Today’s Market News :
* The Nifty index remains in a consolidation phase between 24,000-24,500, with mixed signals indicating potential for both upward and downward movements.
* Foreign Institutional Investors (FIIs) have withdrawn over Rs 23,000 crore from the Indian equity market this month, but domestic investor support is mitigating the impact on stock prices.
* Key upcoming Q2 earnings reports from companies like ONGC, Hindalco, and Hero Moto will be crucial in determining market direction this week.
* Foreign Institutional Investors (Flls) have been selling equities for 29 consecutive days, totaling Rs 1.41 lakh crore, negatively impacting investor sentiment.
* The Indian equity markets closed with losses, and analysts predict a sideways market due to mixed global factors and subdued quarterly results, with immediate resistance at 24,250 levels.
* The rupee has hit a new lifetime low of 84.37 against the US dollar, influenced by foreign fund outflows and a lackluster trend in domestic equities.
Banking and financial sectors are expected to outperform, while IT may face selling pressure. Auto and manufacturing sectors may also see gains.
Global Cues
The US market trends are positive, with upbeat economic data. The outcome of the recent US election results has created optimism for the Indian market, considering the strategic partnership between the two countries.
* Swiggy is finalizing its IPO share allotment today, with a debut on the BSE and NSE scheduled for November 13, following a three-fold oversubscription.
* The company plans to utilize the IPO proceeds for investments in technology, brand building, and its subsidiary, Scootsy, despite incurring net losses in previous years.
* Shares are currently trading at a slight premium in the unlisted market, with a GMP of Rs 1, indicating a 0.2% premium over the issue price.
