The Indian stock market today witnessed small losses, led by IT and telecom losses, with some support from banking stocks.
Strong earnings from Aarti Industries and LIC were matched by weak results from Birlasoft as investors remained selective.
FPIs returned in October and gold ETFs saw record inflows, signaling continued investor confidence.
The Indian stock market showed bearish signals today. Sensex slid 269 points to 83,041.81, and Nifty 50 was down by 76 points to 25,433.45. IT and telecom shares pulled the indices down, though selected banking and finance stocks somewhat cushioned the losses. The broader indices also registered mild corrections. BSE SmallCap index was down 0.46%, while Nifty’s IT index dropped 1.15%.
The Nifty Bank index was one of the top gainers today. The index was up 0.25% at 57,697.15 at press time. Nifty Bank stocks like L&T Finance shares rose 7.38% to 295.50, following strong buying interest from investors. BSE was also up 3.27 % at 2,535.90 on healthy volumes.
On the other hand, IT giants such as TCS, HCL Tech, and Tech Mahindra pulled the market lower, each declining in the range of 1-1.4%. Let's see how individual companies performed in the stock market today based on Moneycontrol Live Updates.
Shriram Finance was the top gainer, up 1.61% to Rs 805.25, followed by ICICI Bank, which soared 1.48%. Hindalco surged up 1.34%, Adani Enterprises stock gained 1.15%, while Tata Steel shares were up 0.66%.
On the other hand, Bharti Airtel was the top loser, which was followed by Apollo Hospitals (-1.70%), HCL Technologies (-1.38%), Tech Mahindra (-1.28%), and TCS (-1.26%).
The National Company Law Tribunal approved the scheme of amalgamation of Suzuki Motor Gujarat with Maruti Suzuki India, as reported by TradingView. The stock traded at Rs. 15,363.15, down 0.58% after the announcement. It hit an intraday high of Rs. 15,460.05 and a low of Rs. 15,260.20. Market capitalization of Maruti shares stood at Rs. 4.83 lakh crore. The stock is 7.86% below its 52-week high.
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Aarti Industries reported strong quarterly results, driven by a 104% year-on-year surge in profit to Rs. 106 crore against Rs. 52 crore in the same period last year. The company’s revenues increased 29% to Rs. 2,100 crore. This indicates strong demand in the specialty chemicals segment.
On the other hand, consolidated profit at Birlasoft shares declined 9% to Rs 116.1 crore, while revenues slipped 2.9% to Rs 1,328.9 crore. The stock traded almost flat at Rs 373, down 0.01%.
Genus Power Infrastructures announced a stunning show with its profit surging 72% at Rs. 143 crore and revenues rising 136% at Rs. 1,149 crore on a year-on-year basis. The stock was up 1.03 % at Rs. 358.95 on robust trading volumes.
LIC also announced a strong quarterly performance, with the insurer's net profit surging 32 % to Rs 10,053 crore, while net premium income rose 5.5% to Rs 1.26 lakh crore. The solvency ratio stood at 2.13% on improved asset quality.
Moneycontrol reported that Piramal Finance had a strong listing. The company began its journey on the bourses at a 12% premium at Rs 1,260 post-merger with Piramal Enterprises. Meanwhile, Studds Accessories made a muted debut, listing at a 3% discount as per a Business Today report. Experts said investors might hold on to the stock depending on their risk appetite.
The Rs 6,632-crore Groww IPO received an overwhelming response from investors on Day 2 as the issue was subscribed nearly two times. The retail category was oversubscribed more than five times, while institutional participation also picked up.
Major Institutional and Market Moves Mahindra & Mahindra has sold a 3.45% stake in RBL Bank that accounts for 2.11 crore shares valued at Rs 677.95 crore. Big global investors such as Goldman Sachs, Morgan Stanley, and ADIA participated in the deal. Shares of RBL Bank closed near Rs 325, a tad below their 52-week high.
Meanwhile, Nippon India Mutual Fund acquired a 4.54% stake in Orkla India, which owns MTR Foods, worth Rs. 459 crore, thus indicating rising fund interest in FMCG companies. In another major deal, the TVS Motor Company sold part of its stake in Rapido for Rs 288 crore to Accel India VIII and MIH Investments.
FII action remained selling on November 6, as they pulled out Rs. 3,263 crore from Indian equities, while DIIs partly offset the pressure with net buying of Rs. 5,283 crore.
The Indian rupee opened marginally weaker at 88.66 against the US dollar, compared to the previous close of 88.62, reflecting caution ahead of key global events.
Indian gold ETFs have received strong inflows of an unprecedented US$850 million in October, the second-highest in Asia. Year-to-date, the total inflows have reached a record US$3.05 billion, with assets under management rising to US$11.3 billion, reflecting investor preference for safe-haven assets amid global uncertainty.
FPIs returned to Indian markets in October after three months of selling. Inflows from France, the US, and Germany were at the forefront as they signaled a renewed confidence in India’s economic growth story.
Also Read: Stock Market Today: Nifty Trades at 25,539, Sensex Down 37 Points as Metals and Banks Drag
Economist Neelkanth Mishra believes the global AI bubble may last for another couple of years before settling down, but the fundamentals of the Indian stock market remain strong. He forecasts India's GDP growth to surpass 7% by FY26, led by strong consumption and manufacturing momentum.
After recent highs, consolidation was reflected in the stock market today. Analysts expect volatility to continue over the near term, but India’s strong GDP outlook, steady FPI inflows, and healthy corporate earnings offer optimism for long-term investors.
1. What caused the stock market to drop today?
The stock market in India fell today primarily due to weakness in the IT and telecom sectors. Stocks such as TCS, HCL Tech, and Bharti Airtel weighed on the indices due to fears of a global tech slowdown.
2. What sectors were a bright spot in the market today?
Banking and financial stocks did well today, specifically ICICI Bank and L&T Finance. Individual discontinued stocks such as Shriram Finance and Hindalco helped mitigate the fall.
3. What was the impact of any major corporate news on the market today?
Notable news items include the NCLT approval of Maruti Suzuki and Suzuki Motor Gujarat's merger (and the associated stock price movements), LIC and its large 32% profit growth, and Aarti Industries boosting quarterly profit by 104%. These news items were significant in attracting investor interest.
4. Was there any significant trading activity of FIIs and DIIs?
FIIs sold a significant amount, with total share selloff of Rs. 3,263 crores, while DIIs saw an increase in the amount of domestic share purchases with their purchasing of Rs. 5,283 crores.
5. What is the outlook of the Indian stock market going forward?
Experts indicate the Indian stock market remains stable in the long term with the expected GDP growth, earnings, and foreign interest inflows; though they do see short-term trades continuing to trade on volatility prospecting events occurring globally.
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