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Markets trade flat with volatility amid weak global cues
Nov-19-2025

Indian equity benchmarks made a cautious start on Wednesday amid weak global cues and foreign fund outflows. Foreign institutional investors (FIIs) were net sellers of shares worth Rs 728.82 crore on November 18. Sensex and Nifty soon turned volatile and were struggling for direction in early deals as investors watch the latest developments on the India-U.S. trade deal. Union commerce minister Piyush Goyal highlighted the signing of a term contract for the import of 2.2 million tons per year of LMG from the U.S. as a sign of the ‘strong bond’ between India and the U.S. while adding that there could be ‘good news’ on a trade deal once it becomes ‘fair, equitable, and balanced’.

On the global front, Asian markets were trading mostly lower amid the broadly negative cues from Wall Street overnight. Traders remained cautious ahead to the release of some U.S. economic data that was delayed by the government shutdown, including the September jobs report on Thursday for clues on the outlook for interest rates. Meanwhile, the value of core machinery orders in Japan was up a seasonally adjusted 4.2 percent on month in September. 

Back home, aviation stocks were in focus as rating agency ICRA said that domestic aviation industry's net losses are projected to nearly double to Rs 9,500 to Rs 10,500 crore in the current fiscal ending March next year, mainly impacted by moderating passenger growth and higher costs due to aircraft deliveries.

The BSE Sensex is currently trading at 84710.38, up by 37.36 points or 0.04% after trading in a range of 84525.98 and 84727.58. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.05%, while Small cap index was down by 0.29%.

The top gaining sectoral indices on the BSE were IT up by 1.40%, TECK up by 0.98%, Auto up by 0.36%, Consumer Durables up by 0.23% and Consumer Discretionary up by 0.19%, while Industrials down by 0.47%, Capital Goods down by 0.43%, PSU down by 0.31%, Power down by 0.29% and Realty down by 0.29% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.91%, Hindustan Unilever up by 1.14%, TCS up by 1.12%, HCL Technologies up by 0.89% and Titan Company up by 0.76%. On the flip side, Tata Motors Passenger Vehicles down by 1.14%, Bharat Electronics down by 0.65%, NTPC down by 0.59%, HDFC Bank down by 0.56% and Adani Ports & SEZ down by 0.55% were the top losers.

Meanwhile, with the help of robust festive sales triggered by the GST rate cut in late September, a SBI research report has said that India's Gross Domestic Product (GDP) growth is likely to reach 7.5 per cent or more in the second quarter of the current fiscal (Q2FY26). It noted that growth is being supported by a pick-up in investment activities, recovery in rural consumption, and buoyancy in services and manufacturing, underpinned by structural reforms like GST rationalisation, which also helped unleash a festive spirit that decisively showcased the triumph of hope over hype. The government will release the GDP data for the July-September quarter later this month. The Reserve Bank had projected the economic growth for the second quarter at 7 per cent.

The report said ‘In the continuum of the good numbers from festive-led sales, the percentage of leading indicators in consumption and demand across agriculture, industry, and services showing acceleration has increased to 83 per cent in Q2 from 70 per cent in Q1. Based on the estimated model, we obtain a nowcast of real GDP growth of about 7.5 per cent in Q2FY26 with the possibility of an upside surprise’. It further said analysis indicates that gross domestic Goods and Services Tax (GST) collections may come around Rs 1.49 lakh crore for November (returns of October but filed in November), recording an annual growth of 6.8 per cent. Coupled with Rs 51,000 crore of IGST and cess on import, the November GST collections thus could cross Rs 2 lakh crore, driven by the peak festive season demand led by lower GST rate and increased compliance, while most states experience positive gains.

It also noted that during the last month festive season (September-October), consumption has got a big boost with GST rationalisation, the first indication coming from analysis of credit and debit card spending patterns across the latitude. In credit cards, merchant categories like auto, grocery stores, electronics, furnishing and travel indicated a huge growth in the e-commerce channel, where about 38 per cent of spending was on utility and services, followed by 17 per cent on supermarkets and grocery, and travel agents held about 9 per cent share. City-wise credit card spends reveal that demand has increased across regions, but is growing in mid-tier cities the most, as e-com sales have largely been positive across cities. It also said India's macroeconomic outlook remains one of cautious optimism, underpinned by robust domestic demand and easing inflationary pressures. The growth is being supported by strong investment activities, recovery in rural consumption, and buoyancy in services and manufacturing.

The CNX Nifty is currently trading at 25891.95, down by 18.10 points or 0.07% after trading in a range of 25856.20 and 25933.65. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Infosys up by 1.78%, Max Healthcare Inst up by 1.43%, Hindustan Unilever up by 1.12%, TCS up by 1.09% and HCL Technologies up by 0.80%. On the flip side, Tata Motors Passenger Vehicles down by 1.13%, Coal India down by 0.73%, HDFC Bank down by 0.65%, JIO Financial Services down by 0.62% and Bharat Electronics down by 0.59% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 103.03 points or 0.4% to 25,827.00, Taiwan Weighted lost 86.43 points or 0.32% to 26,669.69, KOSPI dropped 32.17 points or 0.81% to 3,921.45, Nikkei 225 slipped 1.98 points or 0% to 48,701.00, Shanghai Composite weakened 1.52 points or 0.04% to 3,938.29 and Straits Times fell 0.1 points or 0% to 4,504.57, while Jakarta Composite gained 53.53 points or 0.64% to 8,415.46.
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