Business

Sensex, Nifty Slide By 1% Amid Broad Market Sell-Off

Indian stock markets opened sharply lower on Thursday, with major indices Sensex and Nifty down around 1% in early trading due to widespread selling pressure across several sectors, including metal, auto, financial services, pharma, FMCG, energy, private banking, and infrastructure.

The benchmark Sensex dropped over 800 points, trading at 79,549, while Nifty shed more than 250 points to stand at 24,241. Despite the early slide, the broader market displayed mixed sentiment, with 1,250 stocks advancing and 999 declining on the National Stock Exchange (NSE).

The Nifty Bank index fell 255.55 points, or 0.49%, to 52,061.85. Meanwhile, the Nifty Midcap 100 index edged up by 87.70 points, or 0.15%, to 57,435.0, while the Nifty Small Cap 100 index slipped slightly, down 19.70 points, or 0.10%, at 18,886.40.

Also Read: Indian Stock Market Hails Trump Win, Sensex Surges 901 Points

Among the major losers in the Sensex pack were Bajaj Finserv, UltraTech Cement, Bajaj Finance, Nestle India, ICICI Bank, and Kotak Mahindra Bank. In contrast, Tata Steel, HCL Tech, TCS, and JSW Steel emerged as top gainers, providing some cushion to the otherwise weak market sentiment.

Analysts believe the election victory of former US President Donald Trump could bring about significant policy shifts, with the Republican Party now in control of both Congress and the Senate. “Trump’s renewed term, combined with Republican dominance, opens the door for transformative policies in the months ahead,” market experts observed.

Across Asia, most markets traded in positive territory, with Shanghai, Seoul, Bangkok, and Hong Kong in the green, although Jakarta and Tokyo lagged. The US markets responded to Trump’s victory with a substantial 3.57% rally on the previous trading day, reflecting optimism about potential economic policies under his administration.

In India, trading data revealed that foreign institutional investors (FIIs) sold equities worth Rs 4,445 crore on November 6, while domestic institutional investors stepped in, purchasing equities worth Rs 4,889 crore. The contrasting moves by FIIs and domestic investors highlight the varied responses to the evolving global and domestic market landscape.

Shibra Arshad

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