The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 55 points.
The BSE Sensex fell 152 points to 61,033, while the Nifty50 declined 46 points to 18,157 and formed a bearish candle on the daily charts taking support at the 18,100 mark.
As per the pivot charts, the key support level for the Nifty is placed at 18,122, followed by 18,080 and 18,011. If the index moves up, the key resistance levels to watch out for are 18,259 followed by 18,301 and 18,369.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.
The S&P 500 declined 2.08 percent to end the session at 3,748.58 points. The Nasdaq declined 2.48 percent to 10,353.18 points, while the Dow Jones Industrial Average declined 1.95 percent to 32,513.94 points.
Asian Markets
Shares in the Asia-Pacific fell Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve, and as US midterm results continue to roll in.
The Nikkei 225 in Japan shed 0.9 percent in early trade and the Topix declined 0.65 percent. In South Korea, the Kospi dropped 0.53 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.2 percent. In Australia, the S&P/ASX 200 was down 0.43 percent.
SGX Nifty
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 55 points. The Nifty futures were trading around 18,138 levels on the Singaporean exchange.
Oil prices plunge 3% on US inventory build, China COVID worries
Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in Covid-19 cases in top importer China would hurt fuel demand.
Brent crude futures settled at $92.65 a barrel, shedding $2.71, or 2.8 percent, while US West Texas Intermediate (WTI) crude futures settled at $85.83 a barrel, dropping $3.08, 3.5 percent.
Tata Motors Q2 consolidated net loss narrows to Rs. 944.6 crore
Tata Motors Limited on November 9 reported a consolidated net loss of Rs 944.61crore for the quarter ended September (Q2FY23). The homegrown multinational automotive manufacturing firm had posted a net loss of Rs. 4,441.57 crore in the year-ago period (Q2FY22).
The Mumbai-based company's consolidated revenue from operations rose 29.7 percent on a year-on-year basis to Rs 79,611.3 crore for the reported quarter as against Rs 61,378.82 crore from the year-ago period.
The Indian automaker's domestic commercial vehicles business registered a 19 percent growth in sales over Q2 FY22 led by led by stronger sales of medium and heavy commercial vehicles (MHCVs) and a robust recovery in passenger carrier demand.
Citi to sell Nykaa shares worth Rs 250 crore via block deal
Citigroup has launched a deal to sell shares in cosmetics-to-fashion retailer Nykaa, worth Rs 250 crore, via a block deal, CNBC Awaaz reported on November 9. The block deal involves "individual employee seller", the news channel said, adding that the deal offers a discount of up to two percent on the current market price. The report comes amid the stock of FSN E-Commerce Ventures Ltd, the parent entity of Nykaa, taking a drubbing at the stock market.
Results on November 10
Eicher Motors, Zomato, Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Bata India, Mrs. Bectors Food Specialities, Berger Paints India, Campus Activewear, Container Corporation of India, Gujarat State Petronet, Gujarat Gas, Indian Hotels, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Linde India, Mazagon Dock Shipbuilders, Muthoot Finance, NHPC, Oil India, Page Industries, Power Finance Corporation, RITES, SAIL, Suzlon Energy, Torrent Power, and Trent will be in focus ahead of September FY23 quarter earnings on November 10.
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 386.83 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,060.12 crore on November 9, as per provisional data available on the NSE.
Gold traders in wait-and-watch mode ahead of US inflation data
Gold prices were steady on Thursday as cautious investors held to the sidelines and awaited key US inflation report to gauge the size of the Federal Reserve's future interest rate hikes.
Spot gold was flat at $1,705.77 per ounce, as of 0032 GMT. US gold futures fell 0.3% to $1,709.20. The US consumer price index (CPI) report for October due at 1330 GMT could likely provide some cues on the Federal Reserve's rate hike plan. Economists are expecting a deceleration in both the monthly and yearly core inflation to 0.5 percent and 6.5 percent, respectively.
Stocks under F&O ban on NSE
The NSE has added Punjab National Bank under its F&O ban list for November 10. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
With inputs from Reuters and other agencies