Nifty Records Longest Losing Streak In Over A Month; HUL, ITC Top Draggers: Market Wrap
NTPC, Power Grid and Tata Motors also weighed on the NSE Nifty 50.
The NSE Nifty 50 and the BSE Sensex ended lower for the second consecutive week in a row on Thursday as earnings from India Inc. continued to weigh on investors' sentiment.
Increase in safe–haven assets like the dollar index and the US treasury yields weighed on risk assets like emerging markets' equities, which affected Indian stock markets as well.
The Nifty 50 closed lower for the sixth session in a row and recorded the worst declining streak since Oct. 7. It ended 26.35 points or 0.11% lower at 23,532.70. The Sensex closed 110.64 points or 0.14% down at 77,580.31.
During the session, the Nifty 50 rose as much as 0.50% to 23,675.90, and the Sensex rose 0.47% to 78,055.52.
The NSE India Volatility Index fell 13.14% to 13.41, the lowest since Nov. 12. It ended 4.28% lower at 14.78.
The NSE Nifty FMCG declined 1.66% to 55,708.30, the lowest since June 5. The index ended 1.53% down at 55,782.70.
The Sensex ended 0.14% down at 77,580.31 on Nov 14.
The Nifty 50 ended 0.11% lower at 23,532.70.
Technically, on the weekly charts, the Nifty has formed a long bearish candle and on the daily charts, it is holding the lower-top formation, which is largely negative, according to Amol Athawale, vice president of technical research at Kotak Securities. "We are of the view that the current market texture is weak but oversold."
"For the positional traders now, 200–day simple moving average or 23,500/77,400 would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally," Athawale said.
The Nifty Bank ended 0.18% higher at 50,179.55.
Hindustan Unilever Ltd., ITC Ltd., NTPC Ltd., Power Grid Corp. and Tata Motors Ltd. weighed on the Nifty 50 the most.
Reliance Industries Ltd., HDFC Bank Ltd., Eicher Motors Ltd., ICICI Bank Ltd. and Kotak Mahindra Bank Ltd. limited losses in the index the most.
Top contribution to the NSE Nifty 50 index.
The broader markets outperformed the benchmark indices as the BSE MidCap and the SmallCap ended 0.43% and 0.83% higher respectively.
On the BSE, 10 out of the 21 sectoral indices ended higher, seven lower and four remained unchanged. Realty rose the most and FMCG declined the most.
The market breadth was skewed in favour of the buyers as 2,172 stocks declined, 1,786 advanced and 92 remained unchanged on the BSE.
On a weekly basis, the Nifty 50 and the Sensex declined over 2% in the week ended on Nov. 14. The Nifty 50 and Sensex ended 2.55% and 2.40% down respectively.
This week, 11 sectors ended lower on the NSE and one ended higher. The Nifty Metal declined the most, while the Nifty IT was the best-performing sector.
Most sectoral indices ended lower on NSE.
