Indian equity benchmarks ended lower on Wednesday after a volatile trading session. Markets initially got support from Foreign Minister S Jaishankar’s statement that India will continue buying Russian oil as it is advantageous for the country. Traders’ sentiments were dampened after a statement from Chief Economic Advisor V Anantha Nageswaran that India’s real Gross Domestic Product (GDP) growth is expected between 6.5% to 7% for the financial year 2022-23.

“The positive chart pattern like higher tops and bottoms continued on the daily timeframe chart and Wednesday’s swing high of 18,296 could be considered as a new higher top of the sequence,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said. Shetti feels there is a possibility of further consolidation or minor downward correction in the next 1-2 sessions before showing an upside bounce again from the lows. Immediate support is placed at 17,950 levels.

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Indian Indices

The Sensex declined 151.60 or 0.25% to 61,033.55 while the Nifty fell 45.80 or 0.25% to 18,157.00 at the end of the trading session on Wednesday. The Sensex moved in a high-low band of 61,447.23 and 60,905.15. There were 8 stocks advancing against 22 stocks declining on the index. The Nifty traded in a range of 18,296.40 and 18,117.50. There were 14 stocks advancing against 36 stocks declining on the index.

Broader Indices

The broader indices ended red with the BSE MidCap index down by 0.52% while the SmallCap index was down by 0.33%. The top losing sectoral indices on the BSE were Realty down by 1.42%, Metal 1.04%, Consumer Durables 1.03%, Healthcare 0.98%, and Consumer Discretionary 0.93%, while Services up by 1.47%, Bankex 0.25%, FMCG 0.22%, and Telecommunication 0.03% were the gaining sectoral indices on BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, rose 2.12% to 15.92 on Wednesday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with 90.5 points loss. The Nifty futures were trading at 18,103.00 on the Singaporean Exchange at around 07:58 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 18,122, followed by 18,080 & 18,011. If the index moves up, the key resistance levels to watch out for are 18,259 followed by 18,301 and 18,369, according to pivot charts.

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US Markets 

The S&P 500 fell 79.54 points, or 2.08%, to 3,748.57 on Wednesday.

The Dow Jones Industrial Average fell 646.89 points, or 1.95%, to 32,513.94.

The Nasdaq rose 263.03 points, or 2.48%, to 10,353.18.

The Russell 2000 index of smaller companies fell 48.53 points, or 2.68%, to 1,760.40.

Asian Markets

Asian markets ended mixed on Tuesday with the KOSPI Composite up by 1.06%, the Nikkei 225 down by 0.56%, Shanghai Composite down by 0.53%, and the Hang Seng down by 1.20%.

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European Markets

European markets ended lower on Wednesday. UK’s FTSE 100 fell 0.14%, France’s CAC fell 0.17% and Germany’s DAX declined 0.16%.

Bulk Deal data

Barclays Merchant Bank (Singapore) Limited sold 45,35,218 shares in Manappuram Finance Ltd at Rs 108.83 per share on the NSE.

Krishnamurthy Narayanan Iyer bought 73,208 shares in KDDL Limited at Rs 993.95 per share on the NSE.

Debra Pauly sold 1,49,279 shares in Roto Pumps Limited at Rs 415.08 per share on the NSE.

Shyam S bought 1,46,542 shares in Roto Pumps Limited at Rs 415 per share on the NSE.

Vivek Jain sold 1,00,000 shares in Rushil Decor Limited at Rs 435.94 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) have bought shares worth a net of Rs 386.83 crore, whereas domestic institutional investors (DIIs) sold shares worth a net of Rs 1,060.12 crore on November 09, as per data available on the NSE.

NSE F&O Ban

Punjab National Bank securities have been placed under the F&O ban for November 10. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.