| Company | Value | Change | %Change |
|---|
India’s inflation and industrial output data after the bell will be crucial for market sentiment given the worries over slowing economic growth and the effect of rising prices on consumer consumption, analysts said.
Inflation likely eased in November, according to a Reuters poll.
The Sensex dropped by 236 points, ending at 81,290, while the Nifty fell by 93 points to close at 24,549.
The Nifty midcap index saw a significant decline, slipping 271 points to settle at 59,022, reflecting the broader market’s struggle. The Nifty Bank index also ended lower, losing 175 points to close at 53,216, with several large banking stocks underperforming.
Reliance Industries and L&T were among the top drags on the Nifty, contributing to the day’s losses.
FMCG stocks remained under pressure, reflecting ongoing concerns about weak demand in the sector. Companies in this space, including Hindustan Unilever and Dabur, saw a pullback as analysts raised concerns over consumption trends.
Shares of NALCO dropped 8%, as a result of the lower demand for alumina amid several shutdowns in Chinese Aluminium smelters.
Gopal Snacks saw a sharp 8% decline after reporting a fire incident at its Gujarat unit, sparking concerns over operational disruptions. Nuvama and Neuland, two stocks that saw significant block deals, both slipped 5% each.
The market breadth was decidedly negative, with the advance-decline ratio standing at 1:3, indicating a broad-based sell-off across stocks.
Muthoot Finance bucked the trend, hitting a record high, closing 2% higher, driven by strong investor sentiment in the stock. However, steel stocks closed off their highs after comments from the Steel Minister regarding safeguard duties dampened sentiment in the sector.
Vedanta’s stock also ended the day 2% higher, boosted by news that the company would consider a fourth interim dividend for FY25.
While the broader market was subdued, Adani Group stocks showed resilience, with shares rising sharply by 1-6% intra-day.
