Here’s the latest Indian stock market news for tomorrow, November 11, 2024:
1. Market Outlook:
The Indian stock market is expected to open with caution due to ongoing consolidation and selling pressure from Foreign Institutional Investors (FIIs).
– Concerns over weak Q2 earnings and elevated valuations continue to impact market sentiment.
– The focus remains on fundamentals and domestic factors, including upcoming macroeconomic data releases.
2. Key Events:
– India will release Consumer Price Index (CPI) and Index of Industrial Production (IIP) data on November 12.
– Wholesale Price Index (WPI) data is expected on November 14.
– The US inflation report on November 13 will be closely watched for its potential impact on Federal Reserve policy.
3. Stocks to Watch:
– Sumeet Bagadia recommends three stocks for buying on November 11:
a) HDFC Bank (Target: ₹1,960)
b) Infosys (Target: ₹2,685)
c) Larsen & Toubro (Target: ₹3,990)
– Larsen & Toubro (L&T) is highlighted as a potential buy, with a stop loss at
4. Earnings Reports:
Several companies will be reporting their Q2 results on November 11, including:
– ONGC
– Britannia Industries
– Hindalco Industries
– Bajaj Consumer Care
– Balrampur Chini Mills
– Bank of India
– BEML
– Blue Dart Express
– Jubilant FoodWorks
5. Market Trends:
– FIIs continue to be net sellers in the cash market, with ₹19,849 crore sold in November so far.
– Domestic institutions remain net buyers.
– The IT and PSU Banks sectors showed resilience in the previous week, while other sectors experienced losses.
More –Indian Stocks Surge Amidst Global Economic Uncertainty: A Deep Dive
6. Global Factors:
– Investors will be monitoring developments in China’s economic stimulus package.
– The aftermath of the 2024 US elections may continue to influence market sentiment.
Traders and investors should keep these factors in mind while making investment decisions for tomorrow’s market session.
