Following an hour of bullish activity during Muhurat Trading the day before, Indian stocks succumbed to selling pressure on November 13 amid global market fluctuations and a Moody's downgrade of the US credit rating outlook, contributing to sustained elevated yields. Despite this, the broader market maintained its outperformance, with notable buying observed in PSU banking stocks and metals, while other sectors grappled with supply pressures. The market will remain shut on November 14 for Diwali Balipratipada.
NIFTY: The index opened 39 points lower at 19,486 and made a high of 19,494 before closing at 19,443. Nifty has formed a bullish candlestick pattern with lower shadow on the daily chart. Its immediate resistance level is now placed at 19,480 while immediate support is at 19,400.
BANK NIFTY: The index opened 81 points lower at 43,915 and closed at 43,891. Bank Nifty has formed a bearish candle on the daily chart while managing to close above its crucial moving average (21-day EMA - 43,650). Its immediate resistance level is now placed at 44,050 while support is at 43,600.
Stocks in Spotlight
▪ BHEL: Stock jumped over 5% with strong trade volumes. Eight crore shares exchanged hands compared to the monthly average of two crore.
▪ BSE Ltd: Stock jumped 9% after the stock exchange’s net profit jumped 303% YoY to Rs 120 crore while revenue rose 46% to Rs 310 crore.
▪ Mrs Bectors Ltd: Stock rose over 6% after the company reported a consolidated net profit of Rs 37.28 crore for the September quarter of FY24, up 70% YoY.
▪ Pan-European Stoxx 600 index was up 0.7%, with travel and leisure stocks adding 1.7% to lead gains as almost all sectors and major bourses advanced.
▪ Most Asia-Pacific markets were mixed on Monday, as investors look to more economic data ahead of high-stakes talks between the US and China.
▪ US Treasury yields were little changed Monday, as investors considered the state of the economy and awaited key inflation data due out this week for indicators of monetary policy decisions ahead.
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