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FIIs continue to sell! A reason for worry?

Good Morning, Everyone, Nifty opened with a gap up at 18127 and went on to a fall and took support at 18000 and then went up to 18123, which again acted as resistance and went on for a big fall to a low of 17958. FIIs again went on a selling mode yesterday.

However, Nifty may not see a big rise by tomorrow's expiry. And today being Wednesday, we will continue to see volatility in the market.

Auto stocks did well yesterday after there was news that the Chip manufacturers in Malaysia are back in full swing with complete manpower and the chip shortage might end soon. This boosted all auto stocks and we could see the same in Maruti which was the top gainer for the day up more than 7%.

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On a daily chart, Nifty has formed a bearish candle and hence, we might see some more negativity in the market.

Sector Watch:

As discussed earlier, Auto stocks led the sector to a rise of more than 2% while PSU banks fell the most led by SBI.

​Top Gainers:

​Top Losers:

Global Markets:

Consumer stocks drove Wall Street higher on Tuesday as Walmart forecast a strong holiday quarter and monthly retail sales beat expectations, helping investors look past uncertainty over hawkish measures by the Federal Reserve. Data showed retail sales rose in October as Americans appeared to have started holiday shopping early to avoid empty shelves amid supply chain concerns, giving the economy a lift at the start of the fourth quarter.

The S&P 500 rose 18.10 points, or 0.4%, to 4,700.90.

The Dow Jones Industrial Average rose 54.77 points, or 0.2%, to 36,142.22.

The Nasdaq rose 120.01 points, or 0.8%, to 15,973.86.

The Russell 2000 index of smaller companies rose 4.09 points, or 0.2%, to 2,405.02.

Most Asian stocks dipped on Wednesday after robust US economic data lifted Wall Street shares, Treasury yields, and the dollar and spurred more calls for tighter monetary policy.

Japan's Nikkei 225 fell nearly 0.3 percent after trading in positive territory earlier, while the Topix traded 0.4 percent lower. South Korea's Kospi was down 0.81 percent.

Indian Market:

Market regulator Securities and Exchange Board of India (SEBI) on November 16 issued a consultation paper seeking more monitoring on how new-age tech firms are using funds for acquisitions. Apart from this, SEBI also sought comments on whether additional disclosures on fund utilization is needed or if the market regulator needs longer lock-in for anchor investors

The Reserve Bank of India’s low-interest rates will continue to boost demand in the Indian economy, even if the government scales back pandemic support, CLSA India Economist Indranil Sen Gupta has said. "Of course, RBI will tighten, but rates are so low that lending rates will take some time to react to that. That will be a major driver of consumption demand going into next year," Bloomberg quoted Gupta as saying.

Private equity (PE) and venture capital (VC) investments touched an all-time high of $12.9 billion in October, on the back of high-value deals, a report said on November 16. The investments were 71 percent higher as compared with October 2020s $7.5 billion and 2.5 times the $5.2 billion value recorded in September this year, the report by consultancy firm EY and industry lobby IVCA said.

By the number of transactions, the 127 deals in October were higher than the 92 in last October but lower when compared with September’s 134.

Go Fashion, the operator of women's bottom-wear brand Go Colors, would be the fifty-third public issue launched this week, after Tarsons Products. The initial share sale of the company will open for subscription on November 17 and the offer will close on November 22. The closing date has been extended because of the market holiday on November 19 for Gurunanak Jayanti.

The offer price band has been fixed at Rs 655 to Rs 690 per equity share. The public issue comprises fresh issuance of shares worth Rs 125 crore, and an offer for sale of more than 1.28 crore equity shares by promoters and investors.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 560.67 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 577.34 crore in the Indian equity market on November 16

Stock Specific News:

Eicher Motors | The automaker is ranked 8th amongst global automotive companies for ESG practices. It is one of 3 Indian automobile companies, and one among 10 global automobile companies to feature on the Dow Jones Sustainability Index Emerging Markets Index this year.

InterGlobe Aviation and SpiceJet | The aviation ministry has allowed meals on all domestic flights and has also allowed magazines and reading material on all flights.

ONGC | The government wants Oil and Natural Gas Corporation to carve out non-producing high-potential areas of prolific Mumbai High and Bassein fields for privatisation, not privatise entire fields, as per a report.

Steel companies | China's top steel production hub Hebei will cut crude steel output by over 20 percent in this heating season.

Panacea Biotec | India Resurgence Fund and Piramal Enterprises are in the process of extending the repayment date of the debt facility availed of by Panacea Biotec, after a recent payment default, according to a report.

Parag Milk Foods | Investcorp Infrastructure Fund 1 sold 2 percent stake in the company through open market transactions, reducing shareholding to 3.29 percent from 5.29 percent earlier.

Biocon | Subsidiary Biocon Biologics, and Viatris launched interchangeable biosimilars SEMGLEE (insulin glargine) injection, a branded product, and Insulin Glargine injection, an unbranded product in the US.

Grindwell Norton | The company has made an investment of Rs 15 lakh in Cleanwin Energy Three LLP towards power purchase.

Tourism Finance Corporation of India | The company, on November 22, will consider the issuance of Non-Convertible Debentures to be issued on a private placement basis.

Golden Tobacco | The company has moved the Bombay High Court seeking intervention in a case between the Directorate of Revenue Intelligence and Golden Tobie to restrain the latter from manufacturing its brand of cigarette, as per a report.

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