Market Today: Key Highlights for November 18, 2024

Indian markets are expected to open lower today, reflecting weak global cues. At 6:36 AM, GIFT Nifty Futures indicated a gap-down start, trading 113.7 points lower at 23,488.

In the previous session, both indices closed in the red. The BSE Sensex fell by 110.64 points (0.14%) to settle at 77,580.31, while the NSE Nifty50 dropped 26.35 points (0.11%) to close at 23,532.70.

Key Domestic Triggers

Quarterly Results: Investors will track Q2 results from Hero MotoCorp, Grasim Industries, Nazara Tech, Waaree Energies, and Valecha Engineering.

Economic Data: November services and composite PMI flash figures are due on Friday, November 22.

Major Developments

Hero MotoCorp: Reported a 5.6% rise in Q2FY25 net profit at ₹1,063 crore, with revenue growth of 10% to ₹10,482.93 crore.

IPO Activity:

Zinka Logistics IPO enters its final subscription day.

Onyx Biotec IPO (SME) also concludes today.

Neelam Linens and Garments IPO is set to debut on exchanges.

FIIs & DIIs: On November 14, FIIs sold shares worth ₹1,849.87 crore, while DIIs purchased ₹2,481.81 crore.

Global Market Snapshot

Asia-Pacific: Stocks traded mostly lower, mirroring Wall Street’s decline. Key updates include China's loan prime rate decision on Wednesday, Japan’s October inflation data on Friday, and Australia’s central bank minutes on Tuesday.

US Markets: All major indices ended in the red on November 15, driven by concerns over interest rates and sector-specific weaknesses. The Dow Jones dropped 0.70%, S&P 500 fell 1.32%, and Nasdaq declined 2.24%.

Commodity Update

Crude oil prices fell sharply amid supply glut concerns and a strong dollar. WTI crude settled at $67.02 per barrel (-2.45%), while Brent crude closed at $71.04 per barrel (-2.09%).

Technical Analysis

Key Support Levels: Analysts suggest 23,500 for Nifty and 77,400 for Sensex as critical support zones. Breaching these levels could lead to further downside toward 23,300–23,200 for Nifty.

Resistance Levels: On the upside, resistance is positioned at 23,750–24,000 for Nifty and 78,500–79,000 for Sensex.

Upcoming Market Holiday

The BSE and NSE will remain closed on Wednesday, November 20, in observance of the Maharashtra Assembly Election.

Stay updated on Q2 earnings, IPO action, and global developments to navigate today’s trading session.