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Indian equity markets ended in red on Friday after altering between gains and losses throughout the day. Markets were closed on account of Gurunanak Jayanti holiday. Today, markets are likely to make positive start amid falling crude oil prices. Traders may get support as S&P Global Ratings raised India's growth forecast for the current financial year to 6.4 per cent, from 6 per cent, saying that robust domestic momentum has offset headwinds from high food inflation and weak exports. Further, some support may also come in as the Reserve Bank of India (RBI) in its latest data showed that India's foreign exchange reserves increased by $5.077 billion to $595.397 billion for the week ending November 17. There may be some encouragement in the markets as the commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India’s exports. Meanwhile, finance Minister Nirmala Sitharaman urged tax officers to maintain the growth in direct tax collections at at least 17% in FY24, the level achieved in the previous financial year. There may be some buzz in steel industry related stocks as private report said that India’s steel demand is expected to grow at a CAGR of 7 per cent to touch 190 Million Tonne (MT) level by 2030. The demand will be largely fuelled by construction and infrastructure sectors, which contribute 60-65 per cent to the demand. There may be some buzz in real estate industry report stock as private report said, buoyed by strong housing demand, the average residential property prices in key markets across the top seven Indian cities saw a significant surge in the last three years. It indicated that among the key micro markets, Hyderabad’s Gachibowli recorded the highest 33 per cent jump in average residential prices between during the past three years (October 2020-October 2023), followed by Kondapur with a 31 per cent rise. 

Asian markets are trading mostly in green in early deals on Tuesday as investors remained convinced the Federal Reserve was done with its rate-hike cycle. The US markets ended lower on Monday as traders seemed reluctant to make significant moves ahead of the release of some key economic data in the coming days. 

Back home, in a highly volatile trade, Indian equity benchmarks closed with marginal losses for the second straight session on Friday, weighed down by a drop in TECK, IT and FMCG stocks amid a lack of fresh buying triggers. After the flat start, markets oscillated in a narrow band till the end and finally settled with minor cuts as traders reluctant to make significant moves ahead of long weekend holiday. Traders took a note of Finance Minister Nirmala Sitharaman’s statement that NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. She said as a measure of caution the RBI has also alerted small finance banks, NBFCs to be careful that they don't go too far too soon and face any downside risks later. However, losses were limited as traders found some solace with PHDCCI's report stating that measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to $2 trillion by 2030. Some support also came with additional Secretary in the department of commerce Rajesh Agarwal stating that the Micro, Small and Medium Enterprises (MSMEs) are getting greater importance in the upcoming Free Trade Agreements (FTAs) as these pacts provide huge opportunities for them to participate in global trade. Besides, the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating with the various ecommerce players to leverage the Districts as Export Hubs initiative and promote ecommerce exports from the country. Finally, the BSE Sensex fell 47.77 points or 0.07% to 65,970.04 and the CNX Nifty was down by 7.30 points or 0.04% to 19,794.70.      

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