“USDINR CMP- 83.37 (spot) Indian Rupee depreciated on Friday on demand for dollars from importers and weak tone in Asian currencies. However, a softness in the US Dollar and a decline in crude oil prices cushioned the downside. The US Dollar is witnessing rangebound movement due to the Thanksgiving holiday and a shorter trading day today. We expect Rupee to trade with a slight negative bias due to weak global markets and expectations of a recovery in the US Dollar index. However, IPO-driven Dollar inflows and a weak tone in crude oil prices may support the local currency. Traders may take cues from PMI data out of the US today evening. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

BHEL, GMR Infrastructure, Granules India, Hindustan Aeron, and Lupin are to buzzing stocks on F&O basket

Nifty IT trades lower, down over 1%. HCL Technologies, Wipro, TCS, Mphasis, and Infosys are the top losers on nifty it index.

Cipla, Divis Labs, Hindalco Industries, Adani Enterprises, and JSW Steel are the top gainers on NSE Nifty 50 index.

The share price of Adani Enterprises rose nearly 1% to 2,197 following the news that the Securities & Exchange Board of India informed the Supreme Court it would not seek an extension to complete a probe into Gautam Adani’s group.

The share price of SIS soared 2.20% to Rs 448 following the news that the company had approved an investment of up to Rs 3.5 crore in Entitled Solutions Private by way of subscription to Compulsorily Convertible Debentures (CCDs) for the acquisition of a minimum of 4.73% of its shareholding.

Share price of Honasa Consumer continued its northward rally and surged 12% to Rs 474.25 during the intra-day trade on Friday.

(Source: NSE)

Paytm’s share price fell over 3% during intra-day trading following news that 2.5% of equity changed hands in a bulk deal

Apar Industries shares are trading a percent lower on November 24, a day after the firm launched a qualified institution placement (QIP) issue to raise Rs 1,000 crore. The floor price for the issue has been fixed at Rs 5,540.33 per share.

Divi’s Labs, Dr Reddy’s Labs, NTPC, Cipla and Hindalco are leading the gains on the NSE Nifty 50, while the laggards include Tata Motors, HCL Tech, Tech Mahindra, Apollo Hospitals and Hero MotoCorp.

The NSE Nifty 50 opened flat at 19,809.60 up merely 0.03%, while the BSE Sensex opened at 66,000.29 down 17 points.

“The dominant trend in the market this year is the huge outperformance of the mid and small caps. While Nifty is up only 8.82% YTD, Nifty midcap index and Nifty Smallcap index are up 33.38% and 41.66% YTD. It is important to understand that Nifty is depressed by the poor performance of banks which have the largest weightage in Nifty. The Nifty Bank index is almost flat this year with measly growth of 0.87%. Banks are underperforming despite very good results because they are over-owned and sustained FII selling is weighing on bank stocks. Mid and Smallcaps are under-owned and retail exuberance is largely driving these stocks. There is no valuation comfort in the broader market but valuations are fair in large caps.

Therefore, the next leg of the rally, driven by institutional money – both foreign and domestic- will be driven by large caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The NSE has added Balrampur Chini Mills, RBL Bank, Hindustan Copper, Indiabulls Housing Finance, HPCL, India Cements, Manappuram Finance, MCX India and Zee Entertainment to its F&O ban list for November 24, 2023.

“The USD/INR 28 November futures contract exhibited a narrow trading range. According to the daily technical chart, the currency pair is currently trading above its moving average trend-line support at 83.25, and the RSI remains above the 50 level. Despite the positive divergence seen in the MACD, the pair is encountering significant resistance at higher levels. Upon analyzing the daily technical chart, it is evident that the pair has support at 83.25-83.08, while resistance is positioned at 83.50-83.66. We recommend close monitoring of the levels within the range of 83.22-83.38 before considering fresh positions in the pair. A breakout on either side of this range could provide further insight and guide future trading decisions,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“A positive sentiment is expected today as investors speculate that the Federal Reserve has concluded its interest rate hikes against inflation—a narrative favouring Nifty bulls. Our bullish stance is backed by Nifty’s robust 3.79% November rally, convincing us of its potential to hit a record high by year-end. Crossing the 19,889 mark would signify a bullish trend. Positive catalysts include sluggish WTI Oil prices, FIIs and DIIs as net buyers, and global markets expecting the Fed to halt rate hikes. Technical support for Nifty is expected around 19681. Options data suggests a trading range of 19,300-20,000, with 20,500 as a crucial resistance. Our trade recommendations: Buy Nifty (19,802) at CMP, with a stop at 19421 and targets at 19,829/19,889, aggressive targets at 20,000. For Bank Nifty (43,578), buy at CMP, stop at 42,671, targets at 44,000/44,500, aggressive targets at 45,100-45,500. Chart of the day is bullish on PI INDUSTRIES, INDIGO, MUTHOOTH FINANCE, TATA CONSUMER, and TITAN. Our top stock pick is NTPC; buy at CMP 253, stop at 247, targets at 261/266, and aggressive targets at 277 (Intermonth Strategy) due to its momentum play,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Foreign institutional investors (FII) purchased shares worth net Rs 255.52 crore, while domestic institutional investors (DII) added shares worth net Rs 457.39 crore on November 23, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $76.63 down 0.57%, while Brent crude prices are trading at $81.67 up 0.31%, on Friday morning. 

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.14% at 103.77.