Final Trade: Sensex ends session 241 pts lower; Nifty below 23,500; metal leads, IT drags

Indian benchmark indices Nifty and Sensex extended their losing streak, with the Nifty closing down for the seventh straight session — its longest decline since February 2023. The Sensex swung 900 points intraday before paring some losses, weighed down by sharp sell-offs in IT and energy stocks.

Key Performances 

- Sensex: Down 270.60 points or 0.35 per cent at 77,309.71.
- Nifty: Down 88.95 points or 0.38 per cent at 23,443.75.

Investor sentiment was dampened by mixed global cues, the US Federal Reserve’s cautious approach on interest rates, and underwhelming Q2 earnings, coupled with continued foreign investor outflows.

Sectoral Moves

- Top Drags: IT index fell 1.29 per cent; FMCG, Pharma, and Oil indices also declined.
- Gainers: Metal index rose 1.66 per cent, and Realty gained 1.16 per cent.
- Mixed Broader Market: Nifty Midcap 100 edged up 0.08 per cent, while Nifty Smallcap 100 slipped 0.09 per cent.

Stock Highlights

- Gainers on Sensex: Tata Steel, HDFC Bank, Bajaj Finance.
- Losers on Sensex: Infosys (down 1.79 per cent), Axis Bank, Maruti Suzuki.
- Top Gainer on Nifty: Hero MotoCorp surged nearly 3 per cent.

The India VIX index, a measure of market volatility, spiked over eight per cent, indicating rising risk aversion among investors. With the Fed signalling a wait-and-watch stance on rate cuts, markets are likely to remain cautious in the coming sessions."Consolidation continued in the market; a slowdown in earnings growth and a weak rupee due to inflation impacted the sentiment. IT stocks reacted negatively today due to a reduced expectation of a FED rate cut in December, which may pose a delay in spending in the BFSI segment. On the other hand, metal stocks gained some ground after China decided to reduce tax rebates on aluminium and copper," said Vinod Nair, Head of Research at Geojit Financial Services.