Indian benchmark indices continued to see a significant sell-off after a brief respite of two days. Read on to know who were the major losers
Bears continued their domination on Dalal Street on November 7 morning, after a break of two days. There was a significant sell-off (1.07 per cent) in the morning session. By 11:30 AM, the S&P BSE SENSEX had dropped 266 points, or 1.08 per cent, trading at 79,543 levels. The NSE's NIFTY50 followed suit, down 269 points, or 1.07 per cent, at 24,214 points. This decline follows a reversal from the previous day's rally, which was spurred by Donald Trump's victory in the U.S. elections.
In the broader market, the NSE smallcap 100 and NSE Midcap 100 index dipped 0.43 per cent both.
Market analysts attributed the sell-off to the continuing trend of FIIs fleeing the Indian market due to higher valuations and also investor caution ahead of the Federal Reserve’s meeting outcomes and potential policy shifts under Trump as he steps into the role of the 47th President of the United States. All sectors ended in the red, except media and PSU Banks with metal and pharma stocks leading the losses at 2.23 per cent and pharma stocks at 1.43 per cent losses. The NSE Auto index fell 1.20 per cent.
Among Nifty 50 stocks, Hindalco was the biggest loser dropping over 8.5 per cent as its U.S. arm Novelis reported an 18 per cent decrease in Q2 profits. Further stocks Grasim, Adani Enterprises, Shriram Finance were among the top contributors to the Nifty losses. Conversely, Tata Steel experienced gains (0.20 per cent), as it reported a profit in the quarter ending September 2024, reversing a loss from the same period last year. Also, Apollo Hospitals, HDFC Life and L&T were major gainers among Nifty 50.