Market Wrap, Nov 4: NIFTY50 below 25,600, SENSEX drops 519 points as IT, metal stocks drag; Power Grid top loser

The Indian equity benchmark indices ended lower on Tuesday, November 4, dragged down by losses in IT and metal stocks amid weak global cues. Persistent foreign fund outflows further weighed on sentiment, keeping investors on edge.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold shares worth ₹1,883.78 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,516.36 crore on a net basis.

Globally, Asian shares slipped on Tuesday, even as overseas markets rallied on optimism around AI technology, as traders booked profits following recent gains.

Japan's Nikkei declined 1.07%, Singapore's Straits Times fell 0.49%, South Korea's KOSPI dropped 2.43%, and Hong Kong's Hang Seng lost 0.73%. China’s Shanghai Composite also closed 0.41% lower.

On Wall Street, US stocks ended higher, powered by a rally in tech giants like Nvidia and Amazon. Tech-heavy Nasdaq rose 0.46%, and the S&P 500 advanced 0.17%, while the Dow Jones Industrial Average declined 0.48%.

Further, stock markets in India, NSE and BSE, will remain shut on Wednesday, November 5, on account of Guru Nanak Jayanti.

Here are the key developments of Tuesday’s session that you need to know

As many as 3,181 stocks traded on the NSE on Tuesday. Out of this, 1,034 advanced and 1,062 declined, while 85 scrips remained unchanged.

This, however, indicates that the market breadth favoured declines.

A total of 75 stocks hit their 52-week highs, while 81 stocks touched their one-year lows. Besides, 71 stocks hit their upper circuit limits, and 65 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹467.23 lakh crore at the end of the session.

The volatility index India VIX marginally fell by 0.09% to close at 12.65 levels.

The NIFTY Midcap 100 index slid 0.42%, ending at 60,037.20 levels, while the NIFTY Smallcap 100 gauge settled 0.82% lower at 18,360.90 levels.

Except for Nifty Consumer Durables (0.39%), all the other sectoral gauges settled lower on Tuesday.

Nifty Metal (-1.44%) took the lead among losers, followed by Nifty IT (-1.06%), Nifty Auto (-0.86%), Nifty Realty (-0.78%), and Nifty Private Bank (-0.68%).  

On Tuesday, 42 stocks declined on the NIFTY50 index, while only 8 settled in green and one remained unchanged.

Power Grid was the biggest laggard, declining 3.19%, followed by Eternal (-2.82%), Adani Enterprises (-2.72%), Tata Motors Passenger Vehicles (-2.4%) and Hindalco Industries (-1.93%).

On the flip side, Titan Company (2.3%), Bharti Airtel (1.74%), Bajaj Finance (1.11%), Mahindra & Mahindra (1%) and HDFC Life Insurance (0.92%) were the top gainers on the 50-share index.