FINAL TRADE | Sensex slips 188 points, Nifty settles at 19,732 amid weakness in financial stocks

Stock market today: The Indian share market on Friday, November 17, settled lower amid weakness in bank and financial services counters after the Reserve Bank of India (RBI) tightened norms on personal loans and credit cards.

The S&P BSE Sensex settled lower by 187.75 points, or 0.28 per cent, at 65,794.73, and the NSE Nifty was down 33.4 points, or 0.17 per cent, at 19,731.8.

"The RBI's action to raise risk weights for unsecured loans dampened banking stocks and caused a temporary disruption in the broader indices' resurgence. Despite this, a positive undercurrent prevails, buoyed by the conclusion of a robust earnings season. Investors are awaiting eurozone inflation data later today, which is expected to show a softening trend. The sharp drop in oil prices and the moderation of US yield will help the market sustain buoyancy in the short term," said Vinod Nair, Head of Research at Geojit Financial Services.

Conversely, the Nifty Mid Cap 100 and Small Cap 100 closed in green.

Meanwhile, the high-beta Nifty Bank was down 1.31 per cent at 43,583.95.

In the Nifty 50 basket, twenty-two stocks declined, with SBI, Axis Bank, ONGC, BPCL, and Bajaj Finance being the top losers, slipping between 1.91 per cent and 3.72 per cent.

Conversely, SBI Life, Apollo Hospitals, HDFC Life, L&T, and Tata Consumer Products were the top gainers, rising between 1.52 and 3.95 per cent.

SBI, Axis Bank, and Bajaj Finance were among the top contributors to the Sensex's fall. 

BUZZING STOCKS

Bank and financial services stocks ended lower after the RBI made the norms for consumer loans stringent. The risk weight has been moved higher in the case of unsecured loans by 25 per cent.

MCX shares traded over 3 per cent lower after glitches were reported several times during the previous session, leading to the cancellation of orders by brokerages.

IDBI Bank shares were down nearly 4 per cent after Tuhina Kant, DIPAM Secretary, said there can be no commitment in respect of the lender's divestment.

Conversely, Tata Investment Corporation shares closed 20 per cent higher.

Nykaa shares were up over 9 per cent, recording the best single-day gains in five months.

Ramkrishna Forgings shares were up over 1 per cent after the company raised Rs 1,000 crore through a qualified institutional placement (QIP) of its equity shares.

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