Final Trade: Sensex drops 106 pts in volatile session; Nifty slips below 24,200; Ola Electric up 5%, Adani Ent down 5%

In a volatile trading session on November 26, both Sensex and Nifty ended lower, marking a pause after a two-day rally. The Sensex slipped 95.05 points or 0.12 per cent, settling at 80,014.80, while the Nifty declined by 24.10 points or 0.10 per cent, closing at 24,197.80. Despite the overall weakness, the broader markets showed resilience, with BSE Midcap and Smallcap indices trading in the green.

Sectoral and stock performance

The major drag on the indices came from sectors like auto, power, pharma, and oil & gas, all of which lost 1-1.5 per cent. In contrast, FMCG, IT, and metal stocks provided some support, each gaining 0.5-1 per cent. Britannia Industries, Asian Paints, Shriram Finance, Bharat Electronics, and Infosys were among the top gainers on the Nifty. On the other hand, Adani Enterprises, Adani Ports, UltraTech Cement, Sun Pharma, and Bajaj Auto faced losses.

Market breadth

Market breadth remained positive with 2035 shares advancing, while 1369 shares declined, and 83 shares remained unchanged. Investors remain cautious as market momentum struggles without fresh positive triggers.

Analysts suggest that market sentiment is likely to stay muted until further cues on earnings and global factors emerge, with sectors like IT showing resilience despite the overall downturn.

Analysts Preview 

"The domestic market took a pause after the recent strong rally; however, the broader market remained agile. FIIs have turned net buyers, breaking a long streak of selling, with MSCI rebalancing. With the end of state elections in 2024, the government focus will be on execution and fulfilling the budget plans. The inflation outlook has improved, driven by expectations of robust agricultural production, which will support the central bank and stock market due to reduction in food inflation," said Vinod Nair, Head of Research, Geojit Financial Services.