Stock markets experienced a downturn during Thursday’s midday trading on November 28, 2024, with both the Sensex and Nifty recording notable declines amid mixed sectoral movements.
The Sensex, which opened at 80,281.64, was trading at 79,571.72, down by 662.36 points or 0.83 per cent from its previous close of 80,234.08. Similarly, the Nifty shed 185.05 points or 0.76 per cent, currently hovering at 24,089.85 compared to its previous close of 24,274.90.
Market breadth indicated a cautious sentiment, with 2,299 stocks advancing and 1,504 declining on the BSE. The market landscape showed 183 stocks hitting 52-week highs and 15 touching 52-week lows. Notably, 290 stocks were in the upper circuit, while 207 were in the lower circuit.
Santosh Meena, Head of Research, Swastika Investmart Ltd noted, “With FIIs showing low participation due to the Thanksgiving holiday, and DIIs typically remaining subdued in their absence, the market activity is being driven by HNIs and retail traders.”
Sectoral indices revealed divergent trends. The Nifty Next 50 marginally gained 140.90 points (0.20 per cent), while the Nifty Midcap Select index declined 40.60 points (-0.32 per cent). The Nifty Bank and Nifty Financial Services indices also showed slight retreats, losing 96.70 points (-0.18 per cent) and 59.70 points (-0.25 per cent) respectively.
Santosh Meena further said, “While the consensus expected a range-bound market with a positive bias, we’re witnessing a surprising intraday fall, primarily concentrated in large-cap stocks. The monthly expiry seems to have played a crucial role in this unexpected movement, as traders adjust their positions, leading to heightened volatility.”
In the gainers segment, Adani Enterprises led with a robust 3.51 per cent increase, followed by HDFC Life (0.90 per cent), SBI (0.69 per cent), SBI Life (0.59 per cent), and Coal India (0.50 per cent). Conversely, the losers were dominated by IT and consumer durables stocks. Infosys experienced the steepest decline at -2.71 per cent, accompanied by M&M at -2.65 per cent, Titan at -2.29 per cent, Tech Mahindra at -2.17 per cent, and TCS at -1.91 per cent.
With the market session still ongoing, investors and traders continue to monitor the dynamic trading environment, evaluating stock-specific movements and broader market trends.