Summary of the Day's Market Performance

• Sensex dropped by 984.23 points (-1.25%) to close at 77,690.95, while Nifty fell by 324.50 points (-1.36%) to 23,559.

• BSE Midcap slipped 2.5% and Smallcap shed 3%, with broader market indices seeing sharper declines.

• Sectoral Losses: All sectors were in the red, with Auto, Capital Goods, Metal, Realty, PSU Bank, Power, and Media leading the losses, down 2-3%.

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-2,502.58 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹6,145.24 crore (Net Buyers)

Foreign Institutional Investors (FII) continued their selling streak amid weak corporate earnings and rising inflation. However, Domestic Institutional Investors (DII) stepped in, offering some relief with significant buying.

• FII Sell-off: Persistent selling by FIIs, coupled with disappointing corporate earnings and a sharp rise in domestic inflation to a 14-month high, dampened market sentiment.

• Global Concerns: Concerns over future US policy actions and trade implications have caused a surge in the US dollar and rising yields, making emerging markets, including India, vulnerable to further pressure.

• Mid & Small Caps: Mid and small-cap stocks were the hardest hit, with sharp declines across the board.

• Swiggy’s Market Debut: Swiggy’s shares debuted on the NSE at ₹420, an 8% premium over its IPO price. The stock surged 15% intraday, pushing its market cap to ₹1 lakh crore, reflecting strong market interest despite recent market turmoil.

Key Stock Movements and News

• Top Losers: Hero MotoCorp, Hindalco, Tata Steel, M&M, Eicher Motors.

• Top Gainers: NTPC, Britannia Industries, HUL, Tata Motors.

• Swiggy: Listed at an 8% premium on its IPO price and rallied by 15% intraday, testing a ₹1 lakh crore market cap.

• Acme Solar: Had a weak debut, listing at a 13.15% discount to its IPO price.

• NTPC Green Energy: Announced its ₹10,000 crore IPO, with the price band set at ₹102-108 per share, opening on November 19.

• Varun Beverages: Approved the acquisition of a 100% stake in SBC Tanzania and SBC Beverages Ghana.

• PNB Housing Finance: Stock fell 7% after Quality Investment Holdings likely sold its stake in a ₹2,300 crore block deal.

• Patel Engineering: Shares surged 6% on strong Q2 results and debt reduction efforts.

• Kalyan Jewellers: Reported a 3.3% decline in Q2 net profit to ₹130.3 crore, despite a 37% revenue growth.

• Nazara Tech: Shares gained on a tie-up with ONDC to launch in-game monetization.

• Macquarie: Remains bullish on Power Grid, NTPC, REC, and PFC, forecasting strong growth in India's power sector.

• NTPC Green Energy: With an upcoming IPO, investors should keep an eye on this stock.

• Varun Beverages: Expanding its international footprint, it is a potential growth stock.

• Macquarie's Picks: Power Grid, NTPC, REC, and PFC are expected to benefit from growth in India’s power sector.

The Indian markets continued their downward trajectory for the fifth consecutive session, with FIIs driving the sell-off amid rising inflation concerns. Mid and small-caps were the worst performers, while the financial and auto sectors showed significant weakness. On the positive side, Swiggy’s debut provided some excitement, and institutional buying by DIIs helped limit the losses. Investors should remain cautious in the near term as inflation, rising yields, and global uncertainties persist.

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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