Indian equity benchmarks Sensex and Nifty closed lower for the second consecutive session on Thursday, dragged down by a broad-based sell-off that particularly hit the metal, media, and power sectors. The market was volatile throughout the day, with investors booking profits after a recent rally. The broader markets underperformed the main indices, with the BSE Midcap and Smallcap indices falling by 1.1% and 1.5% respectively.
The S&P BSE Sensex fell 148.14 points (0.18%) to close at 83,311.01. The NSE Nifty 50 also declined, dropping 87.95 points (0.34%) to end the day at 25,509.70.
Key Market Highlights
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Sensex: Closed at 83,311.01, down by 148 points.
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Nifty 50: Ended the session below the 25,550 mark.
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Market Sentiment: The mood on Dalal Street was cautious, with selling pressure seen across most sectors. The market was closed on Wednesday, November 5, for Guru Nanak Jayanti. The weak sentiment was also reflected in the institutional flows, with Foreign Institutional Investors (FIIs) being net sellers, though their selling was absorbed by strong buying from Domestic Institutional Investors (DIIs).
Top Gainers and Losers
While a few large-cap stocks like Asian Paints and Reliance Industries provided some support, the losses were widespread, particularly in the metal and power sectors.
| Top Gainers |
Top Losers |
| Asian Paints |
Hindalco Industries |
| Interglobe Aviation (IndiGo) |
Grasim Industries |
| Mahindra & Mahindra (M&M) |
Adani Enterprises |
| Reliance Industries |
Power Grid Corp |
| Tata Consultancy Services (TCS) |
Eternal (Zomato) |
Sectoral Performance
It was a day of widespread losses, with most sectoral indices ending in the red.
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Top Losers: The Nifty Metal, Nifty Media, and Nifty Realty indices were the biggest laggards, each falling by over 1%. The IT sector also witnessed selling pressure.
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Sole Gainer: The Paint Sector was a notable outperformer, driven by a rally in Asian Paints.
Q2 Earnings Season in Full Swing
Today was another busy day for Q2 earnings, with over 150 companies, including several heavyweights, announcing their results for the September quarter.
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Life Insurance Corporation (LIC): The insurance behemoth reported a strong 30.7% year-on-year surge in its net profit to ₹10,098 crore for the second quarter.
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Godrej Properties: The real estate developer posted a 21% year-on-year increase in its consolidated net profit to ₹405 crore. However, its revenue from operations declined by 32%.
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Devyani International: The quick-service restaurant operator reported a net loss of ₹21.8 crore for the September quarter, compared to a profit in the same period last year.
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Abbott India: The pharmaceutical company announced a 16% year-on-year rise in its net profit to ₹415.3 crore.
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Procter & Gamble Hygiene and Health Care: The FMCG major posted a marginal 0.96% decline in its net profit to ₹209.86 crore.
IPO Market Update
The primary market was buzzing with activity, with a major IPO continuing its subscription and a new one opening.
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Groww IPO: The much-anticipated IPO of fintech unicorn Groww (Billionbrains Garage Ventures) entered its second day of subscription and has been subscribed 1.64 times so far. The grey market premium (GMP) for the IPO is currently around ₹14, indicating a 13% premium over the issue price.
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Finbud Financial Services IPO: The IPO of Finbud Financial Services opened for public subscription today, November 6. The company aims to raise ₹71.68 crore through the issue.
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Orkla India Listing: Shares of Orkla India made their stock market debut today.
Frequently Asked Questions (FAQs)
Why did the market fall today?
The market's decline was primarily due to a broad-based sell-off and profit-booking after a recent rally. Weakness in the metal, media, and power sectors, along with cautious global cues, contributed to the negative sentiment.
Which sectors were the most affected?
The Nifty Metal, Media, Power, and Realty indices were the worst performers, each falling by over 1%. The broader markets also underperformed, with the mid-cap and small-cap indices seeing significant declines.
What were the key Q2 results announced today?
It was a very busy day for earnings. LIC reported a strong 30.7% jump in its net profit, while Godrej Properties also saw a 21% rise in its profit. Devyani International, on the other hand, reported a net loss for the quarter.
What's new in the IPO market?
The Groww IPO is currently open and has been subscribed 1.64 times so far. The Finbud Financial Services IPO also opened for subscription today. Orkla India made its stock market debut.