Before the Indian market opened on a Wednesday in November, the Gift Nifty sat quietly near 25,322, reflecting a world that had grown uneasy overnight. Hotter-than-expected inflation in the United States pushed Wall Street lower and nudged traders toward believing the Federal Reserve would raise interest rates again in December. Even as crude oil hovered near $92 and the Iran conflict cast its long shadow, Indian investors were weighing corporate fortunes that split sharply: some companies celebrated festive-season demand while others struggled under rising raw material costs.
Stock Market Today: Gift Nifty Signals Muted Open as Wall Street Slips on Hotter US Inflation
Before the Indian market opened on a Wednesday in November, the Gift Nifty sat quietly near 25,322, reflecting a world that had grown uneasy overnight. Hotter-than-expected inflation in the United States pushed Wall Street lower and nudged traders toward believing the Federal Reserve would raise interest rates again in December. Even as crude oil hovered near $92 and the Iran conflict cast its long shadow, Indian investors were weighing corporate fortunes that split sharply: some companies celebrated festive-season demand while others struggled under rising raw material costs.
Before the bell rang in Mumbai on Wednesday, the Gift Nifty was barely moving, hovering near 25,322. The stillness followed a weaker session on Wall Street, where October inflation came in hotter than expected. Traders now see another Federal Reserve rate hike in December as more likely, and Fed Governor Christopher Waller's remarks did little to soften that view. Asian markets responded unevenly, with Japan's Nikkei slipping while Topix edged higher.
In Mumbai, the Sensex closed Tuesday up 0.31% at 81,106.65, carried by SBI and Trent. Crude oil bounced back above $90 after a brief dip, with Brent near $92 as hopes of easing tensions in the Iran war flickered.
Corporate India told a split story. Kalyan Jewellers saw second-quarter profit jump nearly 64%, buoyed by a strong start to the festive season and optimism about the wedding season. MRF, however, watched its profit fall 28% despite higher revenue, as raw material and logistics costs climbed and are expected to stay high. Smaller names like Avanti Feeds and Cochin Shipyard also reported steep declines.
Big capital moves kept the day interesting. Blackstone is set to invest heavily in IIFL Finance, Bajaj Finance is issuing warrants to its promoter, and Tata Motors CV moved closer to full control of Iveco. Traders will now watch the Fed's signals, oil's response to Iran news, and upcoming results from Tata Power.
Two hours before the opening bell on Wednesday, Gift Nifty was sitting almost exactly where it had been, around 25,322, pointing to a muted start for Indian equities. The flatness follows a lower finish on Wall Street, where a hotter-than-expected October inflation reading pushed traders toward expecting another Federal Reserve rate hike in December.
On Tuesday, November 10, the S&P 500 fell 0.38% to 7,520.93, the Dow Jones Industrial Average lost 0.30% to 52,231.89, and the Nasdaq Composite dropped 0.74% to 25,065.87. Fed Governor Christopher Waller added to the unease. His commentary signaled that a hike was likely, and he did not rule out a larger increase.
Asian markets were mixed in response. Japan's Nikkei 225 was down 0.22% while the broader Topix gained 0.52%. South Korea's Kospi slipped 0.48%, and Australia's ASX 200 edged up 0.04%.
In commodities, crude oil ticked higher after briefly dipping below $90 a barrel in earlier sessions, a selloff attributed to technical factors and expectations of further de-escalation in the Iran war. As of 6:50 a.m. IST, Brent was up 0.87% at $92.28 and West Texas Intermediate was up 0.66% at $86.62.
India ended Tuesday in positive territory. The Nifty rose 0.23%, led by SBI, up 2.5%, and Trent, up 2%. The Nifty Midcap 150 closed higher for a second straight session, gaining 0.3%. The Sensex finished 107 points, or 0.31%, higher at 81,106.65.
Earnings are the main domestic story. Kalyan Jewellers reported consolidated second-quarter net profit up 63.9% at Rs 427 crore on revenue up 31.4% at Rs 10,323 crore, including a one-time gain of Rs 73.5 crore. It said the festive quarter began very well, especially around Navratri and Dhanteras, and it is upbeat about the wedding season. Matrimony.com's profit rose to Rs 20.7 crore from Rs 7.8 crore, with revenue up 17.6% at Rs 135 crore.
Others saw margins squeezed. MRF's profit fell 27.8% to Rs 369 crore even as revenue rose 17.6% to Rs 8,524 crore; the company blamed steep raw material price increases tied to global uncertainty and expects raw material and logistics costs to stay elevated. Avanti Feeds' profit fell 55% to Rs 69 crore, Cochin Shipyard's halved to Rs 53.8 crore, and Whirlpool of India's fell 39% to Rs 25 crore. HIRECT's dropped 53.7% to Rs 6.8 crore, while Olectra Greentech's edged up 6% to Rs 53 crore. MRF and Cochin Shipyard each declared an interim dividend of Rs 3 per share.
Among corporate moves, IIFL Finance approved a Rs 6,414 crore preferential fundraise led by Blackstone at Rs 602 per share, a 4% discount to the market price. Blackstone-affiliated Ingot SG will put in Rs 5,000 crore for a 15.57% fully diluted stake. Bajaj Finance will issue 5.74 crore warrants at Rs 1,010 to promoter Bajaj Finserv, worth Rs 5,800 crore. Tata Motors CV's holding in Iveco Group reached 96.25%, and it will begin a Dutch legal squeeze-out. Bank of Baroda raised its MCLR across tenors, with the one-year rate going to 8.85% from 8.75%. HSBC upgraded Indian equities to overweight and cut China to neutral.
In derivatives, Nifty November futures were at 25,028, a 16-point discount. The November 17 expiry shows maximum call open interest at 26,000 and maximum put open interest at 23,000. Kaynes Tech is under the F&O ban. Traders will watch Fed signals, oil's reaction to Iran war news, and the results due from Tata Power and others.
Citas Notables
Fed Governor Christopher Waller signaled a rate hike was likely and did not rule out a larger increase.— Fed Governor Christopher Waller, as reported
The festive quarter has started very well, especially during Navratri and Dhanteras.— Kalyan Jewellers
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