Indian equity benchmarks ended lower for the third consecutive session on Friday, dragged down by weak global cues and continued profit-taking. The market was volatile throughout the day, with foreign fund outflows and concerns over high valuations in some sectors weighing on investor sentiment.
The S&P BSE Sensex declined 94.73 points (0.11%) to settle at 83,216.28. The NSE Nifty 50 also dipped 17.40 points (0.07%) to end the week at 25,492.30.
Key Market Highlights
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Sensex: Closed at 83,216.28, down by 95 points.
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Nifty 50: Ended the session below the 25,500 mark.
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Market Sentiment: The mood on Dalal Street remained cautious, with investors adopting a risk-off approach ahead of key U.S. economic data releases. Weakness in Asian and U.S. markets, particularly in the technology sector, also dampened sentiment.
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FPIs in October: Foreign portfolio investors (FPIs) returned to the Indian stock markets in October, reversing three months of outflows. France was the largest contributor, investing $2.58 billion in equities.
Top Gainers and Losers
Gains in the financial sector were not enough to offset the losses in telecom and IT stocks.
| Top Gainers |
Top Losers |
| Shriram Finance (+3.81%) |
Bharti Airtel (-4.46%) |
| Tata Consumer Products (+2.6%) |
Tech Mahindra (-1.87%) |
Sectoral Performance
It was a day of mixed sectoral performance.
Q2 Earnings Season Roundup
The second-quarter earnings season continued to be a major market driver.
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Nykaa: The beauty and fashion retailer reported a strong quarter, with its net profit jumping three-fold.
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Trent: The retail company posted a 6.5% increase in its net profit to ₹451 crore for the September quarter. Revenue for the quarter rose by 17%.
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Divi's Laboratories: The pharmaceutical company reported a 16.1% rise in its Q2 revenue to ₹2,715 crore. EBITDA for the quarter was up 24% at ₹888 crore.
IPO Market Update
The IPO market was abuzz with activity, with several issues closing and new ones opening.
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Groww IPO: The much-watched IPO of fintech unicorn Groww (Billionbrains Garage Ventures) concluded its subscription today. The issue was subscribed total 17 times, although the grey market premium (GMP) cooled to 5%.
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Pine Labs IPO: India's leading fintech company, Pine Labs, launched its ₹3,900 crore IPO for public subscription today, November 7. The issue comes with a grey market premium (GMP) of 7%, suggesting decent listing expectations.
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Shreeji Global FMCG IPO: The IPO of Shreeji Global FMCG Limited also closed today. The company aims to raise ₹85 crore through the issue.
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Piramal Finance Listing: Shares of Piramal Finance made a strong stock market debut today, listing with a 12% premium at ₹1,260 after its merger with Piramal Enterprises.
Global Market Summary
Global markets were weak, with concerns over high valuations in the artificial intelligence (AI) sector leading to a sell-off in U.S. markets.
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Global Stocks: Wall Street's major indices closed sharply lower, with the S&P 500 sliding 1.1% and the tech-heavy Nasdaq declining 1.9%. This negative sentiment was reflected in Asian markets, which also traded lower.
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Upcoming Data: Investors are now awaiting key economic data from the U.S., including payroll and unemployment numbers, as well as trade data from China, for further cues on the global economic outlook.
Frequently Asked Questions (FAQs)
Why did the market fall today?
The market's decline for the third straight day was primarily due to weak global cues, particularly a sell-off in U.S. tech stocks over valuation concerns. Continued profit-taking and foreign fund outflows also contributed to the negative sentiment.
Which sectors were the most affected?
The Telecom and IT sectors faced the most significant selling pressure today. The broader markets also underperformed, with the mid-cap and small-cap indices declining.
What were the key Q2 earnings announced today?
Nykaa reported a three-fold jump in its quarterly profit, while Trent and Divi's Labs also posted healthy growth in their earnings.
What's new in the IPO market?
It was a busy day for IPOs. The Groww IPO closed with a strong subscription of nearly 17 times. The Pine Labs IPO opened for subscription, and Piramal Finance made a strong stock market debut with a 12% premium.