After recording a strong rally in the previous session, Nifty 50 and Sensex erased their gains in trade on November 21, sinking over a half a percent as sentiment was dragged by weak global cues. However, despite the losses, the benchmark indices closed the week on a positive note.
At close, the Sensex was down 400.76 points or 0.47 percent at 85,231.92, and the Nifty was down 124.00 points or 0.47 percent at 26,068.15.
The volatility index, India VIX, that measures fear in the markets jumped over 10 percent to 13.39 levels, indicating rising caution. Overnight, Wall Street stocks slid in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia's earnings and U.S. jobs data muddied the labor market outlook.
All sectoral indices traded in the red, barring Nifty FMCG, with metals and realty leading the decline, slipping more than two percent. PSU banks, financial services and media also saw notable weakness, while IT, pharma, consumer durables, oil and gas, and healthcare posted moderate losses. FMCG was the lone gainer, rising slightly, while auto remained flat with a marginal dip.
On the upside, immediate resistance is placed near the 26,270 zone—its previous all-time high. A stable close above this threshold may unlock fresh momentum-led buying, potentially propelling the index into new territory. Conversely, any dip below 25,850 is likely to draw renewed buying interest as long as structural supports remain intact.
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