Nifty Metal was the biggest gainer, up 1.03 percent, while Nifty Healthcare and Nifty Private Banks were the poorest performers. Sectoral performance was uneven.
Concerns about changes in trade policy and profit booking at higher levels affected market confidence, causing benchmark indexes to close Friday’s session lower and halt a six-day winning run. The Nifty 50 closed at 25,795.15, down 96.25 points, or 0.37 percent, while the Sensex dropped 344.52 points, or 0.41 percent, to conclude at 84,211.88.
The market fell as Commerce Minister Piyush Goyal stifled expectations of an early India-US trade accord by reiterating that India will not enter into trade deals under onerous terms. According to Ponmudi R, CEO of Enrich Money, “Equity markets concluded the week on a negative tone after Commerce Minister Piyush Goyal’s statements that India would not rush into trade deals with onerous terms dashed prospects of an early India–US trade accord which led to profit-booking across sectors.”
Nifty Metal was the biggest gainer, up 1.03 percent, while Nifty Healthcare and Nifty Private Banks were the poorest performers. Sectoral performance was uneven. According to Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, “Nifty Metal rose 0.9%, after a rebound in global metal prices after the White House announced a meeting between the US and Chinese Presidents on October 30.”
Hindalco was the top-performing individual stock, rising 4.11 percent to end at ₹825.00 from ₹792.40. Bharti Airtel increased 1.00 percent to ₹2,028.00, while ICICI Bank increased 1.05% to ₹1,378.00. ONGC increased 0.94 percent to ₹254.68 and Shriram Finance improved 0.97 percent to ₹716.50.
Cipla was the biggest loss on the downside, dropping 3.68 percent from ₹1,645.10 to ₹1,584.60. Max Healthcare down 2.25 percent to ₹1,183.70, while Hindustan Unilever sank 3.33 percent to ₹2,515.00. Adani Ports down 1.82 percent to ₹1,426.70, while UltraTech Cement fell 1.93 percent to ₹11,910.00.
Consolidation was evident in the larger markets, as the Nifty Midcap 100 and Nifty Smallcap 100 fell 0.24 and 0.21 percent, respectively. With 2,416 stocks down versus 1,771 increases on the BSE, market breadth shifted to the negative.
After five days of purchasing, foreign institutional investors were net sellers on Thursday, withdrawing ₹1,166 crore, while domestic institutional investors supported the market with ₹3,893 crore in net inflows.
At 87.74, the rupee saw a little increase of 0.07 paise in the currency market. According to Jateen Trivedi, VP Research Analyst at LKP Securities, “a correction in bullion prices and a stable dollar index brought more comfort, alleviating import pressure.”
Due to profit booking from overbought levels, gold prices continued to be under pressure. “As traders anticipate important US CPI data, prices have corrected more than 3.40 percent this week and are presently Losing momentum around ₹1,22,000,” Trivedi said.
Market players’ attention will be on US retail inflation data and Kotak Mahindra Bank’s quarterly results, which will be revealed over the weekend. Overall, we anticipate that Indian stocks will be range-bound, following macroeconomic data, impending Q2 results, and global signals, Khemka said.