Mumbai: Indian equities snapped a three-day winning streak on Friday, 13 November, as selling in heavyweight stocks and a rise in crude oil prices weighed on Dalal Street. The Nifty50 closed below 25,200, with 39 of its 50 constituents ending lower.
The Sensex fell 318.55 points, or 0.39 percent, to 81,592.45, while the Nifty50 lost 155.05 points, or 0.61 percent, to close at 25,144.30. Both recovered from their intraday lows of 81,288.75 and 25,054.40, respectively.
The Nifty Bank dropped 484 points to 61,034, while the Nifty Midcap index slipped 150 points to 61,890. Eighteen Nifty50 stocks lost more than 1 percent. Across the market, three stocks fell for every two that advanced.
Rising crude weighs on airlines
Higher crude oil prices put pressure on airlines and oil marketing companies. IndiGo fell 1 percent, while Hindustan Petroleum Corporation declined 2 percent. Paint stocks also faced selling pressure, though Asian Paints ended among the Sensex gainers.
The rise in crude can raise fuel costs for airlines and put pressure on margins at oil marketing companies.
Gold lenders and heavyweights slide
Muthoot Finance and Manappuram Finance fell 3 percent each as gold prices weakened during the session.
Tata Motors Passenger Vehicles dropped 3 percent ahead of its quarterly results. Grasim Industries lost more than 2 percent after its quarterly margins missed estimates, while Vodafone Idea slipped 3 percent amid expectations that marketing expenditure would remain high.
Shriram Finance, Hindalco Industries, Mahindra & Mahindra, UltraTech Cement, Jio Financial Services and NTPC were among the biggest Sensex laggards.
Capital goods buck the trend
Eicher Motors led Nifty50 gainers ahead of its results. Bharti Airtel rose 1 percent, while Bajaj Finance, Nestlé India, ONGC and ITC also closed higher in the Sensex basket.
Hitachi Energy jumped 11 percent on strong order inflows and a favourable outlook. Amber Enterprises climbed 9 percent after reporting stronger-than-expected revenue growth, while GE Vernova T&D India advanced 5 percent as buying returned to select capital goods stocks.
PB Fintech gained 5 percent following reports that the Insurance Regulatory and Development Authority of India may issue another draft paper on insurance distribution. The gains in select counters came as declines outnumbered advances across the broader market.
Level up your brain the fun way. Play daily games and quizzes on FPJ Smart!
