The Indian stock market opened on a negative note on Monday, with significant selling pressure observed in IT, PSU banks, and pharma sectors. By 9:51 am, the Sensex had slipped 333.13 points, or 0.43%, to 77,247.18, while the Nifty was down by 98.70 points, or 0.42%, to 23,434.00.
The overall sentiment on the National Stock Exchange (NSE) remained bearish, with 1,794 stocks trading in the red compared to 572 in the green. Among broader indices, the Nifty Midcap 100 dropped 212.65 points, or 0.39%, to 53,830.45, while the Nifty Small Cap 100 shed 183.85 points, or 1.04%, to reach 17,417.20.
Also Read: Freight Traffic On Indian Railways’ Dedicated Corridors Doubles In FY 2024
Interestingly, Nifty Bank showed resilience, gaining 21.25 points, or 0.04%, to trade at 50,200.80.
In the Sensex pack, HDFC Bank, Bajaj Finance, Tata Steel, Asian Paints, L&T, Sun Pharma, Adani Ports, M&M, and JAW Steel emerged as the top gainers. On the flip side, IT heavyweights Infosys, HCL Tech, Tech Mahindra, and TCS led the losers, along with NTPC, Axis Bank, and Tata Motors.
Market experts expressed concerns over the lack of a sustained recovery in the markets. Factors such as foreign institutional investor (FII) outflows, earnings downgrades for FY25, and global uncertainties are weighing heavily on investor sentiment.
“Despite a 10.4% correction in Nifty from its peak, there are no visible signs of recovery. Relentless FII selling and the consequences of the Donald Trump trade have turned market sentiments negative,” analysts noted, advising investors to remain cautious and wait for a clearer market direction.
Foreign institutional investors (FIIs) sold equities worth ₹1,849 crore on November 14, adding to the downward pressure. However, domestic institutional investors (DIIs) offset some of the selling by purchasing equities worth ₹2,481 crore.
In Asia, markets presented a mixed trend. While Jakarta and Tokyo were in the red, Seoul, Shanghai, Bangkok, and Hong Kong traded positively. On the other hand, U.S. stock markets ended their previous session in the red, adding to the cautious mood in global markets.
As uncertainties persist, all eyes remain on market movements in the coming sessions for potential recovery signals.
Mukesh Ambani and Nita Ambani were key figures at a pre-inauguration ceremony hosted for US…
Nate Anderson, activist short-seller behind now-closed Hindenburg Research, is under scrutiny for his alleged collaboration…
Ajay Maken also recalled discussions between Congress and AAP about potential alliances in Delhi and…
Ben-Gvir’s resignation leaves Netanyahu’s coalition with a fragile majority in the Knesset, Israel’s 120-member parliament.
India’s fiscal deficit is on track to shrink steadily, bolstered by rising tax revenues, according…
Vigilance officers averted major mishappening as the fire was averted quickly. However, the reason behind…