Stock Market Close Highlights: Sensex sheds 241pts, Nifty ends near 23,450; IT tanks, FMCG shines

Stock Market highlights: Indian benchmark equity indices BSE Sensex and Nifty50 settled lower on Monday

Stock Market Highlights, Monday, November 18, 2024:  Benchmark equity indices, BSE Sensex and NSE Nifty50, ended Monday's trading session in negative territory, weighed down by weak global cues.

 

The BSE Sensex shed 241.30 points or 0.31 per cent to settle at 77,339.01, trading within a range of 76,965.06-77,886.97.

 

Similarly, the NSE Nifty50 closed at 23,453, down 78.90 points or 0.34 per cent per cent. The index fluctuated between 23,350.40-23,606.80.

 

29 of 50 Nifty50 constituent stocks ended in red, led by TCS, Infosys, BPCL, Dr Reddy's Labs, and Cipla, which incurred losses up to 3.11 per cent. Conversely, Hindalco, Hero MotoCorp, Tata Steel, Nestle India, and Hindustan Unilever were among 21 stocks posting gains up to 3.79 per cent.

 

The fear index, India VIX, which gauges the volatility in the markets, ended higher by 2.65 per cent at 15.17 levels. 

In broader markets, the Nifty Smallcap100 index fell 0.53 per cent, while the Nifty Midcap100 ended flat on Monday.

 

Among sectoral indices, Nifty IT plunged 2.32 per cent, dragged down by Coforge, Persistent Systems, HCL Tech, Tech Mahindra and LTTS. Nifty Media, Pharma, CPSE, and Healthcare indices also ended in the red, with losses extending up to 1.60 per cent.

 

In contrast, Nifty FMCG, Metal, Banking, Realty, Financial, and Consumer Durable indices gained up to 1.90 per cent.

 

4:00 PM

Stock Market Highlights LIVE Updates: Overall chart setup remains weak; partial recovery possible

"Nifty exhibited some volatility during the day, slipping near a historical congestion level on the daily timeframe. On the daily chart, the index has been trading below the 200-day moving average (DMA) for the past two sessions. The RSI has entered the oversold zone, accompanied by a bearish crossover. While the overall chart setup remains weak, the selling pressure appears to have eased following a prolonged correction. In the short term, the index may recover towards 23,700–23,800. On the downside, support is positioned at 23,200–23,300."

- Views expressed by Rupak De, Senior Technical Analyst, LKP Securities

3:53 PM

Stock Market Highlights LIVE Updates: Consolidation continues

"Consolidation continued in the market; a slowdown in earnings growth and a weak rupee due to inflation impacted the sentiment. IT stocks reacted negatively today due to a reduced expectation of a FED rate cut in December, which may pose a delay in spending in the BFSI segment. On the other hand, metal stocks gained some ground after China decided to reduce tax rebates on aluminium and copper."

- Views expressed by Vinod Nair, Head of Research, Geojit Financial Services

3:48 PM

Stock Market Highlights LIVE Updates: Breadth was fairly negative with 2,474 falling stocks v/s 1,600 gainers

 

3:45 PM

Stock Market Highlights LIVE Updates: BSE Metal index rallies over 2%; NALCO zooms 9%

 

3:43 PM

Stock Market Highlights LIVE Updates: BSE IT index sinks 2.3%; TCS, Infy weigh

3:41 PM

Stock Market Highlights LIVE Updates: Broader indices end on mixed note; India VIX rises 3%

3:39 PM

Stock Market Highlights LIVE Updates: TCS, Infy lead Sensex fall with up to 3% drop; Tata Steel shines

 

3:37 PM

Closing Bell: NSE Nifty setlled with a loss of 79 pts at 23,454

The Nifty 50 index settled with a loss of 79 points at 23,454.

3:35 PM

Closing Bell: BSE Sensex ends 241 pts lower at 77,339

The BSE Sensex ended 241 points lower at 77,339 on Monday.

3:15 PM

Stock Market LIVE Updates: Anupam Rasayan share price slips 3% on weak Q2 show; profit tanks 37% YoY

Stock Market LIVE Updates: Shares of specialty chemicals company Anupam Rasayan India fell 2.87 per cent to Rs 713.45 on the BSE during intra-day trade on Monday, November 18, 2024. The fall in stock price follows the company's announcement of its quarterly earnings for the second quarter of the current fiscal year. Anupam Rasayan announced on November 14 that its profit after tax (PAT) dropped 37.16 per cent year-on-year to Rs 30.6 crore in Q2FY25 compared to Rs 48.7 crore in Q2FY24. READ MORE

 

3:03 PM

Stock Market LIVE Updates: Alexander Redman of CLSA on CLSA downgrading China and raising India

Stock Market LIVE Updates: Alexander Redman of CLSA, says going into next year based on our current projections, we're looking at low double digit upside for India in dollar terms.

India has recently become a poster child for FX stability in EMs.

After the re-election of Donald Trump, the rupee has held firm significantly better than its EM peers.

On a dollar for dollar basis, that is a significant advantage for this market vesrus others.

2:59 PM

Stock Market LIVE Updates: Alexander Redman of CLSA on CLSA downgrading China and raising India

Stock Market LIVE Updates: Alexander Redman of CLSA, says We're in a bit of an air pocket in terms of Indian earnings.

Forecasts, although, are relatively robust; for CY 25 and 26, we're looking at around mid-teens earnings. The consensus revisions are relatively flat. 

The one attractive part of analysing Indian earnings is the very strong relation with GDP. 

Given our current economic projections, we're quite comfortable with the outlook for earnings. I see this air pocket as relatively temporary. 

Trying to time that might be hostage to fortune.

On valutaions, you've already seen the overall aggregate numbers begin to soften to somewhat palatable level.

To characterise the reluctance of foreign investors to engage in India boils down to Valuation, Valutaion, Valuation. 

2:52 PM

Stock Market LIVE Updates: Alexander Redman of CLSA on CLSA downgrading China and raising India

Stock Market LIVE Updates: Alexander Redman of CLSA, says it's going to be a far more challenging environment for EMs under a Trump administration, compared to a Harris administration.

2:49 PM

Stock Market LIVE Updates: Alexander Redman of CLSA on CLSA downgrading China and raising India

Stock Market LIVE Updates: Alexander Redman of CLSA, says historically, there has been a striking relation between net foreign purchases of EM equities and US' YoY performance momentum.

Ultimately, the fortunes of EM equities are dictated by the appetite of large global crossover funds. If that money is repatriated back to the US, we'll feel that across EMs, but some will feel it more than others. 

India almost acts like a moat, with its 17.5% foreign ownership, and the SIPs inflows that are breaking all-time records; last month, they went above $3 billion last month. These more than compensate the FII exodus.

2:42 PM

Stock Market LIVE Updates: Alexander Redman of CLSA on CLSA downgrading China and raising India

Stock Market LIVE Updates: Alexander Redman of CLSA, says Another key risk, which is idiosyncratic for India, is the uptick in issuance in the year-to-date period.

If you express this as a percentage of market cap, in the last four cycles, when total primary and secondary issuance has hit 1.5% of total market, that's when the secondary market has begun to roll over.

The key risk is that we are approaching the same tipping point. I would expect the momentum of Indian equities in absolute YoY terms to begin to slow down in sympathy with that.

But ultimately this is a relative call, and I think India is capable of outperforming China.