Sensex slips 433 points, Nifty ends below 17,900; realty stocks drag

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Indian equity benchmark indices settled in the red on Thursday led by losses in index majors HDFC, ICICI Bank, SBI, Kotak Bank and Bajaj Finance amid weak global cues.

Sensex closed at 59,919.69, down 433.13 points or 0.72%, while the Nifty declined 143.60 points or 0.80% to end the day at 17,873.60.

Most sectoral indices ended the session with deep losses however street did reward companies with a positive earnings surprise.

“Global inflationary pressure following upsetting US inflation data forced the domestic market to trade with deep cuts. Beating the market estimates, US inflation hit a 30-year high level of 6.2% YoY adding fears of an earlier than expected rate hike, while US bond yields shot higher. Rising inflationary pressure along with prospects of an early rate hike can keep the domestic market on edge as such indicators tempt foreign investors to pump out liquidity from emerging markets like India,” said Vinod Nair, Head of Research at Geojit Financial Services.

Gainers & losers

Top gainers & losers on the Sensex.

Sectoral indices

Nifty Realty tanked the most among the sectoral indices as it plummeted 2.33% and Nifty PSU Bank plunged 1.84%. While Nifty Pharma, Nifty Bank, Nifty Auto slipped over 1%. Whereas Nifty FMCG, Nifty IT indices lost 0.96% and 0.39% respectively.

Nifty Metal was the only index that ended the day in the green with gains of 0.36%.

Broader markets

The broader markets outperformed benchmark indices as the BSE MidCap index lost 168 points or 0.64% to end at 26,219. While the BSE SmallCap index settled at 29,159 down by 158 points or 0.54%.

Bear took the markets in their grip as 1,857 shares declined versus 1,434 advancing while 154 remained unchanged.

Global markets

European stocks opened higher while most Asian stocks advanced on Thursday, 11 November 2021, as global markets digest the latest U.S. inflation data which showed faster-than-expected price rises.

Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday.