Q2 Results impact
The Indian equity indices started the week on a strong note, finishing higher for the sixth consecutive session on November 17 with Nifty closing above 26,000 mark.
Despite mixed global cues, the market opened higher and extended the gains as the day progressed, helping Nifty to cross 26,000 mark amid buying across the sectors and progress in India-US trade negotiations.
At close, the Sensex was up 388.17 points or 0.46 percent at 84,950.95, and the Nifty was up 103.40 points or 0.40 percent at 26,013.45.
Broader indices have outperformed the main indices with Nifty Midcap hitting fresh record high of 61,211.05, while Nifty smallcap index rose 0.52 percent.
Nifty Bank index ended 0.76 percent higher at 58,962.70 after hitting fresh record high of 59,001.55, intraday.
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Bajaj Auto, Tata Consumer, Eicher Motors, Max Healthcare, Maruti Suzuki were among major gainers on the Nifty, while losers were TMPV, Adani Enterprises, Jio Financial, Interglobe Aviation, UltraTech Cement.
All the other sectoral indices ended in the green with auto, bank, realty, capital goods, consumer durables, PSU Bank up 0.5-1%.
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In stock-specific action, TruAlt Bioenergy shares gained 2%, while Websol Energy System shares slipped 4% on signing MoU with APEDB, Ashoka Buildcon shares fell 5% post Q2 profit declines 83%, GMR Power share price added 7% after Q2 profit surges 248%, Narayana Hrudayala shares surged 15% on better Q2 earnings.
V2 Retail shares jumped 1.4% on reporting profit in Q2, IRB Infrastructure Developers shares rose nearly 4% after arm wins LoA from NHAI, Kotak Mahindra Bank shares added 1.2% as board to consider stock split this week, ideaForge Technology shares added 8% on order win worth Rs 32 crore, Alembic Pharmaceuticals shares rose nearly 5% on USFDA approval for Diltiazem Hydrochloride tablets,
More than 170 stocks touched their 52-week high on the BSE, including Hero MotoCorp, Marico, City Union Bank, Canara Bank, Indian Bank, Asahi India, Laurus Labs, PNB, UPL, BPCL, MCX India, Bank of India, SBI, Can Fin Homes, Muthoot Finance, Navin Fluorine, Star Health, Asian Paints, among others. Click to View More
On the other hand, more than 180 stocks hit 52-week low, including Cohance Life, Genesys International, Fischer Medical Venture,KNR Construction, Bata India, Ganesha Ecosphere, Westlife Foodworld, Ceinsys Tech, among others. Click to View More
Outlook for November 18
Rupak De, Senior Technical Analyst at LKP Securities
The index moved up after a few days of consolidation on the daily timeframe. Besides, it has been sustaining above the 21EMA, which is a critical short-term moving average. The RSI is in a bullish crossover on the daily chart.
In addition, the formation of a higher bottom indicates a rising market. The trend is likely to remain strong in the short term, with the potential to move towards 26,200/26,350. On the lower side, support is placed at 25,800.
Ajit Mishra – SVP, Research, Religare Broking
Markets edged higher on Monday, with the Nifty 50 extending its winning streak to a sixth straight session and closing near the 26,013 mark amid a firm undertone. The index opened positively and maintained its upward bias throughout the day. Sectorally, most indices attracted buying interest, with auto and banking leading the gains, while metals and IT ended on a muted note. The broader markets also remained buoyant, as both midcap and smallcap indices delivered healthy gains, reflecting improving market breadth.
The up-move was supported by optimism around stable domestic macroeconomic conditions and a strong close to the Q2 earnings season. However, despite the domestic strength, investors should remain attentive to global developments, especially in light of increased volatility in the US markets, which could spill over in the near term.
With the weekly expiry ahead and the Nifty now approaching its previous swing high near 26,100, some resistance at higher levels cannot be ruled out. That said, the broader undertone remains positive. A decisive breakout above 26,100 could open the doors for a move toward the 26,300–26,500 zone. On the downside, support is placed at 25,900 and 25,700, and dips toward these levels are likely to attract buying interest.
We continue to favor sectors such as banking, auto, and metal, which have shown consistent strength, while selectively identifying opportunities in other pockets.
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