After witnessing strong rebound in the previous session (Nov 19), Indian benchmark indices again came under pressure on November 21, erasing all gains from the previous session with Nifty falling below 23,300, intraday.
At close, the Sensex was down 422.59 points or 0.54 percent at 77,155.79, while the Nifty fell 168.60 points or 0.72 percent at 23,349.90.
Amid weak global cues, the market started on a weak note and extended the losses as the day progress, amid rising geopolitical tensions and huge selling seen in the Adani Group stocks post bribery charges against Gautam Adani and others in a New York federal court.
Biggest Nifty losers were Adani Enterprises, Adani Ports, SBI Life Insurance, NTPC and SBI, while gainers included Power Grid Corp, UltraTech Cement, Hindalco Industries, HCL Tech and Grasim Industries.
Read More - Adani Group market cap plummets Rs 2.2 lakh crore as stocks fall up to 20% on US bribery charges
BSE Midcap index was down 0.3 percent and smallcap index fell 0.6 percent.
On the sectoral front, Energy, FMCG, Oil & Gas, PSU Bank, Media, Auto, and Metal were down 1-2 percent, while Realty index gained 1 percent and Information Technology index rose 0.5 percent.
More than 160 stocks touched their 52-week high on the BSE, including, Avalon Technologies, Coforge, Federal Bank, Fortis Healthcare, Indian Hotels, Kiri Industries, NALCO, Panacea Biotec, Sasken Technologies, TD Power System, Vijaya Diagnostic, among others. Click To View More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,787.30 | 76.54 | +0.09% |
| Nifty 50 | 24,773.15 | 32.15 | +0.13% |
| Nifty Bank | 54,186.90 | 72.35 | +0.13% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Motors | 719.50 | 27.80 | +4.02% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Trent | 5,315.50 | -213.00 | -3.85% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27189.20 | 868.60 | +3.30% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 34310.45 | -325.35 | -0.94% |
On the other hand, more than 170 stocks touched their 52-week low on the BSE, including, Asian Paints, IndusInd Bank, Allcargo Logistics, Andhra Petro, Birla Corp, Jamna Auto, Kolte-Patil, Kopran, Mahindra Lifespace, Nucleus Softwar, PNC Infratech, Prince Pipes, Shalimar Paints, Shoppers Stop, Uttam Sugar, among others. Click To View More
Outlook for November 22
Rupak De, Senior Technical Analyst, LKP Securities
Following a weak start, Nifty traded within a narrow range throughout the day. The index remained below the 200-DMA, indicating persistent weak sentiment in the market. The RSI indicator has reentered a bearish crossover, further supporting the negative sentiment.
In the short term, sentiment remains weak, with support placed at 23,200. A fall below this level could trigger a correction in the market. On the upside, resistance is placed at 23,550; a decisive move above this level might induce a rally in the market.
Aditya Gaggar Director of Progressive Shares
The Adani saga returns affected the Indian markets adversely in today's trade. A vertical fall was seen in the opening trade followed by rangebound activity for the rest of the session to conclude the day at 23,349.90 with a loss of 168.60 points. Among the sectors, IT and Realty managed to end in green while PSU Banks and Media tumbled over 2% and underperformed. Surprisingly, Broader markets outperformed the Frontline Index as Mid and Smallcaps kept on minimizing their losses.
The series of lower top and lower bottom continues and in today's trade, the Index added one more bearish candle which indicates the strong grip of bears. Selling is seen on every rise but for a trend reversal, the Index has to clear the hurdle of 23,800. Until then the trend will remain weak and breaking below today's low will open the doors for the next important support of 23,000.
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