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Market Today: Despite mixed global cues, the Indian indices opened higher on November 26 with Nifty above 24300
Stock Market Updates
Benchmark equity indices ended their two-day winning streak, closing lower on Tuesday. The BSE Sensex declined by 105.79 points, or 0.13%, to close at 80,004.06. The index traded between 80,482.36 and 79,798.67 during the session.
Similarly, the NSE Nifty50 dropped 27.40 points, or 0.11%, to settle at 24,194.50, after reaching an intraday high of 24,343.30.
Among the 50 stocks in the Nifty50, 27 closed lower, weighed down by Adani Enterprises, Adani Ports, Ultratech Cement, Bajaj Auto, and Sun Pharma, which saw losses of up to 4.02%. On the other hand, 23 stocks advanced, with Shriram Finance, Britannia Industries, Asian Paints, Bharat Electronics, and Infosys posting gains of up to 3.26%.
Small-cap stocks outperformed the broader market, with the Nifty Smallcap100 index rising 0.82%. In contrast, the Nifty Midcap100 index ended flat on the day.
Sectoral indices showed a mixed performance. Nifty IT, FMCG, and Media sectors led the gains, while Auto, Pharma, Healthcare, and OMCs sectors ended in the red.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market rally is unlikely to sustain. “The two-day rally is unlikely to last due to concerns over earnings. The short covering and positive sentiment from the Maharashtra election results will likely be temporary. The increase in FIIs’ buying was mainly driven by MSCI rebalancing, with a higher weightage for HDFC Bank. Leading banks will remain resilient due to consistent buying and reasonable valuations,” he said.
Foreign institutional investors (FIIs) turned net buyers for the first time on Monday, snapping a record 38-day selling streak. They bought shares worth Rs 9,947.55 crore, the highest since September 20. Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 6,907.97 crore on November 25.
On the downside, the 23,850-24,000 range is expected to provide strong support in the event of a pullback. Traders and investors should focus on sectors showing relative strength, such as IT and banking, while being more selective in others, advised Ajit Mishra, Senior VP, Research at Religare Broking.
Global Cues
Global cues are mixed despite a strong performance by the US markets. Japan’s Nikkei fell nearly 1.5%, even as data revealed Japan’s service PPI rose 2.9% year-on-year, slightly above the previous month’s 2.8% growth.
Other Asian markets, including Kospi, Taiwan, and Straits Times, declined by up to 0.7%, while Hong Kong’s Hang Seng and China’s Shanghai Composite showed modest gains.
In the US, the Dow Jones and the S&P 500 closed at record highs, buoyed by optimism following Trump’s nomination for Treasury Secretary. The Dow surged 1%, the S&P 500 gained 0.3%, and the NASDAQ also rose by 0.3%.
Oil prices fell as Treasury Secretary nominee Bessent advocated for increased US production, and Israel suggested a ceasefire deal with Hezbollah in Lebanon could be imminent.