Sensex ends 81 points lower, Nifty holds 18,000-mark; metals, PSU banks drag

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Indian benchmark equity indices settled in the red on Wednesday led by losses in index majors HDFC Bank, ICICI Bank, Tata Steel and HUL amid a weak trend in global markets.

BSE Sensex closed 80.63 points or 0.13% lower at 60,352.82, while the NSE Nifty ended at 18,017.20, down 27.05 points or 0.15%.

“Broadly, domestic market continued to trade negative after a disappointing opening as inflation worries affected the global markets. However, the market trend was mixed on stock to stock basis. China’s CPI rose 1.5% YoY, while the producer price index rose by 13.5% YoY owing to imported inflation and domestic supply shortages. Globally investors are awaiting the release of the US inflation data due later today, which is expected to continue at peak levels,” said Vinod Nair, Head of Research at Geojit Financial Services.

Top gainers & losers

Sectoral strand

Barring Nifty Auto (up 0.53%) and Nifty Pharma (up 0.23%.) all other sectoral indices ended in the red on the NSE. Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%. Nifty Bank, Nifty FMCG, Nifty IT indices were down in the range of 0.12-0.90%.

India VIX also spiked by 1.89% to settle at 16.30 levels.

Broader markets

The broader ended mixed as the BSE MidCap index lost 132 points or 0.50% to 26,388. Whereas the BSE SmallCap index ended flat at 29,317 down by 3 points.

Bulls outpowered bears in today’s session as 1,720 shares advanced compared to 1,587 declined while 151 remained unchanged.

Global markets

European stocks open lower on Wednesday, 10 November 2021 as market participants wait for the next key reading of U.S. inflation data. Most Asian stocks also declined on Wednesday as investors reacted to the release of Chinese inflation data for October.

China’s consumer inflation for October came in roughly in line with expectations, according to official data released Wednesday. The consumer price index for October rose 1.5% from last year. Producer prices, however, rose more than expected. The producer price index for October surged 13.5% from last year.