Indian Stock Market Opens in Red; Selling Pressure Across Sectors Except Private Banks
Mumbai: The Indian stock market opened on a negative note on Wednesday, with broad-based selling observed across most sectors, except for private banks. The Sensex dropped by 414 points, trading at 78,260, while the Nifty slipped 167 points to 23,706 in early trade.
The market remained in the red, with significant declines across mid and small-cap stocks. The Nifty Bank index gained 36.60 points, up 0.07%, reaching 51,194.40, providing some support amidst the broader sell-off. In contrast, the Nifty Midcap 100 index fell by 1.60%, and the Nifty Smallcap 100 index dropped by 2.07%.
Among the top losers in the Sensex pack were M&M, Tata Steel, Maruti, Sun Pharma, Reliance, Nestle India, JSW Steel, and Power Grid. On the other hand, NTPC, Bharti Airtel, Hindustan Unilever, Asian Paints, Kotak Mahindra Bank, Axis Bank, and HDFC emerged as the top gainers.
Market experts noted significant variations in the performance of stock markets across regions. While the US market has outperformed with a 26.17% year-to-date (YTD) return in the S&P 500, India has underperformed with a YTD return of just 9.85% on the Nifty index. In comparison, the Euro Zone’s Stoxx 50 index has returned only 5.14% YTD.
In Asian markets, most indices were trading in the red, with the exceptions of Jakarta and Bangkok. Markets in Shanghai, Tokyo, Seoul, and Hong Kong saw losses, while US stock markets had also closed lower on the previous trading day.
Foreign institutional investors (FIIs) were net sellers of equities worth Rs 3,024 crore on November 12, while domestic institutional investors (DIIs) were net buyers, purchasing equities worth Rs 1,854 crore.
Looking ahead, experts are closely watching the critical support zone for the Nifty, which is seen between 23,700 and 23,779. According to Akshay Chinchalkar, Head of Research at Axis Securities, the market’s next move will depend on how the Nifty performs within this support range.
