Nifty 50 index ends below 18K, Sensex down 396 pts today
Nifty 50 index ends below 18K, Sensex down 396 pts
Indian stock markets opened marginally higher on Tuesday amid mixed cues from the global markets. Nifty 50 index opened at 18127.05 levels, up by only 17.6 points while Sensex made a slightly higher opening of 36.67 points at 60755.38 levels. The Bank Nifty opened almost flat at 38710.90 levels on the spot price today.
Indian Stock Market News
Indian markets turned negative immediately after opening and traded on negative bias throughout the day on the bank of selling in pharma and banking stocks. Traders got cautious as Finance secretary TV Somanathan said that the entire revenue loss on account of reduction in excise duty on petrol and diesel by Rs 10 and Rs 5 a litre respectively will be borne by the Centre.
Besides, industry body AIFI said that the ripple down effect of declining automobile sales, the forging industry is facing the heat with a sharp decline in demand which has resulted in substantial production cuts.
Meanwhile, India’s exports rose by 43% in October 2021 as compared to the same period in the previous year. The data released by the government showed export in October 2021 were $35.65 billion as compared to $24.92 billion in the last year same period. The positive growth is due to heavy exports in the sectors like petroleum, coffee, engineering goods, cotton yarns, gems & jewellery, chemical and marine products. The trade deficit, gap between imports and exports widened to $19.73 billion in October as compared to $9.15 billion in the same period last year.
Indian market Index at the close
At the close, the Nifty 50 index fell 110.25 points or 0.61 per cent and closed at 17999.20 levels while Sensex was down by points 396.34 points or 0.65 per cent and finished at 60322.37 levels. The Bank Nifty on the spot levels declined 395.25 points or 1.02 per cent and ended at 38307.10 levels
The broader markets closed mixed today. The Nifty midcap index was down by 85.75 points and closed at 31942.55 levels. The Nifty smallcap index was up by 56.05 points or 0.50 per cent and ended at 11205.35 levels.
Nifty 50 top gainers and losers
The Nifty 50 index top five gainers were Maruti, M&M, Tata Motors, Hero Motorco, and TechM. The top five losers were Shree Cement, Reliance, Hindalco, Tata Consumer, and SBI.
The Nifty midcap index top gainers were Coforge Ltd, Forties Health, Bharat Forge and in the smallcap indexes were SpiceJet, Sterlite Techno, and Chambal Fertiliser
The top losers in the Nifty midcap were Endurance Tech, Union Bank, Malappuram Fin and smallcap indexes were Fine Organic, Carborundum, Can Fin Homes
The most active stocks in the Nifty 50 index in terms of value were Tata Motors, Maruti, and Tata Steel. The most active stocks in terms of volume were Tata Motors, SBI, and Power Grid
On a sectoral front, barring Auto and IT all other sectors closed in the red today. The sectors that dragged down the markets were Nifty PSU Bank, Pharma, Oil & Gas, Banking, and Financial Services.
You may also like to read, Indian Stock Market Prediction Next Week (15 to 18 Nov)
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