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IT and metal stocks proved a drag on benchmarks, pulling both Sensex and Nifty into the negative zone.
Muthoot Finance stock surged almost 10% after recording a strong profit jump along with rising demand for gold loans.
PSU banks and midcaps fared better, cushioning the broader market from sharper losses.
Indian stock market today traded in the red zone as heavyweight IT stocks pulled the benchmarks lower despite positive moves in select banking and financial stocks. Sensex settled down by 268.34 points at 84,210.33, shedding 0.32%. Meanwhile, Nifty 50 was down 81.35 points to settle at 25,797.80, down 0.31%. Let’s see how individual stocks performed today based on Moneycontrol Live Updates.
The selling pressure was strong in technology and metal stocks. Nifty IT index shed 1.14% to become the top loser among all the key sector gauges of the day. Infosys share price slipped over 2% to end as the biggest loser among the heavyweight constituents of Nifty.
Tata Steel fell 2.03%, while JSW Steel lost 1.22%, as metal stocks remained weak. Banking stocks had a mixed show in Indian stock market today. Nifty Bank index traded 0.18% lower at 58,279.05. However, PSU Bank stocks defied this trend as the sector gauge rose 0.8% to outshine the broader market.
The overall market sentiment remained subdued, while Muthoot Finance stock emerged as the star performer. It surged nearly 10% to hit a fresh 52-week high of Rs. 3,730.30. The company reported an 87.4% y-o-y jump in standalone profit to Rs. 2,345 crore for the September quarter. Its net interest income rose 58.5% to Rs. 3,991 crore, driven by robust gold loan demand amid soaring gold prices.
Jio Financial Services was the top gainer among Nifty 50 stocks, up 0.95%, followed by Dr Reddy's Labs, up 0.83%, Axis Bank, up 0.73%, and Adani Enterprises, up 0.68%. Apart from Tata Steel and Infosys, losers included Eicher Motors, which declined 1.68%, ICICI Bank, down 1.26%, and JSW Steel, which fell 1.22%.
Also Read: Stock Market Today: ICICI, IndusInd Lead as Bank Nifty Hits 58,574; Sensex Rises 283 Points
Broader indices were mixed and reflected the guarded sentiments prevailing in the headline indices today. Nifty Midcap 150 declined 0.2% while Nifty Smallcap 250 remained marginally positive. BSE Smallcap index rallied 0.17% and moved 88.49 points higher at 53,184.76.
Bharat Dynamics jumped 6.25% in the midcap space. Jubilant FoodWorks, Ipca Labs, and Star Health followed with decent gains. BSE Limited rose 1.91% to be among the top active stocks. On the other hand, Premier Energies tanked 4%, NALCO, Astral, and New India Assurance fell 2% each.
The smallcap group, Expleo Solutions surged around 16 % followed by Man Industries, Universal Cables, GE Power India, and KRBL which gained 11-13 % each. On the other hand, Allcargo Terminals plummeted around 14 %, while Fischer Medical, Mallcom India and Sasta Sundar declined 5-10 %.
A number of big corporate announcements stirred the Indian stock market. Adani Group announced an investment of Rs. 63,000 crore in Assam's energy sector, a thermal power plant investment by Adani Power worth Rs. 48,000 crore, and Rs. 15,000 crore by Adani Green Energy, in pumped-storage projects.
Hero MotoCorp posted a 23% increase in consolidated net profit at Rs 1,309 crore. Alkem Laboratories logged an 11% rise in net profit at Rs 779 crore. Axiscades' quarterly profit almost doubled to Rs 23 crore. Capillary Technologies raised Rs 394 crore from anchor investors ahead of its IPO, while Pine Labs was readying for its stock market debut.
FII were net sellers for yet another session, accounting for a net outflow of Rs 383.68 crore on November 13. However, DII supported the market with net buying worth Rs 3,091.87 crore, which acted as a cushion to the market fall. The advance-decline ratio on NSE has stood at 1,279 advancing stocks against 1,458 declining stocks, showing broader negative sentiment in share market news.
Global markets, too, were weak, and the stock market today also took cues. Wall Street tumbled on November 13, with the S&P 500 1.66% lower and the Nasdaq tumbling 2.29% as shares of Nvidia and other AI stocks plummeted steeply. Asian markets opened lower on November 14. Kospi is down 2%, while Nikkei fell 1.5%.
The dollar index was on course for a 0.3% loss this week, as investors waited for economic data after the government reopened. A series of upbeat developments in India-US trade talks provided some hope, with Washington suggesting "a lot of positive progress" before the year-end.
Also Read: US Stock Market Today: S&P 500 Drops 1.3% & NASDAQ Slips 1.7% as Tech Weakens and Ongoing Data Delays Heighten Fed Uncertainty
Despite today's weakness, select pockets are shining bright with the PSU banks, pharma, and consumer durables managing to post gains. Investors will keenly await the upcoming corporate earnings, FII flows, and global market trends. The mixed sectoral performance suggests a stock-specific approach may be prudent in the current environment.
1. Why did the Indian stock market fall today?
The market fell largely due to weak IT and metal stocks that dragged down benchmark indices. Large caps like Infosys and Tata Steel were among the biggest losers, while global market cues from weak US. and Asian stock markets continued to add weakness to the market.
2. Which sectors performed the worst in today’s market?
The IT sector was the biggest laggard, as the Nifty IT index dropped over 1% today and metal stocks remained under considerable selling pressure, mainly due to ongoing concerns about global demand and falling commodity prices.
3. Which were today's best-performing stocks?
Muthoot Finance surged by over 10% and was also the top gainer of the session, as the company reported better quarterly results. Jio Financial Services, Dr Reddy's Labs, Axis Bank, and Adani Enterprises were the top gainers on the Nifty 50 and supported the indices.
4. How did global markets impact the Indian indices?
The risk-off mood was reflected in weakening global stock indices, particularly caused by sharp declines in US technology stocks such as Nvidia and weak starts in Asian indices. This softness globally was a negative influencing factor of investor sentiment that contributed to selling in Indian equities.
5. What should investors look for in the days ahead?
Investors will also look at the upcoming quarterly earnings, movement in FII flows, and global economic data that may dictate the market trend. Sector-specific trends, like sustained strength in PSU banks or weakness in IT, will help in framing short-term trading decisions.
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