Market Wrap Nov 7: SENSEX dips 95 pts, NIFTY50 at 25,492 as indices trim losses; metal stocks shine; Bharti Airtel top loser

The Indian stock market ended almost flat down after trimming most of its losses on Friday, November 7, amid weak global cues and continued foreign fund outflows. A late rebound, driven by gains in financial and metal stocks, helped limit the downside.

With Friday’s close, the benchmark indices extended their losses for the second straight week, with both the Sensex and Nifty50 declining 0.9%, while the Nifty Bank inched up 0.12%. Broader markets also remained subdued, as the Nifty Midcap 100 ended flat and the Nifty Smallcap 100 slipped 1.7%.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold shares worth ₹3,263.21 crore, while the domestic institutional investors (DIIs) bought equities worth ₹5,283.91 crore on a net basis.

On the global front, Asian shares declined on Friday, tracking losses on Wall Street as a selloff in major technology stocks weighed on investor sentiment.

Japan's Nikkei fell 1.48%, Hong Kong's Hang Seng dropped 0.96%, China's Shanghai Composite declined 0.26%, and South Korea's KOSPI tumbled 1.84% at close.

Overnight, US stocks ended sharply lower as equity benchmarks dropped for the second time in three sessions, with AI-related stocks such as Nvidia Corp. tumbling and a closely watched volatility gauge spiking, according to a report by Bloomberg.

Tech-heavy Nasdaq dropped 1.9%, S&P 500 fell 1.12%, and the Dow Jones Industrial Average declined 0.84%.

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

As many as 3,211 stocks traded on the NSE on Friday. Out of this, 1,589 advanced and 1,526 stocks declined, while 96 scrips remained unchanged.

A total of 54 stocks hit their 52-week highs, while 172 stocks touched their one-year lows. Besides, 77 stocks hit their upper circuit limits, and 81 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹463.72 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 12.56 levels, rising 1.18%.

The broader market ended mixed, with the Nifty Midcap 100 index rising 0.63% to 59,843.15, supported by strong gains in L&T Finance (10.65%), BSE Ltd (8.61%), and Vodafone Idea (3.67%).

Meanwhile, the Nifty Smallcap 100 index slipped 0.16% to 18,075.95, dragged by losses in Amber Enterprises (-7.03%), Devyani International (-5.15%), and Cholamandalam Financial Holdings (-4.59%).

On the NIFTY50 index, 20 stocks declined while 30 advanced on Friday.

Bharti Airtel was the biggest laggard, slumping 4.46%, followed by Tata Consumer Products (-1.97%), Tech Mahindra (-1.87%), Apollo Hospitals (-1.8%) and IndiGo (-1.55%).

On the flip side, Shriram Finance (3.81%), Bajaj Finance (2.66%), Adani Enterprises (2.61%), Tata Steel (2.39%) and Bajaj Finserv (2.27%) were the top gainers on the 50-share index.