Stock Market Update: The Nifty falls below 23,500, and the Sensex drops 150 points.

Market Slips: Nifty Dips Below 23,500, Sensex Sheds 150 Points

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: November 18, 2024

Summary: The Indian Equity Indices, the Sensex, and the Nifty were down on Monday.

Monday's Sensex fell 156.72 points, or about 77,423.59, in early trading. The Nifty fell 64.25 points to close at 23,468.45. Despite sectoral pressures and global uncertainty, investors remained cautious.

In early trading, the benchmark BSE Sensex fell 156.72 points to 77,423.59, and the NSE Nifty fell 64.25 points to 23,468.45. On Thursday, the Sensex fell 110.64 points, or 0.14 percent, to close at 77,580.31. At 23,532.70, the Nifty fell 26.35 points, or 0.11 percent.

Among the winners were Asian Paints, Bajaj Finance, Tata Steel, and HDFC Bank. Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors, and IndusInd Bank were the main losers among the 30-share Sensex pack.

Despite a higher US dollar and a persistent outflow of foreign capital, the rupee bounced back from its lowest point and gained 8 paise to 84.38 against the US dollar in early trading on Monday.

According to exchange data, foreign institutional investors (FIIs) sold off stocks on Thursday for Rs 1,849.87 crore.

Due to rising US dollar and Treasury yields, rising domestic stock valuations, and growing allocations to China, foreign investors have withdrawn Rs 22,420 crore from the Indian equity market so far this month.

Because of the high valuations of local companies, the increasing US currency and Treasury yields, and the increased allocations to China, foreign investors have pulled out of the Indian equity market to the tune of Rs 22,420 crore so far this month.

The Chief Investment Strategist of Geojit Financial Services, V K Vijayakumar, said, “Even though Nifty has corrected 10.4 percent from the peak, there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for the majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market."

Friday saw a decline in US markets. While Tokyo quoted lower, Seoul, Shanghai, and Hong Kong all saw increases in trading activity in Asian markets.

Brent crude, a global oil benchmark, increased by 0.51% to USD 71.40 a barrel.