Mumbai: Indian equity markets ended Thursday’s session with modest gains, extending their winning streak to three trading sessions as buying in banking and financial stocks helped offset weakness in select sectors. Investors are now tracking quarterly earnings, foreign institutional investment flows, crude oil prices and global market trends for cues ahead of Friday’s trade.

The Sensex advanced 31.61 points, or 0.04%, to close at 81,911.01, while the Nifty 50 gained 44.30 points, or 0.18%, to settle at 25,299.35 on November 12. The Bank Nifty outperformed the benchmark indices, rising 726.10 points, or 1.19%, to finish at 61,518.50.

The market’s relatively subdued performance came after a strong rally in recent sessions. While lower crude oil prices had supported sentiment during Thursday’s trading, developments in the Middle East and movements in global technology stocks remain important factors for investors.

Global markets and foreign investment in focus

US equity markets came under pressure on Thursday as a sell-off in Nvidia and other artificial intelligence-linked stocks weighed on technology shares. The Nasdaq Composite was down 0.98% at 25,217.188, while the S&P 500 declined 0.59% to 7,574.64. The Dow Jones Industrial Average was nearly flat, slipping 0.01% to 52,480.07 at the time of the reported market update.

The weakness in US technology stocks could influence sentiment in Indian information technology shares, particularly if concerns about global technology valuations persist.

Foreign investor activity has provided significant support to Indian equities during November. Overseas investors have made substantial purchases in the domestic market, helping the benchmark indices recover from their earlier weakness.

However, rising crude oil prices and inflation concerns could complicate the outlook. Investors are also monitoring developments in the US-Iran conflict and the security of shipping through the Strait of Hormuz, a critical route for global energy supplies.

Companies reporting quarterly results

A large number of companies are in focus following their second-quarter results. Their earnings, revenue growth and operating margins could influence trading activity in individual stocks.

Hitachi Energy India reported a 20.5% year-on-year increase in net profit to Rs 318 crore, compared with Rs 264 crore. Revenue rose 63.5% to Rs 2,997 crore from Rs 1,833 crore. EBITDA increased 35.7% to Rs 406.8 crore, although the EBITDA margin declined to 13.6% from 16.4%.

Fiem Industries reported a 31.9% rise in net profit to Rs 84 crore, while revenue increased 31% to Rs 937.3 crore. EBITDA grew 32.2% to Rs 130.9 crore, with the margin improving marginally to 14%.

Manappuram Finance posted net profit of Rs 701 crore against Rs 220 crore in the corresponding period last year. Net interest income increased 39% to Rs 1,976 crore, while assets under management rose 60% to Rs 73,303 crore.

TD Power Systems reported net profit of Rs 123.7 crore compared with Rs 60.2 crore a year earlier. Revenue surged 86.1% to Rs 841 crore, while EBITDA increased to Rs 173.1 crore from Rs 81.9 crore.

IRCTC reported a 22.9% decline in net profit to Rs 264 crore. Revenue, however, increased 16.3% to Rs 1,333 crore. EBITDA was almost flat at Rs 408 crore, while its margin declined to 30.6% from 35.3%.

Ola Electric reported a narrower net loss of Rs 362 crore compared with Rs 418 crore a year earlier. However, revenue declined 39% to Rs 421 crore, while its EBITDA loss widened to Rs 218 crore.

Other companies reporting results included Bondada Engineering, Oil India, Rashtriya Chemicals and Fertilisers, EMS, Dilip Buildcon, Bonfiglioli Transmissions, Automotive Axles, Kennametal India, Action Construction Equipment, EIH, Vodafone Idea, Techno Electric, Ethos, Landmark Cars, NMDC and Reliance Power.

Stocks in the news

Several companies are likely to attract attention following corporate announcements and business developments.

  • Zee Entertainment: The company approved a share buyback worth up to Rs 600 crore. It plans to buy back up to 6.6 crore shares at Rs 91 apiece, representing 7.22% of its equity.
  • NBCC: The company signed a memorandum of understanding with the West Bengal government for various development projects in the state.
  • Clean Max Enviro: It signed an MoU with the Andhra Pradesh government to invest Rs 50,000 crore in a clean energy complex intended to power a 2 GW computing facility.
  • Bharat Forge: Its subsidiary Kalyani Strategic Systems announced progress in the development of a 120 mm Rapid Attack Mortar System mounted on a vehicle platform. Separately, the NCLT approved a resolution plan for Tork Motors, under which Bharat Forge’s 64.29% stake will be extinguished.
  • Krishna GVK: The company announced plans for a 256-key luxury hotel in Bengaluru, to be operated under the Taj brand by Indian Hotels. The project involves an investment of Rs 500 crore.
  • GAIL: It signed an agreement with Krishak Bharati Cooperative for a gas-based fertiliser project and plans to build a 1.27 million-tonne-per-annum urea plant in Andhra Pradesh.
  • HDFC Bank: The bank re-appointed V Srinivasa Rangan as whole-time director for another year.
  • Union Bank of India: The lender invested an additional Rs 337 crore in Star Union Dai-ichi Life Insurance, increasing its stake to 26.24% from 25.1%.
  • Gland Pharma: The company issued a €20 million corporate guarantee for Phixen SAS, while its subsidiary secured a €50 million credit line from MUFG.
  • Navin Fluorine: The company commenced operations at its 15,000-tonne-per-annum HFC R32 manufacturing plant in Surat.
  • Welspun Corp: It formed a joint venture with Perma-Pipe Qatar to establish an IFBE coating plant.
  • TVS Motor: The company expanded its presence in Mauritius with the launch of two new models.

Other announcements involving MRPL, CMR Green Tech, Dynacons Systems, EIH, WeWork India, MSTC, Mayur Uniquoters and Star Cement are also on investors’ radar.

Mahindra and Mahindra reports higher production

Mahindra and Mahindra reported a 30.4% year-on-year increase in total production in October to 1.24 lakh units. Total sales rose 7.3% to 1.27 lakh units.

The company’s monthly business update will be monitored by investors for indications of demand in the automobile sector. The performance comes amid mixed trends across the broader auto industry.

F&O market cues and securities under ban

In the derivatives segment, Nifty November futures were trading at 25,314, carrying a premium of 15 points over the cash market level.

For the November 17 options expiry, the maximum call open interest was concentrated at the 26,000 strike, while the maximum put open interest was at 24,000. These positions provide an indication of where significant derivatives activity is concentrated, although they do not guarantee market direction.

Kaynes Technology was listed under the securities ban period for the session.

Investors should also note the change in the price band for Jyoti Structures, which was reduced from 20% to 10%. Supriya Lifescience was shortlisted under the short-term Additional Surveillance Measure framework.

What investors should watch

The domestic market’s near-term direction will depend on a combination of corporate earnings, foreign fund flows, global market sentiment and crude oil movements. Strong buying in financial shares has supported the recent rally, but weakness in technology stocks overseas and uncertainty surrounding energy supplies could create volatility.

With several companies reporting second-quarter results and announcing significant corporate developments, stock-specific action may remain prominent. Investors will also be watching inflation data and the trajectory of crude oil prices for clues about the broader economic outlook.

The latest market movements underline the importance of tracking individual company announcements alongside benchmark indices. The information is intended for market news and is not investment advice.