Indian equity benchmarks ended slightly lower on Monday as investors waited for inflation data which was due later on that day and it would indicate direction of the Reserve Bank of India’s interest rate hikes. RBI data showed that India’s foreign exchange reserves declined by $1.1 billion to $529.99 billion in the week ended November 4. India’s inflation based on the wholesale price index (WPI) eased to 8.39% in October from 10.70% in September.  Consumer Price Index (CPI), fell sharply to 6.77% year-on-year in October from 7.41% in September 2022. 

“The positive chart pattern like higher tops and bottoms continued on the daily chart and the swing high of Monday could signal a possibility of a new higher top of the sequence. Hence, there is no confirmation of any higher top reversal pattern unfolding at the highs,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said. Immediate support is placed at 18,250, the market expert said.

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Indian Indices

The Sensex fell 170.89 or 0.28% to 61,624.15 while the Nifty fell 20.55 or 0.11% to 18,329.15 at the end of the trading session on Monday. The Sensex moved in a high-low band of 61,916.24 and 61,572.03. There were 16 stocks advancing against 14 stocks declining on the index. The Nifty traded in a range of 18,399.45 and 18,311.40. There were 26 stocks advancing against 24 stocks declining and 1 stable on the index.

Broader Indices

The broader indices ended mixed with the BSE MidCap index gaining 0.05% and the SmallCap index up by 0.25%. The top losing sectoral indices on the BSE were FMCG down by 1.29%, Power 0.69%, Capital Goods 0.66%, Utilities 0.49%, and Consumer Durables 0.40%. While Metal up 1.48%, Realty 1.05%, Commodities 1.00%, IT 0.77%, and Healthcare 0.56% were only 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 3.51% to 14.91 on Monday.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with 55 points gain. The Nifty futures were trading at 18,432.50 on the Singaporean Exchange at around 08:17 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 18,313, followed by 18,292 & 18,259. If the index moves up, the key resistance levels to watch out for are 18,380 followed by 18,401 and 18,435, according to pivot charts.

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US Markets 

The S&P 500 fell 35.68 points, or 0.89%, to 3,957.25 points on Monday.

The Dow Jones Industrial Average fell 211.16 points, or 0.63%, to 33,536.70 points. 

The Nasdaq Composite fell 127.11 points, or 1.12%, to 11,196.22 points

The Russell 2000 index of smaller companies fell 21.49 points, or 1.14%, to 1,861.25 points.

Asian Markets

Asian markets ended mostly lower on Friday with the KOSPI Composite down by 0.34%, the Nikkei 225 down by 1.06%, Shanghai Composite down by 0.13%, and the Hang Seng up by 1.70%.

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European Markets

European markets ended higher on Friday. UK’s FTSE 100 rose 0.92%, France’s CAC rose 0.22%, and Germany’s DAX advanced 0.62%.

Bulk Deal data

Tiger Global Eight Holdings sold 79,98,238 shares in PB Fintech Limited at Rs 389.44 per share on the NSE.

Internet Fund III Pte. Ltd. sold 54,19,369 shares in PB Fintech Limited at Rs 389.38 per share on the NSE.

WF Asian Reconnaissance Fund Limited bought 50,00,000 shares in PB Fintech Limited at Rs 388 per share on the NSE.

Oman India Joint Investment Fund sold 40,27,666 shares in HBL Power Systems Limited at Rs 98.16 per share on the NSE.

Chander Kamal Baljee sold 2,50,000 shares in Royal Orchid Hotels Limited at Rs 275.01 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 1,089.41 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 47.18 crore on November 14, as per data available on the NSE.

NSE F&O Ban

BHEL, Sun TV Network, Punjab National Bank, and Gujarat Narmada Valley are securities placed under the F&O ban for November 14. 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.