Nifty, Sensex break 6-day winning streak; IT, metal and realty stocks led fall 

The Indian equity indices could not hold the six-day winning streak, as investors turned cautious about the global markets, which recorded a sharp decline. Investors are also bracing for new US data on jobs and waning hopes for further rate cuts by the Federal Reserve in December. 

Sensex closed at 84,673.02, down by 277.93 points or 0.33%, and the Nifty ended today’s session at 25,910.05, down by 103.40 points or 0.40%. In terms of market breadth, only 8 companies on the Nifty 50 ended in the green, and 42 closed in the red. On the BSE Sensex, 7 companies advanced, and 23 declined. 

According to Vikram Kasat, Head - Advisory, PL Capital, there was pressure on the broader markets as well as the midcap and smallcap gauges shed 0.6% apiece. All sectoral indices closed in the red, with IT, metals and realty down around 1% each. 

Bajaj Broking Research too noted that the Nifty managed to stay slightly above the 25,900 level amid the weekly F&O expiry and weak global cues. Although the market attempted a mid-session rebound, it eventually closed near the day’s low. 

Bharti Airtel (1.60%) and Axis Bank (1.06%) were top gainers, followed by Asian Paints and Shriram Finance, which added around 0.60% each to their share price. Tech Mahindra, Jio Financial and InterGlobe Aviation dragged, with Tata Consumer Products emerging as the top laggard, declining by 2.29%. 

The expiry day also saw sizeable block deals worth nearly ₹9,000 crore across ITC, Mphasis, Paytm and Emcure Pharma. In the Nifty 500 basket, stocks such as Kaynes Tech, One Source, Emcure Pharma and Alembic Pharma featured among the top losers. 

Shares of Indokem Limited also hit the 5% lower circuit in today’s trade as the Maharashtra Pollution Control Board ordered the closure of its manufacturing unit in Ambarnath, Maharashtra, for violating pollution norms. 

Of the two mainboard IPOs that were listed, ed-tech firm Physicswallah soared as much as 48.6% in its trading debut today, whereas shares of Emmvee Photovoltaic Power made a flat debut. 

Analysts suggest that the Indian investors would look ahead for cues in the Indo-U.S. trade deal, and a strengthening domestic earnings outlook to help regain confidence and continue with the positive momentum.