watch in the coming months.

📝Summary:

A flat yet volatile trading session highlighted ongoing FII selling pressure. The IT sector continues to shine, while broader market sentiments remain cautious amid economic data watch and earnings downgrades.

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

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