The benchmark indices traded flat amid mixed global cues on Thursday (November 11). At 09:16 AM, the Sensex was down 188.38 points or 0.31 percent at 60164.44. The broader Nifty was down 63.40 points or 0.35 percent at 17,953.80. About 1,087 shares have advanced, 645 shares declined, and 110 shares are unchanged.
Tata Steel, UPL, JSW Steel, Tata Motors and Dr Reddy’s Labs were among major gainers on the Nifty.
On November 10, the Nifty closed lower for the second consecutive session on November 10. At close, Nifty was down 0.15 percent or 27 points to 18,017.2.
Nifty closed almost flat for the second consecutive session with the advance decline ratio falling to slightly in the negative. As compared to the previous session, it made a lower high. 18,113 on the upside is the resistance level to watch while 17,836 is the support level to protect in the near term, said Deepak Jasani, Head-Retail Research, HDFC Securities.
Stocks to watch out for today
Stock-specific actions can be witnessed in stocks such as
Pidilite Industries (reported higher consolidated profit at Rs 374.6 crore in Q2FY22 against Rs 356.4 crore in Q2FY21),
Maruti Suzuki (witnessed a 26 per cent drop in production last month due to the shortage of semiconductor chips),
Zomato (reported loss at Rs 434.9 crore in Q2FY22 against loss of Rs 229.8 crore in Q2FY21, revenue increased sharply to Rs 1,024.2 crore from Rs 426 crore YoY).
Earnings to watch today include Tata Steel, Balkrishna Industries, Bharat Dynamics, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, etc.
Wall Street closes lower on Wednesday
Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite and stoked worries of a protracted wave of red hot inflation.
The Dow Jones Industrial Average fell 240.04 points, or 0.66 percent, to 36,079.94, the S&P 500 lost 38.54 points, or 0.82 percent, to 4,646.71 and the Nasdaq Composite dropped 263.84 points, or 1.66 percent, to 15,622.71.
Asian stocks trade mixed
Inflation fears pressured Asian stocks and buoyed the dollar on Thursday after data overnight showed US consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.85 percent, led by a 1.19 percent slide in Australia's benchmark. Japan's Nikkei bucked the trend by rising 0.24 percent, supported by the yen's weakness against a resurgent dollar and as U.S. stock futures ticked up slightly.
Oil prices steady
Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.
Brent crude futures gained 18 cents, or 0.2 percent, to $82.82 a barrel at 0156 GMT, while WTI futures rose 17 cents, or 0.2 percent, to $81.51.
Drop in Americans applying for unemployment benefits
The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week as the job market recovers from last year's sharp coronavirus downturn. Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average of claims, which smooths out weekly ups and downs, dropped by nearly 7,300 to 278,000, also a pandemic low.
Applications for unemployment aid have been falling mostly steadily since topping 900,000 in early January and are gradually nearing prepandemic levels of around 220,000 a week. Claims, a proxy for layoffs, have now dropped for six straight weeks.
US grappling with highest inflation rate since 1990
Prices for US consumers jumped 6.2 percent in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4 percent rise in September, the Labor Department reported Wednesday. From September to October, prices jumped 0.9 percent, the highest month-over-month increase since June.
China's Evergrande Group faces deadline for coupon payments
Cash-strapped China Evergrande Group, facing a deadline for coupon payments on Wednesday, may have made those payments, according to a report by Bloomberg, which said that customers of international clearing firm Clearstream have received overdue payments on three U.S. dollar bonds.
A failure to pay would result in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world’s second-largest economy. Bloomberg reported here that customers of Clearstream received overdue payments on three US dollar bonds, quoting a spokesperson for Clearstream and citing bondholders of two of the bonds saying they received payments. Clearstream did not immediately respond to a request for comment.
Tata Steel, Balkrishna Industries, Bharat Dynamics, Engineers India, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, NMDC, Power Finance Corporation, Prestige Estates Projects, RailTel Corporation, Suryoday Small Finance Bank, and Zee Entertainment Enterprises among 376 companies that will release September quarter earnings.
Seven stocks under F&O ban
Seven stocks - Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban.