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The domestic equity benchmarks plummeted on Thursday, mirroring a mixed trend in global markets. The benchmark Nifty index crashed below the 23,920 level, primarily driven by a sharp decline in IT and auto stocks.
IT stocks tanked amid concerns over potential policy shifts under the incoming US administration and uncertainty surrounding the future trajectory of US interest rates.
A stronger US dollar further eroded investor sentiment. Additionally, aggressive profit-booking ahead of the month-end derivative expiry accelerated the market's downward spiral.
The S&P BSE Sensex tumbled 1,190.34 points or 1.48% to 79,043.74. The Nifty 50 index dropped 360.75 points or 1.49% to 23,914.15.
In the broader market, the S&P BSE Mid-Cap index fell 0.06% and the S&P BSE Small-Cap index rose 0.41%.
The market breadth was positive. On the BSE, 2,241 shares rose and 1,702 shares fell. A total of 106 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 3.96% to 15.21.
Numbers to Track:
The yield on India's 10-year benchmark federal grew 1.66% to 6.925 compared with previous close 6.925.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4925 compared with its close of 84.4025 during the previous trading session.
MCX Gold futures for 5 December 2024 settlement rose 0.22% to Rs 75,925.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.25% to 106.34.
The United States 10-year bond yield rose 0.64% to 4.271.
In the commodities market, Brent crude for January 2025 settlement added 48 cents or 0.66% to $72.83 a barrel.
Global Markets:
Most European market advanced on Thursday as investors looked for economic data from the region, including Spanish and German inflation data and European economic sentiment figures. Italian and Spanish business confidence data is also due.
Asian stocks ended mixed as investors adopted a cautious stance ahead of the US Thanksgiving holiday.
In a surprise move, South Korea's central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.
US stocks ended lower on Wednesday, weighed down by a combination of economic data releases and holiday-related trading. The S&P 500 declined 0.4%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average closed 0.3% lower.
The October PCE price index, the Fed's preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed's 2% target.
The US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.
Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.
On the corporate front, HP slid 11% after the information technology company issued disappointing guidance for 2025, while Dell Technologies tumbled over 12% after the PC manufacturer offered up a disappointing revenue outlook for the current quarter despite bullish commentary from the company on AI sales growth.
Stocks in Spotlight:
The Nifty IT index fell 2.39% to 42,968.75. L&T Technology Services (down 3.48%), Infosys (down 3.34%), HCL Technologies (down 2.5%), Tech Mahindra (down 2.38%) and TCS (down 1.9%) slumped.
Dr Reddy's Laboratories shed 0.65%. The pharmaceutical company has announced the launch of Toripalimab in India, a new biological entity (NBE) that is used for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).
Gail (India) rose 0.95% after the company announced that its wholly owned subsidiary, GAIL Mangalore Petrochemicals (GMPL), re-engaged with process licensor INEOS to support the plant's revitalization, formalizing renewed collaboration through an amendment agreement.
Ujjivan Small Finance Bank jumped 6.91% after the bank said it sold a stressed loan portfolio worth Rs 270.35 crore to an asset reconstruction company for Rs 40.55 crore.
NBCC (India) rallied 3.26% while Housing & Urban Development Corporation (HUDCO) jumped 3.15% after the companies has signed memorandum of understanding (MoU) for the development of a 10-acre institutional plot in Noida Sector 62, New Delhi.
Ashoka Buildcon added 1.83% after the company said that it has received notification of award for a project floated by Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company, Jabalpur, worth Rs 192.69 crore.
Hathway Cable & Datacom added 2.53% after the company acquired the balance 61.15% equity stake in Hathway Cable MCN Nanded (Hathway Nanded), a subsidiary of the company.
Waaree Renewable Technologies hit an upper circuit of 5% after the company informed that it has received an order worth Rs 1,233.47 crore to set up a ground-mount solar photovoltaic (PV) project of 2,012.47 MWp DC capacity.
NTPC Green Energy gained 4.63% after the company informed that it has commissioned a first-part capacity of 55 MW out of the 105 MW Shajapur Solar Project (Unit-I) at Shajapur, Madhya Pradesh.
Oriental Rail Infrastructure jumped 2.56% after the company secured orders worth Rs 2.15 crore from Rail Coach Factory (RCF), Kapurthala, Indian Railways.
Spicejet rose 1.43% after the company's aircraft lessor, Aircastle (Ireland), withdrawn its insolvency case against the company before the National Company Law Tribunal (NCLT).
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