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Going ahead, the FPI selling trend is likely to continue in the near term till data indicate the possibility of a trend reversal. If the Q3 results and leading indicators reflect a recovery in earnings, the scenario can change with FPIs reducing selling and even turning buyers. Investors will have to wait and watch for the data, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

While Reliance Industries, Bharti Airtel, ICICI Bank, ITC, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered erosion in their market valuation, Tata Consultancy Services (TCS), HDFC Bank, Infosys, and the State Bank of India were the gainers.

Over 2500 companies, including prominent names like ONGC, Hindalco, and Hero MotoCorp, are set to release their second-quarter earnings this week. Early reports suggest muted results, with analysts predicting the slowest growth in over four years due to a marginal 2% rise in Nifty earnings.

When Trump ran for president in early 2016, US equities were on shaky footing, posting their worst start to a year since the financial crisis with a drop of more than 5% in January. By the time of his inauguration, the S&P 500 was coming off a 9.5% gain in 2016 after ending 2015 in the red. The index was trading at 17 times projected earnings. The yield on 10-year Treasuries was around 2.5%, and the fed funds rate sat at 0.75%.

Despite a 0.30% decline in Sensex, 7 penny stocks gained 15-35%, meeting criteria of market cap under Rs 1000 crore.

Genpact, a global professional services firm, reported a 13% rise in net income to $133 million for Q3 2024, driven by a 7% increase in revenue to $1.21 billion. The company forecasts continued revenue growth in the fourth quarter and full year, fueled by client demand for its data, technology, and AI solutions.

Asian Paints Q2 net profit fell 42.4% YoY to ₹694.6 crore, citing subdued demand, extended rains, and floods.

The Nifty faced a volatile week, ending with a 0.64% loss as it reacted to the US election and encountered strong resistance levels between 24500-24750. While a technical rebound occurred, selling pressure kept gains in check. Support remains at 23800, with a breach potentially leading to further weakness. A cautious outlook is advised for the coming week, with a focus on protecting gains during intermittent rebounds. Sector rotation is also evident, with Financial Services, IT, and Pharma leading, while Consumption and FMCG weaken.

Zinka Logistics Solutions, a leading Bengaluru-based platform for truck operators, has set its IPO price band at Rs 259-273 per share, with subscriptions opening on November 13. The IPO includes a fresh share issue totaling Rs 550 crore and an offer for sale (OFS) of up to 2,06,85,800 shares by selling shareholders, valued at Rs 564.72 crore at the top price band.

“Overall, the move in India would be more into defensives. Expect Chinese stocks to go down further which is mildly positive for us, but the big issue for India right now is continued FII selling and until that abates it is very difficult for our markets at these valuations with these earnings to move ahead, Trump or no Trump.”