Sensex Slips Over 200 Points, Nifty Finishes Around 25,900 As Benchmark Indices Snap Six-Day Winning Spree

Stock Market News: The Sensex and Nifty ended a six-session winning spree on November 18. The Sensex closed in the red at 84,673.02 levels down by 277.93 points or 0.33 per cent. The Nifty 50 finished around 25,910.05 down by 103.4 points or 0.4 per cent.

The Nifty 50 and the Sensex ended their winning streak on account of likely profit-booking following a six-day rally and cautious investor sentiment ahead of the release of critical US macroeconomic data.

Interglobe Aviation and Tech Mahindra Emerge As Top Drags

Shares of Interglobe Aviation Ltd and Tech Mahindra Ltd emerged as top-drags among the Nifty 50 stocks, as they closed lower by 2.32 per cent and 2.18 per cent, respectively, on the NSE. Shares of Tata Consumer Products Ltd and Jio Financial Services Ltd also closed the session with declines of 2.03 per cent and 1.96 per cent respectively on the NSE. On November 18, a total of 42 constituents of the Nifty 50 declined while 8 declined.

Nifty IT and Nifty Realty Decline

Sectoral indices mirrored the movement of the benchmark indices on November 18. The Nifty IT and the Nifty Realty indices were the worst hit among all sectoral indices closing the session lower by 1.1 per cent and 1.91 per cent respectively. The broader market indices were also hit by selloffs with the Nifty MidCap 100 and the Nifty SmallCap 100 finishing the session with declines of 0.59 per cent and 1.05 per cent respectively. The India VIX finished the session higher by 2.6 per cent indicating an increase in volatility.

Asian Markets Finish Lower On November 18

On November 18, Asian indices closed the session with losses amid widespread risk-off sentiment led by tech sector jitters and uncertainty surrounding key US economic data and interest rates. Japan’s benchmark index Nikkei 225 and South Korea’s KOSPI finished the session lower by 3.01 per cent and 3.43 per cent respectively. The Hang Seng and the Shanghai Composite finished the session with declines of 1.83 per cent and 0.82 per cent respectively.

Primary Market Action

The share allotment status of Fujiyama Power Systems IPO will be finalised on November 18. The subscription window of Capillary Technologies IPO is scheduled to close today. On the other hand shares of EmmVee Photovoltaic Ltd listed with a discount today, while shares of PhysicsWallah Ltd listed with strong gains of 33 per cent.

Market Outlook

In the remaining sessions of the week the Finance Minister's pre-Budget consultation meetings with representatives from the capital markets, startups, and the manufacturing sector are expected to impact investor sentiments. International cues like the release of the minutes from the latest Federal Reserve meeting and the release of long-delayed US September Jobs Report from the Bureau of Labor Statistics and the US Purchasing Managers' Index (PMI) data are also set to impact the mood of the market.