Market News Wrap: Bloodbath continues as SENSEX, NIFTY plummet over 1.2%; Swiggy shows spark after muted listing

Retail inflation breached the RBI's upper tolerance level, soaring to a 14-month high of 6.21% in October, mainly on account of rising food prices.

Analysts attribute three major factors that have caused persistent selling in domestic stocks. They are poor Q2 earnings of India Inc. and a slowdown in consumption, China becoming attractive due to various stimulus measures that it took recently, and thirdly, the US economy seen as being strong after the return of Donald Trump as the President of the United States. 

Trump campaigned with the slogan, "Make America Great Again."

At close, the S&P BSE SENSEX stood at 77,690.95 levels, down 984 points, or 1.25% while the broader NIFTY50 index of the NSE ended at 23,559.05, down 324 points, or 1.36%. 

On the NIFTY50 index, 44 constituents ended in the red, and the rest six in the green. 

The top five gainers were Britannia Industries, Grasim, Tata Motors, Asian Paints, and NTPC. 

Market Statistics

Of 4,067 stocks traded on the BSE, 3,299 declined and 670 advanced, while 98 securities remained unchanged. 

Further, as many as 175 stocks hit their 52-week lows and 147 touched their 52-week highs. 

Besides, five stocks hit their upper circuits, and only one hit its lower circuit. 

Broader Market

Selling in the broader market was more intense. The BSE SmallCap index ended at 51,952.79, down 1,651.69 points, or 3.08% while the BSE MidCap index settled at 44,107.98, down 1,160.44 points, or 2.56%. 

Sector Watch

All the sectors ended in negative territory. Realty stocks took the hardest knock, followed by industrials and metals. 

The BSE REALTY index ended 3.23% lower at 7,315.75 levels.

Sharp erosion in investor wealth

Investors witnessed a sharp erosion in wealth, with the market capitalisation of BSE-listed companies dropping by ₹9 lakh crore. The total market capitalisation fell to ₹429.46 lakh crore from ₹438.53 lakh crore in the previous trading session.

Swiggy shines after muted listing

Shares of Swiggy, the online food ordering and delivery company, surged as much as 19.43% on the NSE against the issue price of ₹390 to hit a high of ₹465.80 apiece on Wednesday, November 13, after the stock made a modest debut at the bourses in the morning. 

The market capitalisation of the company breached the ₹1 lakh crore mark. Last seen, the figure stood at ₹1,03,863.96 crore on the NSE.