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At 10:57 am, the BSE Sensex trades at 80,673.46, down 325.94 points, or 0.40%, while the Nifty trades at 24,891.75, down 94.65 points, or 0.38%.
Stock Market Today.
Stock Market Today, November 9: The domestic equity markets extended their early losses on Monday, November 9, as investors booked profits following a sharp rally last week. The selling pressure intensified in heavyweight IT, metal, auto and FMCG stocks, dragging the benchmark indices lower, even as banking and pharmaceutical shares offered some support.
At 10:57 am, the BSE Sensex was trading at 80,673.46, down 325.94 points, or 0.40%, while the Nifty was trading at 24,891.75, down 94.65 points, or 0.38%.
The weakness comes after an exceptional rally last week, when the Nifty surged 6.5% from its November 2 closing level of 23,440.80. The Sensex had also witnessed strong gains during the week, prompting investors to lock in profits at higher levels.
IT, metal and auto stocks drag markets
Sectoral performance remained largely negative, with the Nifty IT index emerging as the biggest laggard. It declined 1.61%, followed by the Nifty Metal index, which fell 0.95%.
The Nifty Auto and Nifty FMCG indices were down 0.48% and 0.46%, respectively. The Nifty MidSmall IT & Telecom index also declined 1.35%.
On the other hand, pharmaceutical and healthcare stocks bucked the broader trend. The Nifty Pharma index jumped 2.09%, while the Nifty Healthcare index advanced 1.79%.
The Nifty PSU Bank index gained 1.80%, providing some support to the market. The Nifty Bank was up 0.40%, while the Nifty Financial Services index advanced 0.16%.
Broader markets remain under pressure
The broader market indices also traded in negative territory, although losses were relatively limited compared with the benchmark indices.
The Nifty Midcap 100 declined 0.09%, while the Nifty Smallcap 100 slipped 0.07%. The Nifty 500 was down 0.21%.
India VIX, the market’s fear gauge, declined 6.40% to 17.25, indicating a cooling in expected market volatility despite the weakness in benchmark indices.
Sensex stocks: SBI, ICICI Bank gain; TCS, Infosys fall
Among individual stocks, SBI was the top Sensex gainer, rising 2.10%. ICICI Bank advanced 1.02%, while NTPC gained 0.88% and HDFC Bank rose 0.66%.
On the losing side, Tata Steel declined 2.43%, Hindustan Copper fell 2.39%, Infosys dropped 2.01% and UltraTech Cement slipped 1.93%. Bharti Airtel, Tech Mahindra and TCS were also among the notable losers.
V K Vijayakumar, chief investment strategist at Geojit Investments, said, “With last week’s spectacular fireworks which saw the Nifty boom by 8.6%, the market sentiments have turned for the better. A rare convergence of positive news for India – FIIs turning aggressive buyers, fair valuations, winding down of AI trade, dip in crude price, decline in US bond yields and steadily improving corporate earnings as reflected in Q2 numbers- triggered the rally. When the situation turns favourable, the market needs only a trigger to rally. This trigger was provided by the Democrat’s victory in the US elections, which, in turn, caused fears of deceleration in AI spending and sharp correction in AI stocks.”
He added that the FII buying in India is likely to sustain paving the way for further rally in large-caps. It is important to understand that FII allocations track index weights during major market shifts.
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Ask News18Domestic equity markets extended early losses as investors booked profits following a sharp rally last week. The selling pressure was intensified by heavy selling in IT, metal, auto, and FMCG stocks.
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