LIVE: Markets in the red, all eyes on Bihar Election results – Nifty below 25,800, Sensex drops 300 points; Infosys down 2.5%

“For traders, the support exists at 25,750-25,700 would act as a crucial support zone. As long as the market trades above the 25,700 level, the bullish momentum is likely to continue. On the upside, 26,000 would act as an immediate resistance zone for bulls. A successful breakout above 26,000 could push the market towards 26,100,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Infosys’ share price declined 2.6% to Rs 1,501.20 on the National Stock Exchange. The stock was the major loser in the Nifty 50. The fall in the share price came on the record date of Infosys’ buyback worth Rs 18,000 crore. The buyback of Infosys was conducted through tender offer route, fixing the buyback rate at Rs 1,800 per equity share.

Adani Enterprises was the top gainer in the Nifty 50. It was followed by ONGC, Zomato (Eternal), Adani Ports and SEZ, and Jio Financial Services.

On the other hand, Infosys, Tata Motors CV, Tata Steel, JSW Steel, and HDFC Life Insurance were the major losers in early trade.

Nomura maintains Buy on Tata Steel with target price of Rs 215, implying 25% upside. According to them, “Tata Steel has displayed strong performance even when the HRC prices are near-trough

levels. We maintain our FY27F/28F consolidated volume and EBITDA estimates but cut our FY26F consolidated EBITDA by 10% on near-term headwinds.”

Indian equity indices opened Friday’s trade on a lower note as investor sentiments were affected by global markets. The Nifty 50 opened 77 points or 0.30% lower at 25,801, while the BSE Sensex opened the trade 231 points or 0.27% lower at 84,247.

On Thursday, Nifty turned lower after briefly pushing above 25,980, confirming the caution signalled. “The extension in uptrend aiming 26,130-26,550 remains alive, as oscillators are yet to signal a trend reversal. However, the downside marker may be pulled up towards 25,789,” said Anand James, Chief Market Strategist at Geojit Investments.

Oil prices inched higher Thursday, pausing after steep losses the day before, as investors balanced global oversupply worries with upcoming sanctions on Russia’s Lukoil. Gold prices slipped 1% on Thursday, retreating from a three-week high earlier in the day amid a broad market sell-off triggered by the U.S. government’s reopening

The 3 big triggers for the market at this hour include

-Earnings

-US-India trade talks

-Macro indicators.

Though the state election results are generally not that great a trigger for the markets, this one is a bit different. The NDA stability at the centre is something that the street is watchout for and the Bihar Election results hold an imp key to this. Exit Polls indicate that the status quo may continue.

Foreign institutional investors (FII) turned net sellers on November 13, offloading shares worth Rs 383.68 crore. In contrast, domestic institutional investors (DII) were net buyers, picking up shares worth Rs 3,091.87 crore, as per provisional NSE data.

All eyes are now on Friday’s Bihar election outcome, where an NDA victory could further lift market mood, said Prashanth Tapse, Senior Vice President of Research at Mehta Equities. FIIs, however, continued to sell, adding to November’s outflows, while a move above 26,111 would signal fresh strength. Volatility may persist, but the path towards 26,000 remains open, he added.

Over medium to long-term, analysts highlight that earnings is one of the biggest factor to watch out for. The commentary indicates that the demand situation is set to improve Q3 onwards. This is seen as a cardinal factor for the markets.

Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services also reiterated that “multiple factors at play for markets. The exit polls have indicated strength for key NDA memebers. This is no doubt welcome news as it shows political stability and status quo. However, the bigger triggers are potential progress on India-US trade talks and the earning. Commentary suggests Q3 demand will improve, and the market is expecting a rate cut.”

Also Read: Bihar election verdict today: What investors must watch & market triggers explained

The GIFT Nifty has been trending lower in sync with the global cues. Overnight, Wall Street tumbled to the lowest levels in 1 month. It indicates that the Nifty may continue to trade below the 25,900 levels. However, the trend will be clear at 9:15 am when the market opens.

Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments highlighted that the macro triggers are still the more importantover the lomger term, “the market has largely discounted a comfortable victory for the NDA in the Bihar elections.Since the Exit polls indicate a win for the NDA, this is the most likely outcome. However, if the actuals deviate from the exit poll indications and result in a victory for the Mahagathbandhan, that would be negative for the market. Such a development would be temporary.”

According to him, it is the progress in talks between India-US and also the earnings that would decide the longer term trend.

Market veteran Ajay Bagga pointed out that “state elections don’t have a long-lasting impact on markets. However, given the central government’s dependence on the JD(U) , with its 12 MPs and the fear that the opposition could offer the PM seat to Chandra Babu Naidu’s TDP (16 MPs) to break the ruling NDA majority at the centre, there was some amount of trepidation around the Bihar poll outcome. Even though Exit polls cannot capture closely fought seats accurately , markets have put their faith in the Exit polls for now.”

Also Read: Bihar election verdict today: What investors must watch & market triggers explained

Good morning and welcome to live coverage of markets on Financial Express.com. The GIFT Nifty is under pressure tracking US market cues. The Wall Street saw its biggest loss in last 1 month. Back home the political scenario takes centre stage. The Bihar Election results will be out and counting is underway. All eyes on the final outcome and trend indicator.