Sensex drops 147 points, Nifty slips 43 points; auto and energy stocks weigh on markets

Indian equity benchmarks reversed people connected November 26, ending a two-day winning streak amid weakness successful car and vigor stocks. At noon, the Sensex fell 147.14 points, oregon 0.18 per cent, to 79,962.71, portion the Nifty declined 39.40 points, oregon 0.16 per cent, to 24,182.50. Advances outpaced declines with 1,995 shares rising, 1,290 falling, and 115 unchanged.

Market experts attributed the slump to a deficiency of affirmative triggers. “The two-day rally is improbable to prolong arsenic net concerns stay large headwinds,” said V.K. Vijaykumar, Chief Investment Strategist astatine Geojit Financial Services. “The interaction of abbreviated covering and the Maharashtra predetermination results volition beryllium temporary. Too overmuch shouldn’t beryllium work into the Rs 9,949 crore FII buying yesterday, driven by MSCI rebalancing with higher weightage to HDFC Bank,” helium added.

Sectoral show and banal action

The Nifty Auto, Energy, and Pharma indices were among the biggest laggards, with cardinal stocks similar M&M, Maruti Suzuki, Tata Motors, and Bajaj Auto trading lower. On the flip side, Nifty IT, FMCG, and Realty indices gained astir 1 per cent each. Realty stocks continued their upward trajectory, supported by a surge successful residential income during October, driven by festive demand, arsenic noted by Jefferies.

In circumstantial banal movements:

• Adani Group stocks fell 2 to 3 per cent aft Fitch placed immoderate bonds connected a antagonistic ticker pursuing bribery charges against executives.

• Swiggy surged astir 4 per cent aft UBS initiated sum with a ‘buy’ standing and a people terms of Rs 515, predicting a 27 per cent upside.

• Vodafone Idea jumped 15 per cent connected reports of a cabinet-approved waiver of slope guarantees for spectrum purchased earlier 2022.

• Emcure Pharmaceuticals rallied 10 per cent aft Kotak Securities upgraded it to a ‘buy’, citing maturation potential.

Broader marketplace and outlook

Midcap and smallcap indices outperformed the benchmarks, gaining 0.3 and 0.5 per cent, respectively. Since the opening of the year, these indices person risen 21 per cent, compared to the Nifty’s 11 per cent gain.

Technical analysts suggest the Nifty whitethorn find enactment astatine 24,150, with absorption astatine 24,300 and 24,550. Bank Nifty is expected to clasp enactment astatine 52,000 portion facing absorption astatine 52,400.

Global cues volition besides play a role, peculiarly successful U.S. fiscal policies. “Scott Bessent’s assignment arsenic Treasury Secretary could favour emerging markets by easing enslaved yields,” noted Vijaykumar.

With nary important affirmative triggers successful sight, the markets whitethorn spot cautious trading successful the coming sessions.