Market Wrap, Nov 21: SENSEX falls 401 pts, NIFTY50 below 26,100 as metal stocks drag; VIX jumps 12%, NSE-listed cos mcap erodes ₹4 lakh crore

The Indian stock market closed lower on Friday, November 21, dragged down by sharp losses in metal, realty and banking stocks, along with weak cues from global markets.

Nifty Bank also fell 0.81% to 58,867.70, retreating after hitting record highs for two consecutive sessions. The decline was led by losses in Bank of Baroda (-1.42%), Canara Bank (-1.32%) and Punjab National Bank (-1.14%).

The broader market also underperformed the benchmark indices, adding further pressure on overall market sentiment.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) purchased shares worth ₹283.65 crore, while the domestic institutional investors (DIIs) bought equities worth ₹824.46 crore on a net basis.

On the global front, Asian shares closed lower on Thursday, mirroring the weak overnight close on the US market. Japan's Nikkei declined 2.34%, China's Shanghai Composite dropped 2.51%, Hong Kong's Hang Seng fell 2.57%, and South Korea's KOSPI tumbled 3.93%.

On Wall Street, US stocks fell on Thursday after an early Nvidia-led rally faded, and mixed US jobs data added uncertainty to the labour market outlook.

After jumping as much as 1.9% early in the session—on track for its best day since May—the S&P 500 reversed sharply to close down 1.6%. The Dow Jones Industrial Average fell 386 points, or 0.8%, while the Nasdaq Composite slid 2.2%.

Here are the key developments of Friday's session that you need to know

As many as 3,175 stocks traded on the NSE on Friday. Out of this, 784 advanced and 2,305 stocks declined, while 86 scrips remained unchanged.

This indicated that the market breadth was in favour of declines.

A total of 42 stocks hit their 52-week highs, while 182 stocks touched their one-year lows. Besides, 69 stocks hit their upper circuit limits, and 76 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹469.69 lakh crore at the end of the session, losing ₹4.19 lakh crore.

India VIX, the volatility gauge, stood at 13.63 levels, soaring 12.31%.

The Nifty Midcap 100 index fell 1.13% to 60,276.30, weighed down by declines in Tube Investments of India (-4.36%), Bharti Hexacom (-3.82%) and Oberoi Realty (-3.48%).

The Nifty Smallcap 100 index also slipped 1.22% to 17,847.50, dragged lower by Hindustan Copper (-4.14%), HBL Engineering (-3.72%) and Redington (-3.51%).

Except for Nifty FMCG (0.14%), all the other sectoral gauges settled lower on Friday. Nifty Metal was the biggest losing sector, falling 2.34%, followed by Nifty Realty (-1.86%), Nifty PSU Bank (-1.43%), Nifty Media (-0.78%) and Nifty Consumer Durables (-0.75%).

On the NIFTY50 index, 33 stocks declined while 17 advanced on Friday.

JSW Steel was the biggest laggard, declining 2.91%, followed by Hindalco Industries (-2.81%), Tata Steel (-2.59%), Bajaj Finance (-2.29%) and HCL Technologies (-2.22%).

On the flip side, Maruti Suzuki (1.32%), Tata Consumer Products (0.9%), Max Healthcare (0.87%), IndiGo (0.86%) and Mahindra & Mahindra (0.82%) were the biggest-gaining stocks on the 50-share index.