Indian equity markets experienced a sharp decline on Thursday, November 28, with global uncertainties and domestic sector-specific concerns weighing heavily on investor sentiment.
While the benchmark indices faced significant losses, the broader market remained stable, supported by selective buying activity.
Key Indices
The Sensex dropped by 1,190 points to close at 79,044, while the Nifty50 fell by 361 points, closing below the critical 24,000 level at 23,914.
In contrast, the broader market showed resilience as the Nifty Midcap 100 and Nifty Smallcap 100 ended relatively flat, reflecting selective optimism among investors.
Top Gainers and Losers Across Markets
Sensex
- Top Gainer:
- State Bank of India (SBI): +0.55%
- Top Losers:
- Infosys: -3.46%
- Mahindra & Mahindra: -3.36%
- Bajaj Finance: -2.84%
- HCL Technologies: -2.54%
- Tech Mahindra: -2.28%
Nifty 50
- Top Gainers:
- Adani Enterprises: +1.64%
- Shriram Finance: +0.82%
- State Bank of India (SBI): +0.57%
- Cipla: +0.11%
- Top Losers:
- SBI Life Insurance Company: -5.10%
- Infosys: -3.53%
- Mahindra & Mahindra: -3.53%
- HDFC Life Insurance Company: -3.36%
- Bajaj Finance: -2.92%
Nifty Midcap 50
- Top Gainers:
- L&T Finance
- PB Fintech
- Container Corporation of India
- Polycab India
- Oberoi Realty
- Top Losers:
- Max Healthcare Institute
- Mphasis
- Oracle Financial Services Software
- CG Power & Industrial Solutions
- Persistent Systems
Nifty Smallcap 100
- Top Gainers:
- Honasa Consumer
- ITI
- Ujjivan Small Finance Bank
- Cochin Shipyard
- Graphite India
- Top Losers:
- Amber Enterprises India
- Triveni Turbines
- Tata Teleservices Maharashtra
- Aditya Birla Real Estate
- Shree Renuka Sugars
BSE
- Top Gainers:
- ITI: +7.13%
- HLE Glascoat: +7.03%
- Adani Power: +6.95%
- Aegis Logistics: +6.72%
- HEG: +5.81%
- Top Losers:
- Amber Enterprises India: -7.44%
- Uflex: -7.02%
- SBI Life Insurance Company: -5.15%
- Max Financial Services: -4.99%
- Triveni Turbines: -4.64%
NSE
- Top Gainers:
- Honasa Consumer: +9.99%
- ITI: +7.28%
- Adani Power: +7.26%
- Ujjivan Small Finance Bank: +6.86%
- Aegis Logistics: +6.54%
- Top Losers:
- Amber Enterprises India: -7.49%
- SBI Life Insurance Company: -5.10%
- Triveni Turbines: -4.47%
- Tata Teleservices Maharashtra: -4.21%
- Rainbow Children’s Medicare: -4.08%
Sectoral Performance
Most sectoral indices ended in the red, with exceptions like PSU Banks and Media, which showed positive momentum.
- IT Sector: Led the decline due to weak global cues and concerns about domestic growth prospects.
- Auto Sector: Struggled as key players underperformed.
- PSU Banks: Emerged as a bright spot, buoyed by positive developments such as an ICRA ratings upgrade for Indian Overseas Bank (IOB).
Stock-Specific Movements
Other significant movements
- Ola Electric: Gained 6%, marking its second day of upward momentum.
- Paytm: Hit a 52-week high after a positive UBS brokerage note.
- IOB: Rose 3% following an ICRA ratings upgrade.
- Aster DM Healthcare: Advanced 2% amid reports of a potential deal with CARE Hospitals.
- Amber Enterprises: Fell 7% after a Goldman Sachs downgrade to “neutral.”
Broader Market: Midcap Stability
Despite losses in large caps, the broader market displayed resilience. The Nifty Midcap 100 ended 28 points higher at 56,301, buoyed by selective buying in quality stocks. Notable gainers included:
- KEC International: +3%, following a Rs 1,704 crore order from Power Grid Corporation.
- Ashoka Buildcon: +2%, after securing a Rs 193 crore EPC project in Madhya Pradesh.
Global and Domestic Influences
The market downturn was driven by a combination of global and domestic factors:
- Global Uncertainties: Strong US economic data tempered expectations of a Federal Reserve rate cut in December.
- Trade Policy Concerns: Geopolitical worries over proposed tariff policies added to market pressures.
- Domestic Challenges: Reports of potential caps on insurance business sourced from parent banks hurt sentiment in the insurance sector.
Amid global uncertainties and domestic headwinds, analysts recommend a cautious approach. While midcap and smallcap indices may continue to attract selective buying, clarity on macroeconomic conditions will be vital for any significant recovery in large-cap indices.
Disclaimer – This article is for informational purposes only and not financial or investment advice. MarketScope Daily is not SEBI-registered and does not provide stock recommendations. Readers should research independently and consult a financial advisor before making investment decisions. Investments are subject to risks, and past performance does not guarantee future results. MarketScope Daily is not responsible for decisions made based on this content.
