The S&P BSE Sensex dropped 0.5% to 84,317, down 420 points, while the NSE Nifty 50 slipped 0.4%, or 110 points, to 25,768 at the open. At 9:51 AM, BSE Sensex was trading 350 pts or 0.44% lower at 84,111, whereas Nifty50 fell 111 pts to 25,769.
Tata Motors CV, Infosys, Tata Steel, ITC, Tech Mahindra and Maruti led the losses on the 30-stock Sensex, falling 1-3%, while Trent, BEL, and Sun Pharma edged marginally higher.
In broader markets, midcap stocks edged up 0.2% and smallcaps gained 0.1%.
Shares of Tata Motors (Commercial Vehicles) tumbled over 3% after the company reported a consolidated net loss of Rs 867 crore for the second quarter, marking its first quarterly result post its independent listing on the stock exchanges. This performance contrasts with a net profit of Rs 498 crore in the same quarter last year.
As for elections, the NDA was seen majority mark in early trends, suggesting that it could retain power in Bihar, which the market has already factored in, experts say.
Expert views
“The market reaction to the election results will be only temporary, whatever the results might be. The medium to long-term trend of the market will be dictated by fundamentals, particularly the earnings growth. On this front, there is room for optimism as indicated by prospects of robust GDP growth and improving earnings growth,” V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said. “India’s underperformance this year is unlikely to last. It is important to understand that despite the big underperformance of Nifty, so far this year, Nifty continues to be the best-performing index among the large markets of the world during the last 5-year period. The dip in corporate earnings in FY25 and the elevated valuations have been weighing on the market this year. This market construct is set to change for the better, going forward,” he added.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) sold equities worth a little over Rs 384 crore on November 13, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 3,092 crore.
Global Markets
Wall Street closed sharply lower on Thursday as Nvidia and other AI majors dragged the indices down, with investors dialling back expectations of interest rate cuts amid persistent inflation concerns and differing views among central bankers on the U.S. economy. All three benchmark indexes recorded their biggest single-day declines in more than a month.
The S&P 500 fell 1.66% to 6,737.49, the Nasdaq slumped 2.29% to 22,870.36, and the Dow Jones Industrial Average dropped 1.65% to 47,457.22.
Gold prices also retreated, slipping 1% after touching a three-week high as the broader market sell-off took hold following the U.S. government’s reopening. Spot gold was down 1.1% at $4,151.86 per ounce, while spot silver dropped 2.3% to $52.18.
Gauges in Japan, South Korea and Australia all opened weaker, even as an index of the region was poised for its third gain in four weeks.
Oil prices
Oil prices were steady on Thursday after a roughly 4% slide in the previous session, as investors balanced concerns over global oversupply with the impact of impending sanctions on Russia’s Lukoil. Brent crude futures inched up 30 cents, or 0.5%, to $63.01 a barrel, while U.S. West Texas Intermediate rose 20 cents, or 0.3%, to $58.69 a barrel following Wednesday’s 4.2% drop.
Rupee vs Dollar
The Indian rupee rose 5 paise to 88.72 against the U.S. dollar in early trade on Friday. With limited triggers in the interim, the rupee is likely to stay range-bound, with the trading range expected between 88.40–88.95, experts say.
(With input from agencies)
