The Indian stock market benchmarks, the Sensex and the Nifty 50, ended in the red on Friday, November 7, extending losses to the third consecutive session, tracking weak global cues.
At one point during the day, the key indices were down by about a per cent each. However, they pared losses significantly and ended slightly lower.
Sensex closed 95 points, or 0.11 per cent, lower at 83,216.28, while the Nifty 50 settled at 25,492.30, down 17 points, or 0.07 per cent. The BSE Midcap index outperformed, rising 0.25 per cent, while the Smallcap index ended flat.
Indian stock market: 10 key highlights from the day
1. What moved the Indian stock market today?
The Sensex and the Nifty 50 traded volatile during the session amid weak global cues.
Major Asian peers, such as Korea’s Kospi, Japan’s Nikkei, and Hong Kong’s Hang Seng, declined up to 2 per cent, influencing market sentiment in India. European majors, such as the UK’s FTSE, France’s CAC 40, and Germany’s DAX, traded in the red when the Sensex closed.
The market is witnessing a “sell-on-rise” trend amid mixed Q2 earnings. Investors are cautiously awaiting clarity on the potential India-US trade deal and an end to the US government shutdown, which began on October 1 and has become the longest in American history.
FII selling, mixed earnings and global uncertainties are keeping the risk appetite low.
“Domestic equities rebounded from early losses as buying emerged at key support levels, though it may be premature to call this a trend reversal amid mixed earnings, cautious global cues, and persistent FII outflows,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Going forward, markets will closely monitor US shutdown and tariff-related developments with US-India and US-China deals to assess the durability of the current momentum,” said Nair.
2. Top gainers in the Nifty 50 index today
As many as 30 stocks ended higher, out of which Shriram Finance (up 3.81 per cent), Bajaj Finance (up 2.66 per cent), and Adani Enterprises (up 2.61 per cent) ended as the top gainers in the Nifty 50 index.
3. Top losers in the Nifty 50 index
Shares of Bharti Airtel (down 4.46 per cent), Tata Consumer Products (down 1.97 per cent), and Tech Mahindra (down 1.87 per cent) ended as the top losers in the index.
4. Sectoral indices today
Nifty Bank clocked a decent gain of 0.56 per cent to end at 57,876.80. Nifty Financial Services ended with an impressive gain of 0.76 per cent. PSU Bank and Private Bank indices also ended with gains of 0.87 per cent and 0.44 per cent, respectively.
The Nifty Metal index rose 1.41 per cent.
On the other hand, Nifty Consumer Durables (down 0.72 per cent), IT (down 0.62 per cent), FMCG (down 0.49 per cent), and Media (down 0.26 per cent) ended lower.
5. Most active stocks in terms of volume
Vodafone Idea (107.55 crore shares), Suzlon Energy (12.3 crore shares), and Utkarsh Small Finance Bank (10.7 crore shares) were the most active stocks in terms of volume on the NSE.
6. Over 10 stocks jump more than 15% on BSE
Ashnisha Industries, Shahi Shipping, Trade Wings, Ghushine Fintrrade Ocean, and Beeyu Overseas were among the 12 stocks that jumped over 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,315 stocks traded on the BSE, 2,069 advanced, while 2,105 declined. Some 141 stocks remained unchanged.
8. Over 130 stocks hit 52-week highs
Shriram Finance, SBI Life Insurance Company, AU Small Finance Bank, Cummins India, and Aditya Birla Capital were among 132 stocks that hit their 52-week highs in intraday trade on the BSE.
9. More than 200 stocks hit 52-week lows
As many as 209 stocks, including Jindal Saw, Clean Science and Technology, Cohance Lifesciences, Crompton Greaves Consumer Electricals, Godrej Agrovet, Deepak Nitrite, Indian Hotels Company, and Tejas Networks, hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Sudeep Shah, the head of technical and derivatives research at SBI Securities, the 50-day EMA zone of 25,330-25,300 will act as immediate support for the index.
“A decisive break below 25,300 may trigger further weakness toward 25,150. On the upside, the 25,600-25,620 zone will act as a crucial resistance, and only a sustained move above this band could reignite upward momentum,” said Shah.
Rupak De, Senior Technical Analyst at LKP Securities, pointed out that the Nifty 50 has been trading below the 50EMA of late, indicating near-term weakness. The index has been declining after forming a double top around 26,100 on the hourly timeframe.
De believes the crucial resistance is placed at 25,600, and as long as the index remains below this level, sentiment may continue to favour a sell-on-rise strategy.
On the lower end, support is placed at 25,400, and a fall below this level might further boost the bears’ morale, said De.