Headline indices Nifty and Sensex ended the trading session on November 7 on a dismal note as the sell-off across the market intensified. While all struggled, metal stocks were the worst-hit during the session. Investors turned cautious ahead of the US Fed’s upcoming interest rate decision. The decline comes just a day after Donald Trump was nominated as the president and a subsequent rally that followed.
At close, the Sensex was down 836.34 points or 1.04 percent at 79,541.79, and the Nifty was down 284.70 points or 1.16 percent at 24,199.30. About 1733 shares advanced, 2057 shares declined, and 93 shares unchanged.
The broader markets mirrored the overall trend and showcased a weak performance as two fell 0.7 and 0.5 percent, respectively. The broader markets have gained almost 25 percent since the start of the year, comfortably outpacing the Nifty's gain of 13 percent. The VIX, also known as the volatility index, flared up by 0.5 percent to hover near the 15 levels.
Also read: Nifty, Sensex pull back after the Trump rally: Key factors behind stock market crash
Across the Nifty, there was just one outright gainer in an otherwise dull market -- Apollo Hospitals. The surge comes after the company's consolidated net profit surged 59 percent to Rs 395.70 crore in September quarter, up from Rs 248.80 in the year ago period. Revenue also grew over 15 percent to Rs 5,589.3 crore in the quarter gone by, up from Rs 4,846.9 crore that it clocked a year ago.
V K Vijayakumar of Geojit Financial Services said that Trump's presidency, backed by a Republican Congress, could bring significant changes, including pro-business policies and higher tariffs. While "America First" may boost the U.S. economy, tariffs on imports from China and others could drive inflation, impacting Fed policy and potentially hurting global markets. Although India may benefit from anti-China policies, Trump's stance on Indian tariffs could pose challenges. Amid this uncertainty, investors should focus on quality stocks.
Among notable losers, Hindalco stood out, tanking nearly 9 percent, after its US-based subsidiary Novelis Inc reported a fall in net income for the July-September quarter. The US-based aluminium producer posted an 18 percent decline in net income to $128 million in the September quarter of 2024-25.
Among sectors, Nifty Metal was the worst hit and slipped nearly 3 percent lower. A sharp downturn in Hindalco and Adani Enterprises dented the sentiment in the index. Nifty Energy, Infra, Auto, Pharma, Healthcare, Realty and IT all closed in the red by over a percent.
"Though rejection trades at 24,470 did not pose enough challenge to turn prices lower, the ascent thereafter did not find enough momentum either to keep all the gains of the day. This would mean a pull back today, but with the hopes of 24,660-770 or even 24,950 being intact as long as above 24,360," Anand James, Chief Market Strategist at Geojit Financial Services, said.
Hindalco Industries, Trent, Shriram Finance, Tech Mahindra and Grasim Industries were among the top losers on the Nifty, while gainers were Apollo Hospitals, HDFC Life, SBI, TCS and L&T.
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