Sensex drops 326 pts, Nifty below 19,450; PSBs, metals rally, IT sinks

Closing Bell on November 13, 2023: SBI Life, Bajaj Finance, Grasim, Infosys, Nestle India, Apollo Hospitals, Tech M, ICICI Bank, and HDFC Bank were the top laggards

Stock market highlights: The benchmark indices witnessed profit booking a day after clocking robust gains on the first session of Samvat 2080.

The S&P BSE Sensex ended 326 points, or 0.5 per cent, lower at 64,934 with 23 of the 30 index stocks settling in the negative zone. 

On the NSE, the Nifty50 index shut shop at 19,444, down 82 points or 0.42 per cent. Here, 36 stocks closed lower led by SBI Life, Bajaj Finance, Grasim, Infosys, Nestle India, Apollo Hospitals, Tech M, ICICI Bank, HDFC Bank, TCS, Reliance Industries, HDFC Life, and Bajaj Finserv. All these stocks fell between 0.6 per cent and 2.3 per cent. 

The broader markets, on the other hand, settled mix the frontline indices with the BSE MidCap index rising 0.10 per cent but the BSE SmallCap index down 0.01 per cent. 

Sectorally, the Nifty PSU Bank index climbed the most (up 2.6 per cent), followed by the Nifty Metal index (up 0.37 per cent). On the downside, the Nifty IT index declined 0.73 per cent.

3:52 PM

Comment :: 'Weak IIP, Manufacturing data reflect global trend'

Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3% in August to 5.8% in September, and weakening of Manufacturing PMI reflect global trends driven by rising interest rates and inflation.

The Indian rupee's weakness keeps FIIs cautious. However, the market's downside is limited by strong earnings, economic stability, and domestic institutional flows.

A potential reversal is likely as domestic October CPI inflation is expected to moderate. Notably, public sector banks are outperforming due to strong credit growth, improved asset quality, and robust balance sheets, and this trend is expected to persist. 

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:49 PM

Currency check :: Rupee ends 1 paise down

3:47 PM

SmallCap Heatmap :: Index down 0.01%

3:45 PM

MidCap Heatmap :: Index up 0.1%; Union Bank, Torrent Power surge up to 7%

3:43 PM

Sectoral trends :: PSU banks clock stellar gains on a weak day

3:42 PM

Sensex Heatmap :: 23 of 30 index stocks decline; Bajaj Finance, Infy, ICICI Bank top laggards

3:40 PM

Closing Bell :: Nifty ends below 19,450

3:39 PM

Closing Bell :: Sensex sheds over 300 pts

3:28 PM

Q2 Earnings :: Manappuram Finance

>> PAT at Rs 558 crore vs Rs 408 crore YoY

>> NII up to Rs 962 crore vs Rs 872 crore YoY

>> Beat estimates

3:19 PM

ALERT :: Here's why metal stocks outperformed the markets today

3:05 PM

ALERT:: Jindal Stainless gets rating upgrade; stock marginally up

Jindal Stainless in an exchange filing said the company received a rating upgrade from CRISIL Ratings today. Long-term bank facilities and debt programme of

Jindal Stainless was revised from CRISIL AA-/Positive to CRISIL AA/Stable. The company's short-term bank facilities have been reaffirmed at CRISIL A1+.

2:55 PM

Global check:: US stock futures recoup losses, down marginally

Source: Investing.com

2:44 PM

ALERT:: European market display positive trend; FTSE, CAC up over 0.5%

Source: Yahoo Finance

2:35 PM

Patanjali to ship 20 MT of non-basmati rice to Nepal for earthquake victims

According to a DGFT's notification issued in October, the government permitted exports of 10,34,800 tonnes of non-basmati white rice to seven countries, including Nepal, Cameroon and Malaysia. READ MORE

2:25 PM

This PSU firm joins Rs 1-trillion m-cap club; zooms 127% in so far in 2023

Thus far in the calendar year 2023 (CY23), the stock price of PFC has zoomed 127 per cent on strong business performance and healthy outlook. READ MORE