SENSEX slides over 600 pts, NIFTY50 opens lower at 25,209 amid weak global cues; IndiGo, Jio Fin, HDFC Bank lead top losers

At 9:15 am (IST), NSE data showed that the NIFTY50 index opened 0.35% or 89.50 points lower at 25,209.85 on Friday’s market, in comparison to 25,299.35 points at the previous equity market close.

The BSE SENSEX index opened 0.09% or 77.23 points lower at 81,833.78 points on November 13, in comparison to 81,911.01 points at the previous stock market close, as per the exchange data.

After the weak open, the NIFTY50 declined around 0.87% or 222 points to hit an early market low of 25,077.55 points, while the SENSEX declined more than 600 points to hit a low of 81,300.46 points on November 13.

Before the opening bell, the GIFT NIFTY futures were indicating a subdued performance for the benchmark indices amid elevated US Treasury yields and a rebound in global crude oil prices, which still remain under $100 per barrel (bbl).

As of 9:38 am (IST), Brent crude oil prices were trading around $95.60 per bbl on Friday’s market, after touching an early market high above $96 per bbl, in comparison to the previous market close of $95.82 per bbl.

Equity investors are expected to pin their hopes on FII buying in the market, at a time when the global fixed income market is giving higher yields due to elevated risk sentiment emerging from the geopolitical conflict.

Data also showed that the 10-year US Treasury yields were trading around the 5.12% level as of 10:41 pm (ET), indicating a high attractiveness for the safe-haven bets amid geopolitical uncertainty.

So far in the first 12 days of November, foreign investors have made net investments of ₹75,392 crore in the Indian equity market, while domestic institutional investors maintained their selling streak, booking profits.

On Thursday, FIIs bought ₹7,830.60 crore worth of assets in a single day, as per the provisional NSE data.

Concerns also remained about the higher-than-expected retail inflation data for the Indian economy, as CPI inflation increased to 6.09% in October, breaching the Reserve Bank of India's (RBI) upper tolerance band of 6% for the first time in two years.

This comes at a time when reports suggest that the United States could potentially take further action or escalate the geopolitical conflict, further denting market sentiment and adding to the pressure on crude oil prices, as investors fear another supply chain disruption.

In a post, Trump also ruled out the possibility of a deal with Iran, citing that “those days have long since passed.” He also claimed that the US does not need an agreement with Iran as it allegedly controls the money and the Strait of Hormuz.

Top gainers & losers today

Stocks like Shriram Finance, HDFC Bank, Hindalco, Mahindra & Mahindra, InterGlobe Aviation (IndiGo), Bajaj Finserv, and Jio Financial Services were leading the pack of top losers as of Friday’s morning market hours on the Nifty 50 index.

Shriram Finance was down 2.4%, HDFC Bank was down 1.4%, Hindalco was down 1.3%, M&M was down 1.1%, IndiGo was down 1.2%, Bajaj Finserv was down 1.1%, and Jio Financial was down 1.1%.

Others like Apollo Hospitals, Dr Reddy’s, Sun Pharma, BSE, and ONGC were among the top gainers on November 13.

Apollo Hospitals was up 1.2%, Dr Reddy’s was up 0.9%, Sun Pharma was up 0.7%, BSE was up 0.6%, and ONGC was up 0.6% as of 9:44 am (IST).

Out of the 50 stocks listed under the NIFTY50 index, only 12 were trading in the green, while the remaining 38 others were down in the negative zone amid selling pressure from investors.