Will the Nifty come out of consolidation today?

Good Morning, Everyone, The Indian shares closed a volatile session lower yesterday. The Nifty50 index declined over 27 points to end at 18,017.


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On the daily chart, the Nifty has formed an indecisive candle indicating the markets to be consolidating and could be volatile too today being the weekly expiry.


Sector Watch:

Almost every sector fell yesterday except the Auto and Pharma sector, which had already fallen earlier. PSU banks were the wort hit after profit booking kicked in after so much rise in the last few weeks.


Top Gainers:

Airtel was up after Oracle and Bharti Airtel have joined hands to offer a range of cloud solutions to more than 1 million enterprise customers, the companies said on Wednesday.


Mahindra & Mahindra said it was open to investments in its clean vehicles business after building value into it, and it was also among the top gainer's list.


Britannia Industries NSE 2.12 % managing director Varun Berry said there is no substitute for price increases during the current inflationary environment.


Top Losers:

A panic was witnessed in metal stocks as investors booked profits in huge quantum in heavyweights. The performance comes after copper price retreated despite supply shortages worries while leading to falling in Hindalco, Tata steel, and so on.


Indus Ind bank continued to fall from the previous day.


Global Markets:

Prices for US consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas, and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday. From September to October, prices jumped 0.9%, the highest month-over-month increase since June.


The tech-heavy Nasdaq plunged 1.7 percent, Bitcoin is down to $64,000, and US consumer prices and inflation rose to multi-year highs. The S&P 500 declined 0.8 percent, Dow Jones was down 0.7 percent.


Asian shares were mixed this morning following overnight losses on Wall Street as inflation ticked higher. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.08 percent. Japan's Nikkei index rose 0.6 percent. Chinese blue chips were up over half a percent. And South Korea’s Kospi declined 0.7 percent. Elsewhere, Australian shares fell nearly 1 percent.


Oil prices slumped Thursday, hit by a dollar surge after the US President said he was looking for ways to reduce energy costs amid a surge in inflation. The US oil benchmark and Brent crude futures were trading flat to $81.41 and $82.71, respectively.


Indian Market:

Trends on the SGX Nifty indicate a negative opening for the index in India with a 30-points loss. But one major thing that we need to watch out for would be if the FIIs turn to buy again after the US inflation data pushed US markets downwards.


However, with the weekly expiry today, we could continue to see volatility in the market.


Results today

Tata Steel, Balkrishna Industries, Bharat Dynamics, Engineers India, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, NMDC, Power Finance Corporation, Prestige Estates Projects, RailTel Corporation, Suryoday Small Finance Bank, and Zee Entertainment Enterprises among 376 companies that will release September quarter earnings on November 11.


FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 469.50 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 766.95 crore in the Indian equity market on November 10


Stock Specific News:

Zomato | The company reported a loss of Rs 434.9 crore in Q2 FY22 against a loss of Rs 229.8 crore in Q2 FY21, while revenue increased sharply to Rs 1,024.2 crore from Rs 426 crore YoY.


Pidilite Industries | The company's Q2 profit and revenue of Rs 374.6 crore and Rs 2,626.3 crore respectively, were higher than expectations.


Metropolis Healthcare | The company's net profit of Rs 58.4 crore and revenue of Rs 302.6 crore came in slightly below estimates.


MOIL | The company's net profit and revenue were well above Street's expectations.


Yes Bank | Moody's upgraded Yes Bank's rating to B2 from B3 and changed the outlook to 'positive'.


Berger Paints | The paint maker's profit came in at Rs 219.2 crore and revenue stood at Rs 2,225 crore for Q2 FY22. On both fronts, Berger Paints beat estimates.


Oil India | The company's profit of Rs 1,454.3 crore for Q2 FY22 surpassed estimates and revenue of Rs 7,254 crore also exceeded expectations.


DLF | The company will add 2.3 million square feet to its existing 4.2 million square feet of retail portfolio with six new properties as part of its expansion plans.


Maruti Suzuki | The company has announced that it is joining the electric vehicle (EV) race. The company plans to launch its first EV by 2025.





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