Sensex, Nifty updates on November 26, 2024: Indian equity markets remained subdued with a negative bias on Tuesday, reversing momentum after a two-day rally. At 1.49 p.m., the Sensex declined by 196 points to 79,913, while the Nifty slipped 45 points to 24,176. Analysts expect market volatility ahead of the November contracts’ expiry and are closely watching the Centre’s spending program after the BJP’s significant win in Maharashtra. Siddhartha Khemka from Motilal Oswal emphasized that with elections concluded, government spending is expected to rise, bolstered by a recovery in rural demand due to good monsoon conditions and an increase in weddings. The anticipated modest recovery in corporate earnings during the second half of FY24 could also enhance market sentiment. Technical analysts noted that the Nifty formed a doji candle, suggesting uncertainty. Support is seen at the 24,050-24,060 range, while resistance is anticipated at 24,500-24,550. Options data indicated balanced sentiment, with growing put writing reflecting improved bullish sentiment, despite the recent market bounce-back.
