Indian Markets Eye Soft Start; US Indices Extend 4-Day Slide

Pre-Market Update at 7:40 AM: Equity benchmark indices, the Sensex and Nifty 50, are expected to begin on a tepid note on Wednesday, November 19, as global sentiment remains weak. Trends on the GIFT Nifty showed a positive start, with the index trading 39 points higher at 25,950 around 7:22 AM.

On the India–US trade front, Commerce Minister Piyush Goyal stated that bilateral ties continue to strengthen across multiple sectors. He added that talks on the proposed trade agreement are progressing, while emphasising that India will only consider a deal that remains balanced and aligned with national interests.

Asian markets traded lower in early hours, mirroring the overnight performance of US equities. The S&P 500 ended its fourth consecutive day in decline, marking its longest losing streak in three months.

FIIs were net sellers on Tuesday, November 18, offloading equities worth Rs 728.82 crore. DIIs continued their positive stance, purchasing equities worth Rs 6,156.83 crore and marking their 18th straight session of net buying.

Indian markets closed lower on Tuesday, snapping a six-day winning run. The Nifty 50 fell 103.40 points or 0.40 per cent to 25,910.05, while the Sensex dropped 277.93 points or 0.33 per cent to 84,673.02. Both indices remain around 1.4 per cent below their record highs. India VIX gained more than 2.5 per cent to move above the 12 mark. All eleven sectoral indices ended in the red, with the Nifty Metal index slipping 1.11 per cent and Nifty IT falling 1.2 per cent. Broader markets, including the Nifty Midcap 100 and Nifty Smallcap 100, also closed lower.

In the US, technology stocks faced broad selling pressure on Tuesday. The Dow Jones Industrial Average slipped 498.50 points or 1.07 per cent to 46,091.74. The S&P 500 lost 55.09 points or 0.83 per cent to close at 6,617.32, while the Nasdaq Composite fell 275.23 points or 1.21 per cent to 22,432.85. Major technology names such as Nvidia, Microsoft, Amazon, AMD, Home Depot, Cloudflare, CrowdStrike and Tesla witnessed declines.

The USD remained firm against the yen after touching a 9.5-month high, making gold costlier for holders of other currencies. Gold prices remained steady as investors awaited the Federal Reserve meeting minutes and key US jobs data. Spot gold held at USD 4,069.44 per ounce, while US gold futures for December delivery edged 0.1 per cent higher to USD 4,069.50 per ounce.

Crude oil prices traded lower on Wednesday. Brent crude slipped 0.54 per cent to USD 64.54 a barrel, and WTI declined 0.54 per cent to USD 60.41 a barrel.

For today, SAIL will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.