Amidst weak global cues and anticipation of US economic data, the Indian stock market opened in the red on November 18. In the initial minutes, both Sensex and Nifty slipped, while investors kept an eye on global markets and IPO activities.
Stock Market Update: Amidst mixed signals from global markets, the Indian stock market opened in the red on November 18. Investors have turned cautious ahead of key US economic data. This data will determine whether the Federal Reserve might cut interest rates next month. The impact of global weakness was visible on domestic markets from the morning.
Sensex and Nifty Down in Early Trade
After opening at 85,042, the BSE Sensex immediately moved into the red. At 9:30 AM, it was trading at 84,815.37, down by 135.58 points or 0.16 percent.
The National Stock Exchange's Nifty-50 opened at 26,021 but also saw a decline in the initial minutes. At 9:30 AM, Nifty was trading at 25,950, down by 49.40 points or 0.19 percent.
Significant Progress in Trade Deal
The first phase of the trade agreement between India and the US is almost finalized. According to a senior official, this phase also includes the issue of reciprocal tariffs imposed by the US on Indian products. In August, the US administration imposed a 50 percent tariff on several Indian goods, which also included a 25 percent punitive tariff on Russian oil. It is expected that the new agreement will resolve the issue of this 25 percent punitive tariff.
Weakness in Global Markets
US markets closed lower on Monday. Weakness in technology stocks put pressure on the overall index. The Dow Jones fell by 1.18 percent. The S&P 500 declined by 0.92 percent. The Nasdaq closed 0.84 percent lower.
Asian markets also followed Wall Street's trend. Japan's Nikkei was down by 2.06 percent. China's CSI 300 index fell by 0.15 percent. Hong Kong's Hang Seng was down by 0.85 percent, while South Korea's Kospi dropped by 1.33 percent.
Buzz in the IPO Market
In the mainboard segment, shares of MV Photovoltaic Power and Physicswallah will be listed on the market today. Meanwhile, the allotment of Fujiyama Power Systems' IPO will be decided today. In the SME segment, Mahamaya Lifesciences and Workmates Core2Cloud Solution will be listed today.
Important Updates for Investors
Today's market direction may be influenced by US economic data, global market sentiment, trade deals, and the listing of new IPOs. If you are active in the market, keep an eye on these updates.
