Live Stock Market Updates, 13 November 2024: Gift Nifty Signals Gap-Down Opening Amid Earnings and Inflation Pressures

A sharp opening is anticipated today for the Indian markets, with Gift Nifty indicating a potential 100-point dip for Nifty, aiming at a level of 23,870. The weak sentiment stems from global market concerns, highlighted by an earnings slowdown and high inflation. Jefferies India has downgraded full-year earnings forecasts for 63% of the major companies it monitors due to decelerating economic growth. In October, India’s retail inflation spiked to a 14-month high of 6.21%, primarily driven by food and metal prices, which may influence the RBI's policy direction in December. While a rate hold remains likely, analysts at AngelOne suggest the rate-cut cycle could be more limited, similar to the U.S. trend. Options data points to a resistance level at 24,500 and support around 23,500, while India VIX increased to 14.60, signaling caution but supporting a generally bullish outlook as per SAMCO’s Dhupesh Dhameja.

Market Activity Highlights

Nifty Movement: Nifty opened slightly higher, but selling pressure led to a 210-point drop (-0.9%) by closing, ending at 23,931. Broader markets were weaker, with midcap and smallcap indices down by 1.1% and 1.3%, respectively. Key laggards included Auto and PSU Banks, while Realty and IT outperformed.

Global Sentiments: Concerns over U.S. President-elect Donald Trump’s anticipated trade policies have strengthened the dollar, pushing the rupee to a new low. Persistent foreign institutional investor (FII) selling since late September, alongside underwhelming Q2 earnings, continues to weigh on market performance.

Economic Data Watch: Domestic CPI and industrial production data will be released later today, while the U.S. CPI report is scheduled for tomorrow. IPOs from Swiggy and Acme Solar are expected to debut soon, potentially stirring market activity. Analysts expect stock-specific action to drive market performance in the near term.

Key Earnings to Watch: Notable companies releasing results tomorrow include Eicher Motors, Torrent Power, Kalyan Jewellers, and PI Industries.

Market Opening Outlook

Indian markets may open flat to slightly lower, aligning with weaker Asian and U.S. markets. Deepak Jasani of HDFC Securities notes Wall Street’s major indexes dropped on Tuesday, with investors looking ahead to U.S. inflation data. European markets also fell, with policymakers warning of potential tariffs impacting global growth.

Economic Insights

India's retail inflation rose to 6.2% in October, up from 5.5% in September, largely due to rising vegetable prices. Factory output saw a 3.1% growth in September, recovering from a 0.1% dip in August. Asian stocks have reached a two-month low as markets brace for U.S. inflation data that could impact the Federal Reserve’s interest rate trajectory.

Stocks to Watch: Key Listings and Results

Swiggy Limited: Expected to list today under BSE Code: 544285, with an issued price of Rs. 390 per share.

Survey on Passive Funds: Motilal Oswal AMC's survey indicates a rise in passive fund popularity, especially among Millennials and Gen Z.

Stocks in News

Positive Updates:

Torrent Power signed a renewable energy supply agreement.

Aurobindo Pharma received EMA GMP compliance certification.

EMS secured a major contract with the Kolkata Municipal Corporation.

NTPC Green IPO will open on November 19.

Noteworthy Earnings:

BSE: Net profit surged to Rs. 347 crore.

GSFC: Reported a significant YoY profit increase to Rs. 298 crore.

Nykaa: Profits rose to Rs. 10 crore, reflecting a strong performance.

This digest provides live updates and key highlights on the Sensex, Nifty, and broader stock market movements for November 13, 2024. Expect further insights as new data and earnings releases come in throughout the day.