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Daily Market Update - Pre-open Market Outlook- Nov 19
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On Wednesday, November 19, equity benchmark indices — the Sensex and Nifty 50 — are expected to open with positive bias, following developments in India-US trade talks. 

Trends on the GIFT Nifty indicate a positive start, with the index trading 39 points higher at 25,950 around 7:22 AM.

On the India–US trade front, Commerce Minister Piyush Goyal affirmed that the partnership between the two nations continues to strengthen across multiple sectors. He highlighted that talks on the proposed trade agreement are moving forward and reiterated that India will only move ahead with a deal that is balanced and aligns with national interests.

In early trade, the majority of the Asian markets traded in green, while the US stock market declined overnight, with the S&P 500 posting a four-day drop, its longest losing streak in three months.

Institutional Flows – FIIs and DIIs

On Tuesday, November 18, Foreign Institutional Investors (FIIs) were net sellers, selling equities worth ₹728.82 crore. Domestic Institutional Investors (DIIs) continued their positive stance, buying equities worth ₹6,156.83 crore, marking their 18th consecutive session of net inflows.

Tuesday’s Market Action

Indian equity benchmarks ended lower on Tuesday, November 18, snapping a six-day winning streak, as weakness in Infosys and ICICI Bank dragged the indices into negative territory. The Nifty 50 fell 103.40 points or 0.40% to 25,910.05, while the Sensex declined 277.93 points or 0.33% to 84,673.02. Both indices now sit about 1.4% below their record highs, and India VIX rose over 2.5% to move above the 12 mark.

All eleven sectoral indices closed in the red, with the Nifty Metal index slipping 1.11% as copper and aluminium prices weakened due to a stronger dollar. The Nifty IT index also fell 1.2% amid uncertainty over potential US Federal Reserve rate cuts in December. The broader market followed the same trend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices closing lower.

Wall Street On Tuesday  

US markets finished Tuesday’s session in the red, weighed down mainly by weakness in technology counters. The S&P 500 logged its fourth consecutive day of decline. The Dow Jones Industrial Average slipped 498.50 points, or 1.07%, to 46,091.74. The S&P 500 lost 55.09 points, or 0.83%, ending at 6,617.32, while the Nasdaq Composite closed 275.23 points, or 1.21%, lower at 22,432.85.

Tech stocks saw broad selling pressure. Nvidia declined 2.8%, Microsoft was down 2.7%, Amazon tumbled 4.43%, AMD dropped 4.25%, and Home Depot fell 6%. Cloudflare shed 2.83%, CrowdStrike slipped 3.04%, and Tesla eased 1.88%.

Dollar Movement

The dollar held gains against the yen after reaching a 9-1/2-month high. A stronger dollar makes gold more expensive for other currency holders. 

Gold Prices

Gold prices were steady on Wednesday, as investors awaited minutes from the Federal Reserve's latest policy meeting and the US jobs report that could shed more light on the central bank's interest rate trajectory.

Spot gold was flat at $4,069.44 per ounce, a US gold futures for December delivery edged 0.1% higher to $4,069.50 per ounce. 

Crude Oil Prices

Crude oil prices traded over half a percent lower. Brent crude oil prices fell 0.54% to $64.54 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.54% to $60.41.

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

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