Today, on Friday (November 21), there was a break in the two-day rally in the domestic market. Sensex and Nifty closed with significant losses. Nifty failed to maintain its base of 26,100.
Which stocks were in action today?
NIFTY50 loser
Hindalco -2.5%
Tata Steel -2.5%
Bajaj Finance -2.4%
HCL Tech -2.3%
NIFTY50 GAINER
Maruti Suzuki 1.2%
InterGlobe Aviation 1.2%
Max Healthcare 1%
M&M 0.8%
real estate loser
PSP Projects -3.2%
Oberoi Realty -3%
Brigade Entertainment -2.6%
Ahluwalia Contracts -2.3%
SINS
Max Financial -1.6% (block deal)
Capillary Technologies +4.8% (Listing)
top loser
JP Power -7.4%
Time Techno -5.4%
GE VERNOVA T&D -5.2%
ALLCARGO LOGISTICS -5%
top gainer
Karnataka Bank 8.7%
DCM Shriram 7%
Five Star Business 4.2%
Innova CAPTAB 3.87%
The market started weak this morning. Sensex opened 200 points down and Nifty 100 points down. Bank Nifty fell by about 170 points. However, the market appeared to be moving slightly above its intraday low. However, volatility was high as the volatility index, India VIX, jumped more than 13%. There was maximum selling in the metal index. After the opening settlement, there was a slight recovery in the market. Buying seen in auto index.
On Nifty 50, stocks like M&M, Eicher Motors, TMPV, HDFC Life, TCS, Maruti and Titan saw significant gains. Meanwhile, stocks like Hindalco, Shriram Finance, ICICI Bank, JSW Steel, Tata Consumer, Adani Ports and Tata Steel witnessed the biggest decline. The Sensex opened at 85,347, down 285 points from its previous close. Nifty fell 83 points and opened at 26,109. Bank Nifty opened 213 points lower at 59,116. Rupee opened 3 paise stronger at 88.68/$.
High volatility in global markets, heavy selling of AI stocks and US economic data have spoiled the mood of investors. There is pressure on global cues, but FII and DII buying seems to be providing some relief. The tease given by Sensex and Nifty closing at lifetime high yesterday has also boosted the enthusiasm of investors today. But it remains to be seen whether the domestic market will see a new rise or decline amid the turmoil in the global market.
Turbulence in US market, AI stocks increase tension
A big fall was seen in the US market on Wednesday. The Dow Jones Industrial Average closed 400 points lower, falling 1,100 points from its day’s high. The Nasdaq also fell 1,100 points from its peak to a two-month low, falling 500 points. Heavy selling in AI stocks made the situation worse. Nvidia, which had a strong start after positive results, fell 8% from its intraday high and ultimately closed 3% lower. The good employment data raised concerns that the Fed may not cut rates soon, putting pressure on tech stocks.
Asian Markets and Nifty Signals
The impact of global weakness is clearly visible in Asian markets. Nifty fell 70 points to 26150, Dow futures rose 180 points and Nikkei fell 900 points. Mixed signals suggest that there may be volatility in the market in the initial hours.
Gold, Silver and Crude Trends
There is also weakness in the international commodity market. In the domestic market, gold fell by ₹300 to ₹1,22,700. Silver fell by nearly ₹1,000 to below ₹1,54,200. Gold remained flat in the international market, while silver declined slightly. Crude oil remained sluggish near $63.
Crypto Shock: Bitcoin at lowest level in 7 months
Bitcoin has seen a sharp decline, falling below $87,000, its lowest level in 7 months. This weakness in the crypto market reflects a growing trend to move away from risky assets.
Relief from FII and DII purchases
Amidst the selling in the market, both foreign and domestic investors are turning towards buying. For the second consecutive day, FIIs made net purchases of ₹1,354 crore in cash, index and stock futures. Domestic funds invested a record ₹824 crore for the 59th consecutive day. The market is getting strong support from continuous buying of DII.
Economy Update: Growth in 8 core sectors at lowest level in 14 months
The growth of 8 core sectors of the country reached 14-month low of zero percent in October, which is the lowest level in 14 months. This recession was caused by a big decline in coal, electricity and natural gas production. This data raises some concerns regarding economic growth.
Corporate action: Focus on TCS, AWL and block deals
Big investment in TCS
TPG has announced a $1 billion investment in TCS’s AI data center, Hypervault. This partnership will accelerate the expansion of AI infrastructure.
Block Deal in AWL
A block deal worth ₹2,500 crore may happen in AWL Agri business today. Adani Commodities LLP can sell up to 7% of its stake at the floor price of ₹275.
IPO Corner: Capillary Technologies will be listed, Excelsoft’s IPO will close today
Capillary Technologies got a whopping subscription of 53 times; Its stock will be listed today. The issue price is ₹577. The IPO of Excelsoft Technologies will close today, which has received almost 7 times subscription so far. Price band is ₹114-₹120.