Logo

Logo

Market extends correction phase for 6th straight session

At close, the Sensex was down 110.64 points or 0.14 per cent at 77,580.31, and the Nifty was down 26.35 points or 0.11 per cent at 23,532.70.

Market extends correction phase for 6th straight session

Photo: Representative Picture (IANS)

Benchmark indices extended their correction phase on Thursday for a sixth straight session. Nifty continues to fall ending below 23,550 amid selling seen in the FMCG, PSU Bank, oil & gas names. At close, the Sensex was down 110.64 points or 0.14 per cent at 77,580.31, and the Nifty was down 26.35 points or 0.11 per cent at 23,532.70.

Nifty 50 ended the week down by 2.55 per cent, and BSE Sensex marked a weekly decline of 2.40 per cent. On Nifty, the gainers were Eicher Motors, Hero MotoCorp, Reliance Industries, HDFC Life and Kotak Mahindra Bank. Meanwhile on the losing side were HUL, BPCL, Tata Consumer, Nestle, Britannia.

Among the sectors, Nifty Media ended the session with a gain of 2.26 per cent. This was followed by Nifty Realty, Nifty Auto, and Nifty Bank, closing with gains of up to 1 per cent. On the flip side, Nifty FMCG extended its slide for the fourth consecutive session, losing another 1.53 per cent.

Advertisement

Auto stocks have been among the biggest casualties of the recent market sell-off. Nifty Auto index tumbled 13 per cent in October, and the fall extended into November, with the index shedding another 2.6 per cent so far.

On the BSE, around 140 stocks touched their 52-week high. These included HCL Technologies, Banco Products, Kiri Industries, Garware HiTech, JSW Holdings, Sasken Technologies, Pix Transmissions, AMI Organics, Timex Group, Vikas WSP, among others.

While nearly 150 stocks hit their 52-week low including Nestle India, IndusInd Bank, Sheela Foam, Chennai Petro, Westlife Food, TCI Express, Happiest Minds, Mahindra Life, Tanla Platforms, CreditAccess Grameen, Tata Elxsi, Sun Pharma Advanced, Relaxo Footwear, Birla Corp, Vodafone Idea, Equitas Bank, Restaurant Brands, Trident, Prince Pipes, among other. BSE Midcap index was up 0.4 per cent and Smallcap index added nearly 1 per cent.

Among the individual performances, the Jio Financial Services shares rose nearly 7 per cent after the National Stock Exchange (NSE) announced that 45 stocks will be included in the futures and options (F&O) segment. Eicher Motors’ shares rose over 6 per cent after decent quarterly earnings. BPCL shares stumbled around 3 per cent as it might be excluded from the key Nifty 50 index in the March 2025 rebalancing.

Further, the global market sentiment saw sharp volatility in the aftermath of Republicans winning all three branches of the US government, resulting in rising US bond yields and the dollar, as well as the US equity markets beating most EMs.

Advertisement