FIRST TRADE: Sensex down over 100 pts; Nifty below 19,650; Bajaj twins fall 3%

Stock market today: The Indian share market on Thursday, November 16, opened on a subdued note but, minutes later, slipped into negative territory amid weakness in bank, auto, financial services, and FMCG counters.

Last seen, the S&P BSE Sensex was down 145.75 points, or 0.21 per cent, at 65,539.44 levels, and the NSE Nifty was down 38.35 points, or 0.19 per cent, at 19.637.1.

"An important trend in the market is the increasing clout of DIIs, HNIs, and retail investors and the diminishing influence of FPIs. During August, September, October, and November till date, FPIs cumulatively sold stocks for Rs 83,422 crore through the exchanges. During this period, DIIs alone bought stocks worth Rs 77,995 crore. FPI selling is completely neutralised by DII and individual investor buying. This is the reason why Nifty is around 19,675, the same level as it was in early August," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Vijayakumar added that the resilience of the market and strong up moves on favourable days like yesterday have forced FPIs to rethink their strategy. Thus, they bought Rs 550 crore worth of stocks on Wednesday after sustained selling in all other days of November.

According to Vijayakumar, FIIs turning buyers is favourable for banking stocks, particularly the large caps, which are attractively valued. Automobiles are on a strong wicket, the expert adds.

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 traded with gains. On the other hand, high-beta Nifty Bank was flat with a negative bias at 44,167.7.

BUZZING STOCKS 

Bajaj Finance and Bajaj Finserv shares slipped over 3 per cent after the Reserve Bank of India (RBI), amid regulatory lapses, asked Bajaj Finance to stop loan disbursal via two of the company's products.

RateGain Travel Technologies shares were down over 1 per cent after the company launched the qualified institutional placement (QIP) at a 5 per cent discount to the current market price.

Conversely, Manappuram Finance shares surged over 5 per cent after several changes were made in the senior management of the company.

Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation, and Oil India shares traded over 2 per cent higher after the price for commercial LPG of 19 kg was slashed by Rs 57.5 per cylinder.

Suzlon Energy shares were up over 3 per cent after the RLMM listing of its S144-3 MW series of wind turbines.

Gland Pharma shares were up over 2 per cent after the pharma major received tentative approval from the USFDA for angiotensin 2 for injection.

TCS shares were up nearly 1 per cent after the company fixed the record date for its buyback. 

ASK Automotive shares were up over 2 per cent after Goldman Sachs bought 23.3 lakh equity shares, equating to 1.1 per cent equity at Rs 310.05 per share.

GLOBAL MARKETS 

Asian stock markets struggled for momentum on Thursday after heavy gains this week, as expectations for a pause in Fed policy tightening remained intact despite US data pointing to strength in parts of the economy.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent. The index is up 7.1 per cent so far this month.

(With agency inputs)

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