Stock Market Today: Sensex Down 154 Points, Nifty Slips Below 26,000; ONGC Falls 2.4%

Overview

• Sensex declined more than 250 points, and Nifty slid below 26,000 levels as investors remained cautious because of weak global cues and currency pressure.

• Nifty Auto stocks proved to be the worst performers, and oil and gas stocks witnessed a selloff. FMCG and media stocks were not very supportive of the market.

• Indian Rupee touched 90.71 per dollar amidst worries of imported inflation and outflows due to an increase in bond yields in other countries.

Indian stock market today showed bearish sentiments at press time as investors turned cautious due to global developments and a weakening Indian Rupee. Sensex slipped over 250 points, and the Nifty slipped below 26,000. Here’s how individual stocks performed today based on Moneycontrol Live Updates.

Market Performance

Sensex was seen trading at 85,113.29, lower by 154.37 points or 0.18%. Meanwhile, Nifty was at 25,989.70, lower by 57.25 points or 0.22%. Indian stock market saw pressure in car, oil and gas, and banking stocks. However, market breadth remained mildly positive with a total of 1,856 stocks leading over 1,701 stocks.

The stock market today saw negative trends in GIFT Nifty, which forecast a gap-down opening in stocks around the 26,050 levels. Asian markets have also started lower, with Japan's Nikkei, the Taiwanese Weighted, and Hang Seng indices falling by approximately 1%. The downtrend was driven by a lack of risk appetite in Asia due to technology firm earnings and massive spending in AI.

Sectoral Movement

Among sectoral indices, Nifty Auto slipped by 1.06%, demonstrating maximum weakness. The oil & gas sector slipped by 0.44%, but banks demonstrated courage, with a marginal gain in Nifty Bank at 59,254.40. The gainers among sectors include FMCG stocks, which rose by 0.56%, and media stocks, which surged by 1.86% due to massive gains in PVR Inox, DB Corp, and Sun TV Network. The IT stocks registered a marginal gain of 0.08%, but the pharma and metal segments recorded a small fall during trading hours.

Also Read: Gold and Silver Prices Stay Flat Today, See the Latest Rates Across Major Indian Cities

Stocks in Focus

InterGlobe Aviation (IndiGo) shares topped among gainers in Nifty 100, soaring 2.91%, with a turnover of ₹1,132.27 crore, thus becoming the most actively traded stock. Other active gainers were Indian Oil Corporation, up 1.93%, Britannia, up 1.92%, Tata Consumer Products, up 1.62%, and Asian Paints, up 1.13%.

On the other side, ONGC stock saw the steepest fall, dropping by 2.44% to Rs. 232.22, which marked a record single-day fall in five months. The other stocks that saw a decline were Hyundai Motor, falling by 1.86%, and Mahindra & Mahindra, which slid by 1.51%.

Corporate Announcements

Share market news included many major commercial events. The Board of Matrimony.com approved a share buyback of a maximum of 8.93 lakh shares valued at 58.5 crores at Rs. 655 per share. Despite this move, the company’s stocks slipped 4.13% to Rs. 524.

Bharat Electronics won additional contracts of Rs. 776 crore in defense products such as anti-drone systems, communication systems, and other defense goods. KEC International won new contracts of Rs. 1,150 crore in transmission & distribution and civil segments.

In the IPO market, Wakefit Innovations had a tepid listing, with a flat listing at Rs. 195 on the NSE, while Corona Remedies opened with a 38% premium. The Rs. 10,603 crore IPO of ICICI Prudential AMC got a good subscription of 1.07 times on Day 2.

The Indian Rupee hit an all-time low of 90.71 to the US dollar in early trade, continuing to slide from a closing value of 90.42 on Friday. This persistent slide deepens worries of imported inflation and foreign capital inflows in the market.

In other positive regulatory news, SEBI gave a clean chit to Pranav Adani in insider trading charges. He is the director of many Adani Group companies. On the news, Adani Green Energy stock rose 0.97%.

Inflation Data

Retail inflation in India for the month of November increased to 0.7% from 0.3% in October, which remains in the comfort zone of the RBI. With such a CPI read, with food deflation and stable core components, there are chances that the current accommodative stance will continue.

Also Read: Why These 7 Stocks are Set for Big Earnings Growth Despite Market Slump

Market Outlook

Indian stock market today is challenged with outflows from FIIs, a weak Rupee, and international uncertainty. However, analysts deemed that a strong economy along with government support will trigger a reversal in upcoming trading sessions. The major support level for the Nifty remains in the 25,850-25,900 region, with a resistance level of 26,150-26,200. A cautious buying strategy can be considered at support levels.

FAQs

1. Why did the Indian stock market go down today?

Markets slid because of weak global cues, sales in car and oil stocks, and worry over a falling Rupee. Investors remained cautious despite continuous outflows of foreign funds.

2. What were the reasons for falling below 26,000 in Nifty?

Nifty breached the 26,000 mark due to widespread selling in heavy stocks and negative indicators in other Asian markets. The level of significance is because it serves as a short-term psychological support.

3. In which sectors did stocks decline today?

Auto stocks were the worst affected, followed by oil & gas stocks. Banking stocks were less affected, and FMCG & media stocks were leading during the day.

4. What role did the Rupee play in the stock market today?

The record fall of the Rupee raised concerns over increased import prices and outflows of capital. Moreover, it put additional pressure on stocks, especially those with exposure to currencies.

5. What should investors look for in future trading sessions?

One should keep an eye on global trends, the Rupee, and FII activity. The critical support levels in the Nifty are 25,850-25,900, and dipping into them can be considered with caution.