Sensex Slips Over 300 Points, Nifty Finishes Around 25,950 As Headline Indices Extend Declines

Stock Market News: The Sensex and Nifty extended declines for the second consecutive session on November 24. The Sensex finished around 84,900.71 levels, down by 331.21 points or 0.39 per cent. The Nifty 50 finished around 25,959.50, down by 108.65 points or 0.42 per cent.

Bharat Electronics Ltd and Max Healthcare Lead Losers

Shares of Bharat Electronics Ltd and Max Healthcare Institute Ltd led the top drags among the Nifty 50 stocks, as they closed lower by 3.23 per cent and 2.37 per cent, respectively, on the NSE. Shares of JSW Steel Ltd, Grasim Ltd and Mahindra & Mahindra finished the session with declines of 2.37 per cent, 2 per cent and 1.67 per cent, respectively, on the NSE.

Nifty Metal and Nifty Realty Dip

On November 24, the Nifty Metal and the Nifty Realty indices declined. The Nifty Metal index and the Nifty Realty indices slipped 1.23 per cent and 2.05 per cent, respectively. On the other hand, the Nifty IT index bucked the trend and finished in the green territory, up by 0.41 per cent on the back of a strengthening dollar. Broader markets also witnessed declines as the Nifty SmallCap 100 and the Nifty MidCap 100 finished lower by 0.85 per cent and 0.32 per cent, respectively.

Asian Markets End Mixed

Major Asian stock market indices finished the session mixed on November 24. Hong Kong’s Hang Seng index and China’s Shanghai Composite index finished the session in the green zone, up by 1.69 per cent and 0.05 per cent, respectively. On the other hand, the Nikkei 225 and the KOSPI index finished the session with losses of 2.46 per cent and 0.19 per cent, respectively.

Primary Market Action

The share allotment status of the Excelsoft Technologies IPO and Gallard Steel IPO will be finalised today. On the other hand, the public issue of Sudeep Pharma Ltd continued to attract investor interest.

Market Outlook

Comments from the US Federal Reserve are expected to affect stock market sentiment ahead of the upcoming December meeting. Comments which point towards a rate cut are expected to turn investor sentiment positive, as a rate cut might make foreign portfolio investors turn bullish on Indian stocks, as the yield from US securities may reduce. On the other hand, news related to the Reserve Bank of India is also likely to affect the stock market.