Indian Stock Market Closed: Nifty and Sensex Edged Higher

Indian stock market

November 10, 2023

New Delhi, India

Stock Market Highlights

The Indian stock market closed higher on the last trading day of Samvat 2079, with the Sensex gaining 72 points despite challenges from global markets. Both Sensex and Nifty closed at 64,904.68 and 19,425.35.

Market Overview: Despite Early Declines, Last-Hour Rally Lifts Indices

The day began with declines influenced by weak global trends and foreign fund outflows. Major laggards included Titan, Mahindra & Mahindra, and IndusInd Bank. However, a last-hour rally led to a positive closure, with Bajaj Finance, Power Grid, Tech Mahindra, and NTPC among the gainers.

Global Impact: Global Concerns and Powell’s Comments Create Unease

International markets, including the US and Asian counterparts, faced negative trends. Foreign Institutional Investors (FIIs) offloaded equities, contributing to mounting concerns. Jerome Powell’s hawkish comments on potential interest rate hikes added to the market’s instability.

Oil Prices and Foreign Outflows: Brent Crude Edges Up as FIIs Continue Selling

Brent crude inched up to USD 80.28 a barrel, while FIIs offloaded equities worth Rs 1,712.33 crore. The persistent selling raised apprehensions about the Nifty’s positive outlook.

M&M Q2 Results: Net Profit Soars at Rs 3,452 crore, Surpassing Expectations

Expert Insights: Prashanth Tapse Expresses Concerns

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, voiced concerns over FIIs’ persistent selling and the potential impact of Powell’s comments on market stability.

Global Market Movements: Asian and European Markets Respond to Powell’s Statements

Asian markets, including Japan and China, experienced declines. European equities followed suit, influenced by Powell’s warning of further interest rate hikes.

Sector-wise Performance: Auto and IT Drag, Banks and Metal Shine

Auto and IT sectors witnessed selling, while banks, metal, and energy sectors performed well. The market saw a mixed response across sectors, with media shedding more than a percent.

Conclusion: Resilience in the Face of Global Challenges

Despite global uncertainties and foreign outflows, the Indian stock market showcased resilience, closing higher in the final hour. The coming weeks will likely be shaped by global economic indicators and central bank actions.

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