Stock Market Today: Nifty, Sensex End Event–Heavy Week Lower; RIL, ICICI Bank Share Prices Drag

The National Stock Exchanges Ltd. declared Nov 20 as market holiday on account of Assembly Election of Maharashtra, the bourse said in a release today.

At 3:44 pm, Futures contract of Dow Jones was at 43,880.00, down 0.07%, S&P 500 was at 6,003.25, down 0.01%, and that of Nasdaq was at 21,205.50 down 0.09%.

• UK: Bank of England Chief Economist Huw Pill will speak Monetary Policy Report — 5:45 p.m. IST
  US: University of Michigan Consumer Sentiment — 8:30 p.m. IST

• US: University of Michigan Inflation Expectation — 9:30 p.m. IST

• US: Federal Reserve Governor Michelle Bowman will speak at at the University of Mississippi School of Business Banking and Finance Symposium — 9:30 p.m. IST

• US: Federal Reserve Bank of St. Louis President Alberto Musalem will deliver pre–recorded opening remarks — 1:00 a.m. IST

• Europe: European Central Bank President Christine Lagarde will speak  at the Green Swan Conference, in Basel — 09:05 p.m. IST

The NSE Nifty 50 and BSE Sensex erased weekly gains as global political and economic events caused volatility in the domestic markets. The benchmark indices ended lower for second day in a row on Friday as ICICI Bank Ltd. and Reliance Industries Ltd. share prices dragged.

The Nifty 50 ended 51.15 points or 0.21% down at 24,148.20, and the Sensex ended 55.47 points or 0.07% down at 79,486.32.

During the day, the Nifty 50 declined as much as 0.55% to 24,066.65, and the Sensex fell 0.53% to 79,117.37.

The NSE India Volatility Index rose 5.25% to 15.73 on Friday, The index ended 3.15% lower at 14.47.

This week, the Indian markets reacted to Donald Trump winning US election, which pushed the dollar index, and US Treasury yield to four–month high. The domestic currency hit fresh lows against the US dollar every day this week, which also weighed on the Indian equities.

Moreover, earnings from Indian Inc did little to lift the investors' sentiment, which can result in some positive momentum in the Indian markets.

“After gyrating nearly 700 points in early trades, markets moved in a range-bound manner thereafter and ended marginally lower on selective selling in banking, telecom, metal, oil & gas and realty stocks. Despite recovery in global indices, Indian markets continue to bore the brunt of FII fund outflows. The US Fed rate cut failed to enthuse local investors as the undertone remains caution with a negative bias,” said Prashanth Tapse, a senior vice president, Mehta Equities Ltd.

Reliance Industries Ltd., ICICI Bank Ltd., State Bank of India, Trent Ltd., and NTPC Ltd. weighed on the index.

Infosys Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., and Titan Co. Ltd. limited losses to the index.

Broader indices underperformed. BSE Midcap ended 1.2% lower and BSE Midcap closed 1.5% lower.

Five of 21 sectoral indices on the BSE rose and 16 declined. The BSE Realty fell the most

Market breadth was skewed in the favour of sellers. As many as 2,575 stocks declined, 1,394 rose, and 95 remained unchanged on the BSE.

The Nifty 50 and Sensex erased weekly gains. The benchmark indices ended 0.64% and 0.30% down, respectively in the week ended on Nov 8.

This week, on NSE, 10 sectors declined and two advanced out of 12. The NSE Nifty Realty declined the most, while the NSE Nifty IT rose the most.

Rupee closed flat at 84.375 against the US dollar. It closed at 84.376 on Thursday, according to data on Bloomberg. The Indian rupee hit fresh lows for five sessions this week.