Closing Bell: Market corrects nearly 3% worst in year; Sensex plunges almost 1700 pts, Nifty50 below 17150; metal, auto drag - Highlights

The Indian markets started Thursday's session negative amid weak global cues. Benchmark indices Nifty50 and Sensex were down 1 per cent each.

Mere 4 stocks ended in the green, while 46 stocks were in the red on the Nifty50: Pixabay

On the back of renewed covid fears, the Indian markets witnessed a massive fall in a year as Sensex plunged over 1700 points while Nifty tested at the 17000-mark. The markets tumbled mainly due to weak global cues as well after a new variant of Covid-19 was detected in South Africa.

The BSE Sensex tumbled 1688 points or 2.87 per cent to 57,107, while Nifty50 skid over 510 points or 2.91 per cent to 17026 level at the market close. Even the broader markets followed the suite of benchmarks as both the mid and small-cap indices slipped around 3 per cent at the close.

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Nifty Bank, which contributes most of the Nifty50, also dragged the benchmark index. The 12-share banking index slipped by over 1340 points or 3.5 per cent to 36025, led by IndusInd Bank.

Mere 4 stocks ended in the green, while 46 stocks were in the red on the Nifty50. Metal stocks such as JSW Steel, Hindalco, and Tata Steel dipped between 5-7 per cent, followed by auto stock such as Tata Motors, Maruti, and M&M each down between 4-5 per cent at the market close.

03:20 pm: Nifty50 is 30 points away from giving up the level of 17000 just minutes before market close, Sensex down over 1700 points to 57091-mark.

03:15: Amit Gupta, Fund Manager – PMS, ICICI Securities in his mid-market comment noted -

“India is on a higher earnings growth trajectory and this is the only major risk which can spoil the sentiments. The current dollar strength also suggests the risk-off sentiments and is leading to FII flows currently.”

“Nifty has a new base at 16,000-16,500 now which may be tested in this weakness. The recent commodity prices correction can lower the raw material cost for certain sectors like Consumer and help them to recover after a period of consolidation.”

03:05 pm: According to Manoj Dalmia, Founder and Director, Proficient equities Private limited:

“A new variant of COVID has been found which threatens to create a negative sentiment with some countries tightening curbs. This variant is of concern that it might resist vaccines and immune responses.”

“Other reasons for fall: FII net sellers amounting to Rs 2300 crore; stretched valuation of markets; Brokerage downgrades; Concern over the liquidity tapering by the US Fed as well as the benchmark yields falling by 6 basis points.”

03:00 pm: The share market analyst and Senior Research Analyst at Capitalvia Global Research, Likhita Chepa said:

“Domestic market impacted by negative cues from other Asian markets coupled with detection of a new and possibly vaccine-oriented coronavirus variant. Our research suggests that 57200 levels may act as support in the market. If the market is unable to sustain the level of 57200. we can expect the market to trade below the level of 56800-56300.”

02:55 pm: Nifty Metal recovers marginally by 0.5 per cent to 4.5 per cent lower, while Nifty Auto, Bank and Financials stagnant with crack of over 3 per cent intraday.

02:45 pm: Sensex down 1411 points or 2.4 per cent to 57383.61 and Nifty50 down 453 points or 2.6 per cent to 17083 levels minutes before market close on Friday.

02:35 pm: In the broader markets segment, almost all indices slip between 1-2 per cent intraday, except for Indian VIX, up over 17 per cent on the NSE.

02:25 pm: In the last hour of Friday’s session, Sensex recovers 250 points from days’ low, Nifty50 inching towards the 17200-mark.

02:20 pm: Besides unlock theme stocks, the Realty sector decline most by around 5 per cent with Phoenix slipping over 8 per cent, DLF down over 6 per cent and Sunteck falling over 5 per cent intraday today

02:10 pm: Despite 500 points fall in BSE Small-cap, stocks such as Unichem Lab, RSystem, Indiabulls Housing, Aurum Proptech each jumped between 10-15 per cent intraday.

02:03 pm: The majority of sectoral indices on BSE slumped between 3-5 per cent, except for the BSE Healthcare sector, up around 2 per cent intraday.

01:57 pm: Along with pharma heavyweights, mid-cap pharma companies such as Alkem, Abbot India, Natco Pharma, Torrent Pharma, and Ipca Labs surge between 2-6 per cent intraday

01:45 pm: Banking and financial stocks such as ICICI Bank, Kotak Bank, SBI, HDFC, Bajaj Finance, IndusInd Bank lead the free fall in the market.

01:41 pm: Nifty Metal down 5 per cent, Nifty Auto slipped nearly 4 per cent and Nifty Bank, a key driver to Nifty50, slipped over 3 per cent intraday today

01:36 pm: Defensive stocks such as pharma and FMCG surge; Cipla, Dr Reddy, Divis Lab, Nestle India, Britannia are gaining most in an otherwise negative market.

01:33 pm: Metal heavyweights such as JSW Steel, Hindalco and Tata Steel drag the market most, each down between 4-6 per cent intraday today.

01:25 pm: Unlock theme stocks such as PVR, IndiGo, Indian Hotels, Delta Corp among others take a beating, each down between 5-9 per cent intraday today.

01:15 pm: From record highs - Sensex and Nifty down 8 per cent each, Nifty Bank down over 13 per cent and Midcap Index nearly 10 per cent

11:30 am: Pharma stocks were the only positive as Cipla, Divis Lab and Dr Reddy gained between 2 to 6 per cent.

11.00 am: The benchmark indices continue to trade lower amid pressure from metal, auto and financial stocks as Tata Steel, Bajaj Finance and Maruti dragged the 30-share Sensex, while Tata Motors and Tata Steel saw maximum correction on Nifty

10:25 am: Sensex and Nifty were down over 2% each as the former shed 1338.97 points to trade at 57,456.12, while Nifty was down by 360.90 (-2.06%) to trade at 17,175.35

10 am: The stock markets continue to trade negative amid weaker cues from Asian markets. Sensex was trading nearly 2 per cent lower, while Nifty was down 1.25% on Friday. Sensex shed over 1000 points to trade at 57,750.35 and Nifty was trading at 17,317.70, down 218.55. Tata Motors and ONGC were top laggards on Nifty, while Bajaj Finserv was dragging the Sensex.

Earlier in the market open...

The Indian markets started Thursday's session in negative amid weak global cues. Benchmark indices Nifty50 and Sensex were down 1 per cent each. Sensex was trading lower by 729.33 points or 1.24% to 58,065.76, while Nifty opened below 17,400. All Stocks on the 30-share index opened in the red amid negative Asian markets and partial closure of the Wall Street indices due to Thanksgiving holiday.

See Zee Business Live TV Streaming Below:In the pre-open, Sensex shed 540 points to trade at 58,254.79 with only two stocks advancing.

The Asian markets were trading negative in the early morning trade on Friday. Japanese index Nikkei 225 was trading lower by 660 points to 28, 838, Hang Seng index was also down nearly 1 per cent (0.96%) or 237 points to 24,502, while China's Shanghai Composite were down 0.23% to 3,576 around 7.10 am on Friday.

Meanwhile, the US Markets remained closed on Thursday, November 25, on account of Thanksgiving 2021 and will close early on discounted shopping bonanza Black Friday. "Each market will close early at 1pm (1.15pm for eligible options) on Friday, November 26, 2021, read a statement the NYSE

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