Nifty, Sensex Extend Losses for 2nd Straight Day; Metal Stocks Decline

Market Update at 4:10 PM: On Thursday, November 6, Indian stock markets extended their losses for the second consecutive session as the US dollar hovered near a five-month high and foreign fund outflows continued. 

At the close, the Nifty 50 declined 87.95 points, or 0.34 per cent, to settle at 25,509.95, while the Sensex fell 148.14 points, or 0.18 per cent, to end at 83,311.01. Both benchmark indices are now about 3 per cent below their record highs. Meanwhile, India’s volatility index, India VIX, slipped nearly 2 per cent.

On the sectoral front, 9 of the 11 Nifty sectoral indices closed in positive territory. The Nifty Metal index declined 2.07 per cent, and the Nifty Realty index dropped 1.51 per cent. In contrast, the Nifty IT and Nifty Auto indices edged higher by 0.18 per cent and 0.06 per cent, respectively.

Among individual stocks, Hindalco Industries fell nearly 1 per cent after its US subsidiary, Novelis, reported subdued results, raising concerns over capital expenditure. Grasim Industries shares declined 6.31 per cent following the resignation of Rakshit Hargave, CEO of its paints unit Birla Opus, who is set to join Britannia Industries.

The Nifty IT index was the top-gaining sector on Thursday, rising 0.18 per cent and snapping a four-day losing streak. Meanwhile, the Nifty Media index dropped 2.54 per cent, marking its steepest Intraday fall since July 30.

Broader markets also ended lower, with the Nifty Midcap 100 index down 0.92 per cent and the Nifty Smallcap 100 falling 1.39 per cent, extending their recent losses.

Market breadth turned sharply negative, as 795 stocks advanced while 2,304 declined and 96 remained unchanged out of 3,195 traded on the NSE. A total of 51 stocks touched their 52-week highs, while 144 hit 52-week lows. Additionally, 71 stocks were locked in Upper Circuits and 81 in Lower Circuits.

Market Update at 12:300 PM: After registering a positive start, the Indian stock markets turned negative during the midday session. At 12:00 PM, the BSE Sensex traded at 83,487, up 28 points or 0.03 per cent, while the Nifty50 was at 25,568.15, lower by 29.5 points or 0.12 per cent.

Heavyweights such as Power Grid, Sun Pharma, Bharti Airtel, Bajaj Finance, Titan, HCL Tech, Tata Steel, ICICI Bank, and HDFC Bank dragged the indices into the red. The selling pressure from these stocks offset early morning gains seen across select sectors.

In the broader markets, the Nifty MidCap index declined 0.65 per cent, and the Nifty SmallCap index slipped 0.98 per cent, indicating weakness beyond Large-Cap stocks.

Among sectoral indices, the Nifty Auto index advanced 0.7 per cent, supported by select buying in auto stocks, while the Nifty FMCG index rose 0.5 per cent. On the other hand, the Nifty Metal index was the top laggard, falling 0.9 per cent due to profit booking.

Market Update at 10:30 AM: Indian benchmark indices opened higher on Thursday, supported by strong earnings from Sun Pharma and Britannia Industries. Investor sentiment also improved following the inclusion of four domestic stocks in the MSCI Global Standard Index.

As of 9:19 a.m. IST, the Nifty 50 rose 0.18 per cent to 25,643.7, while the BSE Sensex advanced 0.34 per cent to 83,749.93. Indian markets had remained closed on Wednesday due to a local holiday.

Among sectors, twelve of the sixteen major indices recorded gains, while the broader Small-Cap and Mid-Cap indices traded flat.

Sun Pharma gained 1.5 per cent after reporting strong Quarterly Results, while Britannia Industries surged 4 per cent following a rise in its second-quarter profit. Paytm climbed 3.4 per cent as analysts termed its core performance in the second quarter healthy. The stock was also one of the four companies added to the MSCI Global Standard Index in the November reshuffle, a move expected to attract higher foreign inflows.

Pre-Market Update at 7:40 AM: On Thursday, November 6, equity benchmark indices — Sensex and Nifty 50 — are expected to open higher, tracking gains in global markets as investors’ risk appetite improved. As of 7:17 AM, the GIFT Nifty was up 54 points at 25,738, indicating a positive start for the Nifty 50.

Asian markets traded higher, mirroring overnight gains on Wall Street led by technology stocks. The domestic market remained closed on Wednesday, November 5, due to the Guru Nanak Jayanti holiday.

In the latest MSCI India Index reshuffle, Fortis Healthcare, One 97 Communications (Paytm), GE Vernova T&D India, and Siemens Energy India were added to the MSCI Global Standard Index. Meanwhile, Container Corporation of India and Tata Elxsi were excluded in the November update.

On Tuesday, November 4, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 1,067.01 crore, while Domestic Institutional Investors (DIIs) were net buyers for the ninth consecutive session, purchasing equities worth Rs 1,202.90 crore.

On November 4, Indian markets ended lower as broad-based profit booking outweighed gains in Bharti Airtel and Titan post their results. The Nifty 50 declined 165.70 points, or 0.64 per cent, to close at 25,597, while the Sensex slipped 519.34 points, or 0.62 per cent, to 83,459.15 — around 2.5 per cent below record highs. India VIX stayed largely unchanged, reflecting stable sentiment.

All major sectoral indices ended in negative territory. Nifty Financial Services fell 0.4 per cent, PSU Bank slipped 0.11 per cent, and Nifty IT declined 1.06 per cent amid mixed signals from the US Federal Reserve on rate cuts. Hero MotoCorp dropped 4.5 per cent following an 8 per cent year-on-year decline in October domestic volumes, dragging Nifty Auto down by 0.86 per cent. Broader indices, including Nifty Midcap and Smallcap, also ended lower.

US stock markets closed higher on Wednesday as upbeat earnings and positive economic data boosted sentiment. The Dow Jones Industrial Average rose 225.76 points, or 0.48 per cent, to 47,311. The S&P 500 gained 0.37 per cent to 6,796.29, and the Nasdaq Composite advanced 0.65 per cent to 23,499.80.

Gains were led by technology stocks, including Advanced Micro Devices, while optimism grew after the Supreme Court’s questioning of tariff policies raised hopes for duty reductions.

The dollar index edged down 0.1 per cent to 99.67, staying just below multi-month highs. Gold prices remained steady, slipping 0.2 per cent to USD 3,973.15 per ounce, after a 1.2 per cent rise on Wednesday.

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Disclaimer: The article is for informational purposes only and not investment advice.