Midday Markets Firm as Nifty Holds Above 26,100 and Sectoral Buying Continues

Market Update at 12:15 PM: Equity benchmarks were trading higher at midday as steady global cues supported sentiment across Large-Cap stocks. The Nifty 50 held firm above the 26,100 level, quoting at 26,141.40 with a gain of 0.34 per cent or 88.75 points, while the Sensex advanced 0.32 per cent to 85,457.00, up 270.53 points.

Volatility remained low, with India VIX slipping 1.27 per cent to 11.82, reflecting stable market conditions. In commodities, gold hovered near Rs 123,930 per 10 grams, while silver moved to Rs 185,100 per kilogram.

Market activity was led by gains in select heavyweights. Eicher Motors jumped 2.81 per cent to trade at Rs 7,090.50, driven by strong participation. Tech Mahindra added 1.61 per cent to reach Rs 1,457.00, and Reliance Industries rose 1.54 per cent to Rs 1,542.30, extending support to the benchmark indices. 

On the downside, Asian Paints dropped 1.06 per cent to Rs 2,862.90, HDFC Life slipped 0.73 per cent to Rs 755.55, and Max Healthcare eased 0.65 per cent to Rs 1,156.80 as profit-booking weighed on select defensive names.

Sectoral trends were mixed but leaned positive, with the strongest traction seen in oil & gas, energy, auto, and FMCG spaces. Nifty Oil & Gas led the sectoral pack with a 0.66 per cent gain, followed by Nifty Energy at 0.59 per cent and both Nifty Auto and Nifty FMCG up 0.42 per cent. 

Meanwhile, media, PSU Banks, and realty witnessed mild pressure. Overall, the market remained broadly supported heading into the afternoon session, with buying in key index constituents helping the benchmarks hold on to their gains.

Market Update at 10:00 AM: India’s equity benchmarks opened higher on Thursday, supported by a positive earnings outlook and renewed foreign inflows ahead of key U.S. jobs data. The Nifty 50 rose 0.3 per cent to 26,132.1, while the BSE Sensex increased 0.33 per cent to 85,470.92 at 9:15 a.m. IST. Both indexes remain about 0.6 per cent below their record highs touched in September 2024.

All 16 major sectors opened in the green, with broader segments also participating in the early gains. The CNX Smallcap and CNX Midcap indices advanced around 0.3 per cent each, reflecting broad-based market strength. Sentiment improved further as Asian markets gained 1.3 per cent, aided by the overnight rally in U.S. equities after Nvidia’s upbeat earnings boosted global risk appetite.

Investors are now focused on the U.S. September jobs report, expected later in the day, for signals on the Federal Reserve’s upcoming rate-cut roadmap. 

Provisional NSE data showed that foreign investors purchased Rs 15.81 billion (USD 178.4 million) worth of shares on Wednesday, while domestic institutional investors added Rs 13.61 billion, supporting the ongoing positive momentum.

Pre-Market Update at 7:40 AM: Indian equity indices are expected to open higher on Thursday, November 20, as global sentiment turned positive following Nvidia’s strong Quarterly Results. The GIFT Nifty signalled a firm start, trading 95 points higher at 26,148 around 7:22 AM. Asian markets also showed strength in early trade, with the Nikkei reclaiming the 50,000 mark, while US markets closed higher overnight, led by gains in technology stocks.

Foreign Institutional Investors bought equities worth Rs 1,580.72 crore on Wednesday, November 19, while Domestic Institutional Investors purchased Rs 1,360.27 crore, extending their buying streak to a 19th consecutive session. The steady institutional flows supported market sentiment through the week.

On Wednesday, the Nifty 50 rose 142.6 points to 26,052.65, and the Sensex added 513.45 points to close at 85,186.47. The indices recovered from Intraday dips, aided by strong buying in IT stocks. Infosys led the sector ahead of its Rs 18,000 crore share buyback opening on Thursday at Rs 1,800 per share. Promoters holding 13.05 per cent have opted out of the buyback. India VIX fell below 12, while sectoral performance remained mixed, with seven out of eleven indices closing lower. Broader markets saw a split, as the Nifty Midcap 100 ended higher and the Nifty Smallcap 100 declined.

Wall Street ended higher on Wednesday, with the Dow Jones up 47.03 points at 46,138.77, the S&P 500 rising 24.84 points to 6,642.16, and the Nasdaq gaining 131.38 points to close at 22,564.23. The move came ahead of Nvidia’s numbers, which further boosted global sentiment. Nvidia reported a quarterly profit of USD 31.9 billion, a 65 per cent rise from a year earlier, with revenue up 62 per cent to USD 57 billion. It projected Q4 revenue of USD 65 billion, plus or minus 2 per cent, and an adjusted gross margin of 75 per cent.

Federal Reserve minutes showed that most policymakers favour additional rate cuts, though some members prefer maintaining the current stance for the rest of the year. Meanwhile, the US trade deficit narrowed sharply by nearly 24 per cent to USD 59.6 billion in August, with imports falling 5 per cent to USD 340.4 billion and exports inching up 0.1 per cent to USD 280.8 billion.

In Asia, China kept its loan prime rates unchanged for the sixth straight month, maintaining the one-year LPR at 3.0 per cent and the five-year LPR at 3.5 per cent. Japanese government bond yields continued to rise, with the 10-year yield touching 1.8 per cent, last seen in 2008, while the yen stayed near a 10-month low against the US dollar.

Gold prices extended gains, rising 0.8 per cent to USD 4,109.12 per ounce, continuing their recovery after the recent decline. Crude oil prices also moved higher, with Brent at USD 63.73 per barrel and WTI trading at USD 59.67 per barrel.

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

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