The Nifty 50 fell 27.4 points to end at 24,194.50, while the Sensex dropped 105.79 to reach 80,004 points. The decline comes after investors booked profits from the highs in the last two sessions, with the Nifty 50 and Sensex gaining 3.7% and 3.8%, respectively, in the last two sessions alone.
On the sectoral front, the Nifty IT index rose 1.1% and was the best performing sectoral index. Nifty FMCG also rose 0.8%, emerging as the second-best sectoral performer on the headline Nifty 50 index. Consumer heavyweights like Britannia, Asian Paints, Bata & Berger Paints moved higher, rise up to 2% each.
“Some correction (in the market) after the sharp gains are normal,” Nandish Shah, a senior derivatives analyst at HDFC Securities, told Cogencis Information.
Shares of Adani Ports and Special Economic Zone, and Adani Enterprises fell over 3% each. Other Adani group companies also fell after Fitch Ratings took rating actions on them following the bribery charges and the indictment of certain board members of Adani Green Energy by the US SEC and District Court. The ratings agency put Adani Ports’ long-term foreign currency rating and its US dollar senior unsecured bonds on negative watch.
On the other hand, shares of Bharat Electronics were up 1.9%, becoming one of the best performers on the Nifty 50, after brokerage JP Morgan initiated coverage initiated coverage on it with a “overweight” recommendation. The brokerage also initiated coverage on other defence companies such as Hindustan Aeronautics and Mazagon Dock Shipbuilders.
Zomato gained more than 2% as the food delivery aggregator Zomato opened its ₹8,500 Qualified Institutions Placement (QIP) offering on Monday, with a floor price set at ₹265.91 per equity share.
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First Published: Nov 26, 2024 3:52 PM IST
