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Nifty, Sensex Snap Two–Day Rally As Focus Shifts To Fed-Rate Decision: Market Wrap

All the 21 sectoral indices on the BSE ended lower, with Metal falling the most.

<div class="paragraphs"><p>The Nifty 50 closed 284.70 points or 1.16% down at 24,199.35, while the Sensex ended 836.34 points or&nbsp;1.04% lower at 79,541.79 (Image is for representation. Source: Envato)</p></div>
The Nifty 50 closed 284.70 points or 1.16% down at 24,199.35, while the Sensex ended 836.34 points or 1.04% lower at 79,541.79 (Image is for representation. Source: Envato)

The NSE Nifty 50 and the BSE Sensex snapped a two–day rally and settled over 1% lower on Thursday, tracking losses in ICICI Bank Ltd. and Reliance Industries Ltd. The Indian benchmarks were also one of the worst-performing indices as compared to Asian peers.

The Nifty 50 closed 284.70 points or 1.16% down at 24,199.35, while the Sensex ended 836.34 points or 1.04% lower at 79,541.79.

During the day, the Nifty 50 declined as much as 1.25% to 24,179.05 and the Sensex declined 1.19% to 74,419.34.

The markets started pricing in effects of Donald Trump winning the US election on the emerging markets' financial assets, which weighed on the risk on sentiments. Trump's presidency is betted to be positive for safe–haven assets like the dollar index and US treasury yields.

During the session Trent Ltd.'s share price slumped over 9% after delivering weaker-than-expected earnings for July–September period.

Hindalco Industries Ltd. share price declined to over a one-month low as it slumped over 8%. The concern about Novelis' weak earnings weighed on the sentiment for the stocks.

<div class="paragraphs"><p>NDTV Profit&nbsp;</p></div>

The Sensex settled 1.04% down at 79,541.79.

<div class="paragraphs"><p>NDTV Profit</p></div>

The Nifty 50 ended 1.18% down at 24,194.60 on November 7, 2024. 

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Diverging from strong global equities, the Indian markets started the weekly expiry trade on a tepid note and a sudden fall was seen in the opening trade followed by a range-bound trade, according to Aditya Gaggar, director of Progressive Share Brokers.

On the daily chart, the Nifty has formed a bearish engulfing pattern, but it appears that it is forming a right shoulder of an inverted head and shoulder formation with a neckline being placed at 24,500, which is also immediate resistance. On the lower side, a psychological level of 24,000 will serve as a support, Gaggar said.

<div class="paragraphs"><p>NDTV Profit&nbsp;</p></div>

The NSE Nifty Bank ended 0.56%down at 51,916.50 on Thursday. 

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ICICI Bank Ltd., Reliance Industries Ltd., Trent Ltd., Hindalco Industries Ltd. and HDFC Bank Ltd. weighed on the Nifty 50 the most.

Apollo Hospitals Enterprise Ltd., State Bank of India, Tata Consultancy Services Ltd., and HDFC Bank Life Insurance Co. led the gains.

<div class="paragraphs"><p>Top contribution to the Nifty 50 index.&nbsp;</p></div>

Top contribution to the Nifty 50 index. 

All the 12 sectors on the NSE ended lower, with the Nifty Metal and Pharma declining the most.

<div class="paragraphs"><p>NDTV Profit</p></div>

Sectoral Indices ended lower on November 7.

The broader indices outperformed the benchmarks as the BSE MidCap closed 0.7% lower and SmallCap closed 0.4% lower.

All 21 sectoral indices on the BSE ended lower, with Metal falling the most.

The market breadth was skewed in favour of the sellers as 2,134 stocks fell, 1,823 rose and 96 remained unchanged on the BSE.

Opinion
Stock Market Today: Nifty, Sensex End Over 1% Lower; ICICI Bank & Trent Top Losers