Stock Market Live: Nifty, Sensex Fall After Flat Open As RIL, Hindalco Industries Share Prices Drag

The NSE Nifty 50 and BSE Sensex declined after opening flat as index heavyweight Reliance Industries Ltd., and Hindalco Industries Ltd. share prices dragged. As of 09:17 a.m., the Nifty 50 was trading 60.35 points 0.25% lower at 24,423.70, and the Sensex was 75.53 points or 0.1% lower at 80,302.60.

From a technical perspective, if the market remains above 24,400/80,000, the indices may rise to 24,700-24800/80,900-81,200 in the near future. However, if the market fails to sustain above 24,500/80,300, it could correct and retest the earlier resistance levels, which were at 24x,300-24,200/79,700-79,400, said Shrikant Chouhan, head, equity research, Kotak Securities.

The Sensex was 0.09% down at 80,302.71.

The Nifty 50 was 0.22% down at 24,503.35.

The Nifty Bank was 0.22% down at 52,377.15.

ICICI Bank Ltd., Reliance Industries Ltd., Hindalco Industries Ltd., Trent Ltd., and Adani Enterprises Ltd. weighed on the Nifty 50 index.

Tata Consultancy Services Ltd., Apollo Hospital Enterprise Ltd., Bharti Airtel Ltd., HCLTech Ltd., and Tata Steel Ltd. added to the Nifty 50 index.

Top contribution to the Nifty 50 index. 

On NSE, seven sectors declined, three advanced, and two remained largely flat out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty IT index rose the most.

Most sectoral indices opened lower at open on Nov 7

Stock Market Live: Nifty, Sensex Trade Higher At Pre–Open

At pre–open, the NSE Nifty 50 was trading 5.55 points or 0.02% higher at 24,489.60, and the BSE Sensex was trading 0.23% higher at 80,563.42.

Yield On The 10-Year Bond Opens Flat

The yield on the 10-year bond opened flat at 6.82%. It closed at 6.83% on Wednesday, according to data on Bloomberg.

Rupee Strengthens Against US Dollar

Rupee strengthened by 2 paise to open at 84.26 against the US dollar. It closed at a record low of 84.28 on Wednesday, according to data on Bloomberg.

Stock Market Live: Macrotech Developers To Acquires Platform Entities From Bain Capital 

Macrotech Developers Ltd. will acquire digital infrastructure platform entities from Bain Capital for Rs 307 crore, it said in an exchange filing.

Emkay Global Research On JK Tyre

  • Retain Buy with TP 650 vs 700 earlier, Upside 66%

  • Q2 results down with sales impacted in Mexico and Latin America

  • The company is leader in domestic CV segment which has been weak in H1

  • The brokerage cut FY25E/26/27 PAT by ~18%/10%/8% factoring in Q2 miss, gradual margin recovery

  • The commercial vehicle outlook improving amid expected pickup in infra/capex activity and a favorable base

  • Softening rubber prices, pricing action OF 3-3.5% YTD and better mix should aid margin recovery Q4FY25E onwards

  • Maintained Buy amid attractive valuations of 8.5x Sep-26E P/E vs 17.3x peer average

Morgan Stanley On Amara Raja

  • Retain Underweight with TP 1057, Downside 21%

  • Strong growth in the replacement market offset by slower growth in new energy segment

  • Industrial volumes declined by 10% YoY due to lower telecom demand.

  • New energy segment experienced slower offtake from 3W OEMs

  • 2GWh NMC cell plant expected to commence operations by the end of CY26.

  • Tubular battery plant projected to improve margins starting F25.

  • A 1.5% price hike was implemented in early F2Q25 to offset commodity costs.

  • Anticipated EBITDA margins of 14-14.5%, with a target of 11-12% for the new energy segment.

  • Exports projected to grow at a 15% CAGR over the next 3-4 years.

Gold Prices Extend Losses To Second Session As Dollar Index Hovers Near Four–Month High

The Gold spot and future prices extended losses to a second session on Thursday as the dollar index continued to trade near four–month high it hit on Wednesday. A rise in the greenback makes the bullion expensive for other currency holders, subsequently weigh on the demand.

Moreover, the US Treasury yield also continued to trade around four–month high, which reduced the charm of the precious metal as a safe–haven asset.

As of 8:18 a.m., the Gold future trading 0.46% down at $2,664.10 an ounce. The Bloomberg spot Gold was trading 0.06% down at $2,657.46 an ounce.

Stock Market Live: Solar Energy Corp Bars Reliance Power From Bidding 

Solar Energy Corp of India barred Reliance Power Ltd. and its subsidiaries from bidding in future tenders for three years. The debarrment is due to fake bank guarantees submitted in last round of bidding.

SECI had cancelled last bidding round owing to discrepancies in bank guarantees submitted by Reliance Power subsidiary.

