Friday proved to be a difficult day for Indian stock market traders. Selling pressure in key sectors like metals, real estate and capital goods pulled key indices into the red as the closing bell rang.
When the closing bell rang on the National Stock Exchange (NSE), the benchmark Nifty 50 was down 0.39%. At the Bombay Stock Exchange, the Sensex 30 also lost gains, closing the day 0.17% lower.
Top gainers on Nifty 50
Even on a bearish day, a handful of stocks managed to post decent gains. Eternal Limited (NSE:ETEA) was the top Nifty 50 leader, jumping 3.99% or 12.15 points to close at 316.60.
Apollo Hospitals Enterprise Limited (NSE:APLH) also had a strong session and closed at 7,705.50, up 1.33% or 101.00 points. Tech heavyweight Tata Consultancy Services Ltd (NSE:TCS) also found buyers in late trade, rising 0.75% or 18.70 points to close at 2,525.60.
Biggest loss on Nifty 50
On the other hand, many giants suffered heavy defeats. Shriram Finance Ltd (NSE:SHMF) finished near the bottom of the pile, falling 3.65% or 32.90 points to trade at 868.00 before the bell.
Metal counters faced widespread selling. Tata Steel Ltd (NSE:TISC) fell 3.12% or 5.38 points to close at 166.95, while peer JSW Steel Ltd (NSE:JSTL) fell 3.11% or 38.00 points to 1,182.00.
How did BSE Sensex 30 stocks perform?
The action on the 30-share BSE Sensex showed an even split between selective buyers and broad sellers. Eternal Limited (BO:ETEA) topped the leaderboard here too, rising 3.97% to finish at 317.00. Engineering giant Larsen & Toubro Ltd (BO:LART) rose 1.25% to 3,645.00, and index heavyweight Reliance Industries Ltd (BO:RELI) rose 1.19% to 1,190.00.
However, the fall had a greater impact on the index. Tata Steel Ltd. (BO:TISC) slipped 3.21% to close at 167.25. Adani Ports and Special Economic Zone Ltd (BO:APSE) fell 3.03% to 1,703.00, while IT major Tech Mahindra Ltd (BO:TEML) fell 1.95% to 1,789.40.
Market breadth and volatility surge
The broader market picture showed a clear dominance of sellers. Declining stocks completely outperformed gaining stocks. On the NSE, 2,263 shares fell, while only 393 advanced, leaving 31 unchanged.
BSE saw a similar spread, with 3,250 shares declining, 862 shares rising and 137 shares ending stable.
Along with the selling, the fear in the market also increased significantly. India VIX, which tracks implied volatility on Nifty 50 options, rose 6.76% to 16.83. This marks a new 3-month high for the volatility index, suggesting traders are prepared for bigger swings ahead.
Commodities and Currency Updates
In global commodities, gold futures for December delivery were down 0.52% or $21.00 at $4,039.40 a troy ounce.
Crude oil went the other way. The December crude oil contract rose 1.64%, or $1.63, to $101.10 a barrel. Meanwhile, December Brent crude rose 1.17% or $1.32 to $114.49 a barrel.
In the Forex market, the Indian rupee slipped against the greenback, with USD/INR rising 0.34% to 95.14. EUR/INR declined slightly by 0.02% to 106.33. US dollar index futures were trading 0.14% higher at 101.59.
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Key tips for Indian stock market traders
- Heavy selling in metals and real estate signals caution, making it risky to buy on dips without clear support levels.
- The India VIX hitting a three-month peak means position sizes should remain small to handle wide intraday fluctuations.
- Rising crude oil prices and weak rupee together could put pressure on inflation-sensitive sectors in the coming sessions.