Pre-Market Update: GIFT Nifty Signals Muted Opening; Q2 Earnings, Foreign Flows and Crude Oil in Focus

Pre-Market Update at 7:40 AM: GIFT Nifty indicated a muted opening for domestic equities on November 12. At 25,238.50 as of 7:01 AM IST, it was 16.55 points below the previous Nifty 50 closing level of 25,255.05.

The indication comes after a strong domestic market session on November 11, when the Nifty 50 gained 210.40 points, or 0.84 per cent, while the Sensex advanced 772.75 points, or 0.95 per cent. Strong foreign portfolio investor (FPI) inflows, a busy corporate earnings calendar and movements in crude oil prices are likely to remain key factors for the market.

Several companies, including Hindustan Aeronautics, Oil India, NMDC, Vodafone Idea, Ola Electric Mobility, Alkem Laboratories, Amber Enterprises, Manappuram Finance, Bharat Dynamics, Page Industries, Rail Vikas Nigam and IRCTC, are scheduled to announce their September-quarter results today. Their earnings could trigger stock-specific action across Defence, oil and gas, telecom, metals, consumer discretionary, Railways, hospitality and industrials. Investors will track updates on demand, order execution and margins.

Foreign institutional buying remained strong on November 11, with FPIs purchasing Indian equities worth Rs 12,563.33 crore. However, domestic institutional investors (DIIs) were net sellers worth Rs 8,434.53 crore. The divergence between foreign buying and domestic selling will remain an important market indicator following the previous session's gains. Meanwhile, India VIX increased 0.75 per cent to 17.55, indicating a modest rise in expected market volatility.

Crude oil prices remained below their recent levels in early trade on November 12. Brent crude traded at USD 91.85 per barrel, down 0.65 per cent, while West Texas Intermediate (WTI) crude declined 0.86 per cent to USD 86.13 per barrel as of 7:02 AM IST. Crude oil movements remain important for India because of its dependence on imports. Changes in prices can influence the country's import bill and inflation outlook, while also affecting sectors such as oil marketing, airlines, paints, chemicals, Logistics and upstream energy.

Global markets offered a largely positive but mixed set of cues. U.S. equities closed higher in the previous session, with the Nasdaq gaining 1.60 per cent to 25,466.19, the S&P 500 advancing 1.31 per cent to 7,619.38 and the Dow Jones Industrial Average rising 0.49 per cent to 52,486.49. The strength in U.S. markets provides a constructive global reference point, although GIFT Nifty indicates a relatively subdued domestic opening.

Asian markets were mixed in early trade on November 12. Japan's Nikkei advanced 0.19 per cent, while the Shanghai Composite gained 0.46 per cent. Hong Kong's Hang Seng declined 0.98 per cent. Meanwhile, European markets had ended the previous session higher, with Germany's DAX rising 1.20 per cent, the FTSE 100 gaining 0.78 per cent and France's CAC 40 advancing 0.66 per cent.

In the commodities market, gold gained 0.13 per cent to USD 3,992.49, while silver rose 0.15 per cent to USD 51.73. The Dollar Index was marginally lower at 102.867, while the Indian rupee traded around Rs 93.68 against the U.S. dollar, unchanged from its previous level. The U.S. 10-year Treasury yield stood at 4.994 per cent, up 0.004 percentage points. Movements in Treasury yields will remain important for assessing global risk appetite and equity valuations.

In the previous trading session on November 11, the Nifty 50 closed at 25,255.05, gaining 210.40 points or 0.84 per cent. The index touched an Intraday high of 25,424.35 and a low of 25,095.35. The Sensex settled at 81,879.40, up 772.75 points or 0.95 per cent, after touching an intraday high of 82,520.40 and a low of 81,417.39.

Among individual stocks, Tata Power Company reported a 32.7 per cent year-on-year (YoY) increase in consolidated Q2 FY27 net profit to Rs 1,652.04 crore. Revenue from operations grew 26.3 per cent to Rs 19,635.94 crore, while EBITDA increased 5.3 per cent to Rs 4,245 crore. The company's board also approved an investment of Rs 11,871 crore for its 1,800 MW Shirwata pumped-storage project in Maharashtra. Tata Power said 75 per cent of the project would be debt-funded, with the remaining amount financed through equity. The company also expects Construction at its Odisha ingot-wafer plant to begin this month, with production targeted from March 2028.

Bajaj Finance launched a qualified institutional placement (QIP) of up to Rs 11,700 crore. The indicative issue price is Rs 1,025 per share, compared with the November 11 NSE closing price of Rs 1,078.80. The Sebi floor price has been set at Rs 992.25 per share. The proposed issue could dilute pre-issue equity by up to 1.8 per cent. The company plans to use the proceeds towards repayment of borrowings and general corporate purposes. This development follows the allotment of Rs 5,800 crore worth of warrants to promoter Bajaj Finserv on November 10.

Hindustan Copper reported a 179 per cent YoY increase in standalone Q2 net profit to Rs 519.54 crore, while revenue rose 64 per cent to Rs 1,175.24 crore. For the first half of the financial year, profit after Tax increased 172 per cent to Rs 872.15 crore. EBITDA margin expanded to 60 per cent from 42 per cent a year earlier. The company attributed the improvement to higher sales volumes, stronger copper prices and productivity gains.

Garden Reach Shipbuilders & Engineers reported an 8.9 per cent YoY increase in standalone Q2 revenue to Rs 1,826 crore. Net profit grew 11.8 per cent to Rs 171 crore, while gross profit increased 25.6 per cent to Rs 181 crore. Investors will track the quarterly performance for further indications of execution trends in the defence shipbuilding segment.

Mishra Dhatu Nigam reported a 41.1 per cent YoY rise in consolidated Q2 revenue to approximately Rs 296 crore. Net profit increased around 115 per cent to Rs 28 crore, while gross profit grew approximately 106 per cent to Rs 33 crore. The results provide a fresh trigger for the speciality metals and defence-linked public sector company.

Triveni Turbine reported weaker consolidated Q2 FY27 performance. Revenue declined approximately 3 per cent YoY to Rs 491 crore, while net profit fell around 41 per cent to Rs 53 crore from Rs 91 crore. Gross profit also declined approximately 49 per cent to Rs 54 crore, putting the focus on profitability and execution trends in its industrial equipment business.

Aurobindo Pharma said the U.S. Food and Drug Administration (FDA) classified the inspection outcome at Lannett Company LLC's Seymour facility as Official Action Indicated (OAI). The inspection was conducted between August 17 and August 21, 2026, and resulted in four observations. The regulatory classification will be monitored as it relates to a U.S.-facing subsidiary facility and could have implications for manufacturing continuity, product approvals and compliance costs.

Overall, domestic markets are likely to take cues from the ongoing September-quarter earnings season, foreign institutional activity, crude oil movements and global market trends. Despite strong gains in the previous session and positive U.S. market cues, GIFT Nifty points to a muted start, keeping stock-specific developments in focus.

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

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