Stock Market Today: Nifty, Sensex Fall Over 1% To Extend Losses To Fifth Day; RIL, HDFC Bank Biggest Laggards
The NSE Nifty 50 ended at over four–month low for a second session in a row.
The image is for representation. (Photo source: Envato)
KEY HIGHLIGHTS
US Market Update: Futures Decline Before US CPI Data
As of 3:42 p.m., the Dow Jones Industrial Average future was 0.13% down at 44,015.00. The S&P 500 future was 0.12% down at 6,006.25. The Nasdaq 100 future was 0.11% down at 21,165.00.
Economic Data Releases And Events For Nov 13
US: Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at an interview to Bloomberg Television — 7:00 p.m.
US: Federal Reserve Bank of Dallas President Lorie Logan will speak at conference hosted by the central bank at Dallas — 8:15 p.m.
US: Federal Reserve Bank of St. Louis President Alberto Musalem will speak at the Economic Club of Memphis — 11:30 p.m.
Investors Sees Over Rs 2 Lakh Crore Wiped Out As Nifty Enters Correction Zone : Market Wrap
The NSE Nifty 50 and BSE Sensex extended losses to fifth session on Wednesday as HDFC Bank Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. share prices dragged. The Nifty 50 ended at over four–month low for second session in a row.
The market–cap of Nifty 50 companies fell Rs 2.5 lakh crore to Rs 188.07 lakh crore as the index entered correction zone. The benchmark large–cap gauge declined over 10% from its life high of 26,277.35.
The Nifty ended 324.40 points or 1.36% down at 23,559.05, the lowest level since June 24. The Sensex ended 984.23 points or 1.25% down at 77,690.95, the lowest level since June 24.
During the last leg of the trade, the Nifty 50 declined 1.57% to 23,509.60, and the Sensex declined 1.45% to 77,533.30.
The NSE Nifty Bank index declined 2.45% to 49,904.40, the lowest level since Aug 16. The index ended 2.09% down at 50,088.35.
The NSE Nifty Metal index declined 3.04% to 8,802.20, the lowest level since Aug 14. The index ended 2.66% down at 8,836.75.
The Sensex ended 1.25% down at 77,690.95.
The Nifty 50 ended 1.18% down at 23,600.65.
"Technically, after weak open throughout the day market registered selling pressure at higher levels. In addition, bearish candle on daily charts indicating further weakness from the current levels. We are of the view that, the current market texture is weak but oversold hence; we could expect one quick intraday pullback rally from the current levels," said Shrikant Chouhan, head, equity research, Kotak Securities.
"The Index has tested its 200–day–moving–average level which is at 23,545. The market seems slightly oversold and a bounce is warranted but if the Index breaches its 200–day–moving–average due to excessively pessimistic sentiments, then the next critical support is at 23,000 while on the flip side, the higher level is capped at 23,800," said Aditya Gaggar, director, Progressive Shares.
The Nifty Bank ended 1.70% down at 50,290.20.
HDFC Bank Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., and State Bank of India weighed on the index.
Tata Motors Ltd., Grasim Industries Ltd., Britannia Industries Ltd., Asian Paints Ltd., and Infosys Ltd. added to the index.
Top contribution to the Nifty 50 index on Nov 13.
On NSE, 12 sectoral indices ended lower with the NSE PSU Bank declined the most. The NSE Nifty FMCG ended with the least losses.
Most sectoral indices ended lower on Nov 13.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 2.56% and 3.08% lower, respectively.
On BSE, 21 sectors ended lower with the BSE Realty declining the most. The BSE Focused IT declined the least.
Market breadth was skewed in favour of sellers. Around 3,292 stocks declined, 679 stocks advanced, and 96 stocks remained unchanged on BSE.
Rupee Ends Flat Against US Dollar
Rupee closed flat at 84.38 against the US dollar. It closed at 84.39 on Tuesday, according to data on Bloomberg.
The rupee ended 0.02% higher at 84.38 a dollar on Nov 13.
Market At Close
The NSE Nifty 50 and BSE Sensex declined for five sessions in a row on Wednesday.
The Nifty 50 and Sensex ended at the lowest level since June 24.
The Nifty 50 entered correction zone as the benchmark index declined over 10% from its record high of 26,277.35.
NTPC Ltd., Britannia Industries Ltd., and Tata Motors Ltd. were top gainers in the index.
Hero MotoCorp Ltd., Hindalco Industries Ltd., and Tata Steel Ltd. were top losers in the index.
The NSE Nifty Metal Index fell to near three month low. The index ended
The NSE Nifty Midcap 150 ended 2.67% down at 20,010.75.
The NSE Nifty Smallcap 250 ended 5.47% down at 16,670.35.