Asia FX Update: Yen Rebound Against US Dollar 

The Japanese yen rebound to start recovery from steep losses against the US Dollar on Thursday. The Japanese unit was trading 0.14% higher at 154.42 a dollar as of 8:04 a.m.

Other Asian currencies were trading on a mixed note against the greenback. The South Korean Won was 0.29% higher at 1,396.78 a dollar, while the Taiwanese Dollar declined 0.26% against the US unit.

The dollar index continued to gain strength after touching a four–month high on Wednesday after early vote count showed Donald Trump is winning the race to the Oval Office. The dollar index was trading flat at 105.1 as of 08:01 a.m.

Oil Prices Rise As Traders Analyse Likely Impact Of Trump Presidency

Crude oil futures prices rose in early Asian trade as traders try to analyse beforehand the impact of the Donald Trump’s second presidency in the US for the commodity market.

The January future contract of the brent crude was trading 0.75% higher at $75.48 a barrel as of 7:43 a.m.

Stock Market Live Updates Today: Citi Research On Midspace Business Parks Reit 

  • Maintain Buy with a target price Rs 405, which implied a 6.6% upside

  • Portfolio grown by ~5msf to ~34msf in Sep’24 since listing

  • Portfolio growth to be driven by acquisitions from sponsor group

  • Expects occupancy stabilizing at ~96% in next 12 months

  • Company expects organic NOI growth of Rs9-10bn over next 4 years

Stock Market Live: Citi Research On Jindal Steel & Power 

  • Maintain Sell with a target price Rs 850, which implied a 10.9% downside

  • Q2 standalone adj EBITDA fell ~29% qoq on lower volumes and realization

  • Despite Chinese optimism, believe not enough to swing demand

  • Expect EBITDA/t to rise vs Q2 but valuations price in fair bit of optimism

  • Sees lack of visibility on volume growth despite the HSM commissioning

  • Cut FY25/26/27 EBITDA by 7%/9%/8% on lower steel volumes and trends

The Yield On 10–Year US Treasury Note Hovers Around Four–Month High

The yield on the benchmark 10–year US Treasury note was hovering around four–month high it hit on Wednesday. The yield rose as early vote count showed Donald Trump winning a second presidency at the White House.

The yield on the benchmark 10–year US Treasury note was at 4.43% as of 7:18 a.m. IST.

Asia Market Update: Stock Gauges Off Highs On Concerns Over Trump’s Victory

Asia–Pacific erased opening gains as market participants become concerned about the impact of Donald Trump’s presidency, which is likely to impose higher tariffs, Bloomberg reported.

The Nikkei 225 was trading 338.58 points or 0.86% down at 39,142.09, and the S&P ASX 200 was trading 36.70 points or 0.45% down at 8,162.80 as of 07:07 a.m.

US Market Update: Share Indices Hit Fresh Highs As Trump Wins US Presidential Election

The S&P 500 and Nasdaq 100 rose to fresh highs with the former posting the best post-election day in history, Bloomberg reported citing Birinyi Associate Inc. The rally was fuelled as markets bet that Donald Trump’s presidency will be good for the world’s largest economy.

The S&P 500 ended 2.53% higher at 5,929.04, and the Nasdaq 100 ended 2.74% higher at 20,781.34.

The Dow Jones Industrial Average ended 3.57% higher at 43,729.93.

GIFT Nifty Above 24,400; RVNL, Tata Steel, UltraTech Cement Share Prices May react

The GIFT Nifty was trading above 24,400 in early trade Thursday. Rail Vikas Nigam Ltd., Tata Steel Ltd., and UltraTech Cement Ltd. share prices are likely to be in focus.

The GIFT Nifty was trading 0.06%, or 14 points, down at 24,472.50 as of 06:34 a.m.

Indian benchmark indices ended with over 1% gain on Wednesday, with Infosys Ltd., Tata Consultancy Services Ltd. and overall technology stocks contributing to the benchmark indices’ rally.

The Nifty 50 ended 270.75 points, or 1.12%, higher at 24,484.05, and the Sensex closed 901.50 points, or 1.13%, up at 80,378.13.

“Markets rallied today as Donald Trump took a comfortable lead in US presidential polls crossing the 270 majority mark. Markets will be reacting on Friday to US Fed and BoE interest rate decision tomorrow. There is an expectation of 25 bps rate cut by the Fed committee. We expect markets to see a near term bounce back due to positive sentiments globally,” said Siddhartha Khemka, head, research, wealth management, Motilal Oswal Financial Services.

. Read more on Markets by NDTV Profit.The Nifty 50 and Sensex were trading 0.31% and 0.25% down, respectively. Get live updates on Indian stock markets here.  Read MoreMarkets, Notifications 

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