Stock Market Today: Nifty, Sensex Decline For Second Week; HUL, ITC Top Draggers
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Candlestick charts for stocks seen on a screen. (Source: Envato)
KEY HIGHLIGHTS
US Market Update: Future Rises Ahead Of Fed Chair's Speech
As of 3:43 p.m., the Dow Jones Industrial Average future was 0.11% higher at 44,154.00. The S&P 500 future was 0.06% higher at 6,019.50.
The Nasdaq 100 future was 0.02% higher at 21,163.50.
Economic Data Releases And Events For Nov 14 & 15
US: Federal Reserve Governor Adriana Kugler will speak at the 2024 Latin American Meeting, in Uruguay — 5:30 p.m.
Europe: ECB Monetary Policy Meeting Accounts — 6:00 p.m.
UK: External Bank of England Monetary Policy Committee Member Catherine Mann will speak at the Society of Professional Economists Annual Conference, in London — 6:30 p.m.
US: PPI — 7:00 p.m.
US: Weekly Umemployment Claims — 7:00 p.m.
US: Fed Richmond President Thomas Barkin will speak at an event hosted by the central bank — 7:30 p.m.
US: Energy Information Administration Weekly Natural Gas Storage Report — 9:00 p.m.
US: EIA Weekly US Crude Oil Inventories — 9:30
Europe: European Central Bank President Christine Lagarde will speak at the Choiseul Sovereignty Awards Ceremony, in Paris — 12:30 a.m.
US: Fed Chair Jerome Powell will speak at an event hosted by the central bank at Dallas — 1:30 a.m.
UK: BOE Governor Andrew Bailey will speak at the Mansion House Dinner, in London — 2:30 a.m.
US: Fed New York President John Williams will speak at an event hosted by the central bank at New York
Japan: Preliminary GDP — 5:20 a.m.
China: New Home Prices — 7:00 a.m.
China: Industria Production — 7:30 a.m.
China: Retail Sales — 7:30 a.m.
China: Unemployment rate — 7:30 a.m.
Japan: Revised Industries Production — 10:00 a.m.
Germany: Germany WPI — 12:30 p.m.
UK: GPD — 12:30 p.m.
UK: Industrial Production — 12:30 p.m.
China: Foreign Direct Investment
US: Retail sales — 7:30 p.m.
US: Fed of Boston President Susan Collins will speak at a conference hosted by the central bank at Boston— 7:30 p.m.
US: Industrial Production — 7:45 p.m.
US: Business Inventories — 8:30 p.m.
US: Fed New York President John Williams will speak at alumni event hosted by the central bank at New York — 11:45 a.m.
Nifty Records Longest Losing Streak In Over A Month; HUL, ITC Top Draggers; Market Wrap
The NSE Nifty and BSE Sensex ended lower for second week in a row as earnings from India Inc. continued to weigh on investors' sentiment. Moreover, increase in safe–haven assets like the dollar index, and US treasury yields weighed on risk assets like emerging markets' equities, which affected Indian stock markets as well.
The Nifty 50 ended lower for six session in a row and recorded the worst declining streak since Oct 7. It ended 0.11% lower at 23,532.70. The Sensex ended 0.14% down at 77,580.31.
Indian financial markets are closed for observance of Guru Nanak Jayanti.
During the session, the Nifty 50 rose 0.50% to 23,675.90, and the Sensex rose 0.47% to 78,055.52.
The NSE India Volatility Index fell 13.14% to 13.41, the lowest level since Nov 12. It ended 4.28% lower at 14.78.
Eicher Motors jumped 8.37% to Rs 4,973 apiece as brokerages remained cautiously optimistic outlook on the stock after its earning came in line with the estimates.
The NSE Nifty FMCG index declined 1.66% to 55,708.30, the lowest level since June 5. The index ended 1.53% down at 55,782.70 on Thursday.
The Sensex ended 0.14% down at 77,580.31 on Nov 14.
The Nifty 50 ended 0.11% lower at 23,532.70.
"Technically, on weekly charts, it has formed long bearish candle and on daily charts, it is holding lower top formation, which is largely negative. We are of the view that, the current market texture is weak but oversold, for the positional traders now, 200–day simple moving average or 23,500/77,400 would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally. On the higher side, the market could bounce back till 23,800-24,000/78,500-79,000. However, dismissal of 23,500/77,400 could trigger further weakness. Below which, it could slip till 23,300-23,200/77,000-76600," said Amol Athawale, vice president, technical research, Kotak Securities.
The Nifty Bank ended 0.18% higher at 50,179.55.
Hindustan Unilever Ltd., ITC Ltd., NTPC Ltd., Power Grid Corp of India Ltd., and Tata Motors Ltd. weighed on the NSE Nifty benchmark index.
Reliance Industries Ltd., HDFC Bank Ltd., Eicher Motors Ltd., ICICI Bank Ltd., and Kotak Mahindra Bank Ltd. limited losses in the Nifty 50 index.
Top contribution to the NSE Nifty 50 index.
Broader markets outperformed benchmark indices, The BSE Midcap and Smallcap indices ended 0.43% and 0.83% higher, respectively.
On BSE, 10 sectoral indices ended higher, seven lower, and four sectors remained unchanged out of 21. The BSE Realty rose the most, and BSE FMCG declined the most.
Market breadth was skewed in favour of buyers. Around 2,172 stocks declined, 1,786 stocks advanced, and 92 stocks remained unchanged on BSE.
On a weekly basis, the Nifty 50 and Sensex declined over 2% in the week ended on Nov 14. The Nifty 50 and Sensex ended 2.55% and 2.40% down, respectively.
This week on NSE, 11 sectors ended lower and one ended higher out of 12. The NSE Nifty Metal declined the most, while the NSE Nifty IT was the best performing sector.
Most sectoral indices ended lower on NSE.
Rupee Ends Flat Against US Dollar
Rupee Ends Flat Against US Dollar Rupee closed flat at 84.39 against the US dollar. It closed at 84.39 on Wednesday., according to data on Bloomberg
The India rupee ended 0.03% down at 84.4 against the US dollar on Nov 14.
Market At Close
The NSE Nifty 50 and BSE Sensex declined for a second week in a row.
The benchmark indices ended with marginal gains on Thursday.
Eicher Motors Ltd. Hero MotoCorp Ltd., and Grasim Industries Ltd. were top gainers in the Nifty 50 index.
Hindustan Unilever Ltd., Bharat Petroleum Corp Ltd., and Britannia Industries were top losers in the NSE Nifty 50 index.
The NSE Nifty FMCG index declined 1.66% to 55,708.30, the lowest level since June 5. The index ended 1.53% down at 55,782.70.
The NSE Nifty Midcap 150 ended 0.47% higher at 20,105.25.
The NSE Nifty Smallcap 250 ended 0.79% higher at 16,801.55.
