Sensex, Nifty LIVE Updates on November 23: Market indices opened on a bullish note on Monday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 45 points, indicating positive trend in domestic grounds today. Last Friday, Sensex ended 282 points higher at 43,882 and Nifty rose by 87 points to end at 12,859.
Here's a look at the updates of the market action on BSE and NSE today
9. 20 AM: Stocks to watch today on November 23
RIL, IRCTC, BEML, Punjab National Bank, Ashok Leyland among others are the top stocks to watch out for in Monday's trading session
Stocks in news: RIL, IRCTC, BEML, Punjab National Bank, Ashok Leyland
9. 17 AM: Market outlook
As per Relaince Research,:" In the last week, NSE-NIFTY continued its prior rising trend and rose to new life-time-high of 12,963 level. The index remained sideways and registered gain of 0.6%. On Friday, the index resumed its up-move and reported minor rise. Its key technical indicators on the near-term timeframe chart remained in sell mode. Hence, near-term decline cannot be ruled out. On the lower side, the index will find support at 12,600 level. On the higher side, its psychological mark-13,000 will cap the up-move.
As for the day, support is placed at around 12,691 and then at 12,610 levels, while resistance is observed at 12,908 and then at 13,044 levels."
9.05 AM:Global markets
Global equities were mostly buoyed today amid hopes of a COVID-19 vaccine, while investors continued to watch for coronavirus developments.
Wall Street stocks fell on Friday amid rising new coronavirus cases, and amid fresh worries of central-bank funding for key emergency programs, casting doubts on a swift economic recovery. Most Asian stocks were trading higher on Monday trade while markets in Japan are closed for a holiday.
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 3,860.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,868.66 crore in the Indian equity market on 20 November, provisional data showed.
8. 40 AM: Rupee closing
On the currency front, the Indian rupee appreciated by 11 paise to settle at 74.16 per US dollar on Friday.
Expressing views on the currency, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said," The rupee is currently drawing a lot of support from equity inflows and the fact that the dollar globally is on the backfoot. Going forward, we think that the rupee has scope to further appreciate till 73.80. However, beyond that, the RBI would step in to curtail its move, while the dollar index may also rebound given the uncertain growth outlook in the U.S. That should put some downward pressure on the rupee. The domestic unit is expected to trade in the 73.80 to 75 band till the end of this month."
8. 30 AM: Friday's closing
After a volatile trading session, market indices turned bullish in the last hour and closed positive on Friday, amid positive global equities. Sensex ended 282 points higher at 43,882 and Nifty rose by 87 points to end at 12,859.
Nirali Shah, Senior Research Analyst, Samco Securities said," Nifty 50 index closed the week with a mild gain after making an all-time high of 12963. But now the benchmark index has formed a bullish reversal pattern which opened with a gap near highs of the week and then gave up all the gains. The rally's velocity has also been declining along with the volume participation. In fact, Nifty has started facing resistance at the rising channel visible on the weekly chart and might continue to struggle going ahead as it lacks participation from the top index movers like ICICI Bank, HDFC, and banking stocks, who have also become a bit stretched on the upside in the short term. We suggest traders to keep an eye on the benchmark and go short unless it breaks the rising channel on the upside."
Sensex rises 282 points, Nifty ends above 12,850; banking stocks lead gains