Stock Market Today: Nifty, Sensex End Over 1% Lower; ICICI Bank & Trent Top Losers
The Nifty 50 ended 1.16% or 284.70 points down at 24,199.35, and the Sensex ended 836.34 points or 1.04% down at 79,541.79.
The image is for representation. (Photo source Envato)
KEY HIGHLIGHTS
Economic Data Releases And Events For Nov 7 & NoV 8
Europe: Retail sales — 3:30 p.m. IST
UK: Bank of England Monetary Policy Report — 5:30 p.m. IST
UK: BoE Monetary Policy Summary — 5:30 p.m. IST
UK: BoE MPC Official Bank Rate — 5:30 p.m. IST
UK: BoE Governor Andrew Bailey speaks — 6:00 p.m. IST
US: Weekly Unemployment Claims — 7:00 p.m. IST
US: Non–farm productivity — 7:30 p.m. IST
US: Final Wholesale Inventories — 8:30 p.m. IST
US: Energy Information Administration weekly Natural Gas Storage Report — 9:00 p.m. IST
US: Federal Reserve Fund Rate — 12:30 a.m. IST
US: FOMC Statement — 12:30 a.m. IST
US: FOMC Press Conference — 1:00 a.m. IST
Japan: Household Spending — 5:00 a.m. IST
Japan: Leading Indicators — 10: 30 a.m.
US Futures Rise
At 3:30 p.m., Futures contract of Dow Jones was 0.2% higher at 43,967.00, that of S&P 500 was also up 0.2% at 5,968.00, and Nasdaq 100 rose 0.2% to 20,941.75.
Nifty, Sensex Snap Two–Day Rally As Focus Shifts To Fed Rate Decision: Market Wrap
The NSE Nifty 50 and BSE Sensex snapped a two–day rally and settled over 1% lower on Thursday tracking losses in ICICI Bank Ltd. and Reliance Industries share prices. Indian benchmarks were also one of the worst performing indices compared to Asian peers.
The Nifty 50 ended 1.16% or 284.70 points down at 24,199.35, and the Sensex ended 836.34 points or 1.04% down at 79,541.79.
Markets started pricing in effects of Donald Trump winning the US election to get a second term as president on 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.
The Nifty 50 declined 1.25% to the day's low of 24,179.05, and the Sensex declined 1.19% to a day's low of 74,419.
During the session Trent Ltd. share price slumped over 9% after delivering weaker than expected earning for July–September period.
The Sensex settled 1.04% down at 79,541.79.
The Nifty 50 ended 1.18% down at 24,194.60 on November 7, 2024.
Diverging from strong global equities, 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 before ending the session at 24,199.35 with a loss of 284.70 points, said Aditya Gaggar, director, Progressive Shares.
Barring PSU Banks, all the other sectors ended the day in red with Metal and Pharma being the major laggards. On the daily chart, the Index has formed a bearish engulfing pattern but it appears that it is forming a right shoulder of an Inverted Head & Shoulder formation with a neckline being placed at 24,500 which is also immediate resistance while on the lower side, psychological level of 24,000 will serve as a support, Gaggar said.
The NSE Nifty Bank ended 0.56%down at 51,916.50 on Thursday.
ICICI Bank Ltd., Reliance Industries Ltd., Trent Ltd., Hindalco Industries Ltd., and HDFC Bank Ltd. weighed on the index.
Apollo Hospitals Enterprise Ltd., State Bank of India, Tata Consultancy Services Ltd., and HDFC Bank Life Insurance Co. Ltd. added to the index.
Top contribution to the Nifty 50 index.
On NSE, all 12 sectors ended lower with the NSE Nifty Metal declined the most. The NSE Nifty PSU Bank declined the least.
Sectoral Indices ended lower on November 7.
Broader indices outperformed. BSE Midcap closed 0.7% lower and BSE Smallcap closed 0.4% lower.
All 21 sectoral indices on the BSE ended lower. BSE Metal fell the most.
Market breadth was skewed in the favour of sellers. As many as 2,134 stocks fell, 1,823 rose, and 96 remained unchanged on the BSE.
Rupee Ends At Record Closing Low
Rupee closed nine paise lower at 84.376 against the US dollar. It closed at 84.28 on Wednesday, according to data on Bloomberg.
The Indian rupee ended 0.11% down at 84.37
Market At Close
The NSE Nifty 50 and Sensex reversed a two–day rally Thursday. Both the Nifty 50 and Sensex ended over 1% lower.
ICICI Bank Ltd., Reliance Industries Ltd., and Trent Ltd. share prices were top dragger in the benchmark Nifty 50 index.
Apollo Hospitals Enterprise Ltd., State Bank of India, and Tata Consultancy Services were top contributor to the Nifty 50 index.
The NSE Nifty Metal was the top loser sectoral index. It ended 2.72% down at 9,393.85.
The NSE Nifty PSU Nifty Bank emerged as the top performing sectoral index with least gain. It ended 0.07% down at 6,977.45.
The NSE Nifty Midcap 150 ended 0.55% lower at 21,182.20.
The NSE Nifty Smallcap 250 ended 0.67% down at 17,906.55.
