Stock Market Today: Nifty 50, Sensex end lower; elevated dollar, US treasury yields weigh on sentiment | Mint
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Business News/ Markets / Stock Markets/  Stock Market Today: Nifty 50, Sensex end lower; elevated dollar, US treasury yields weigh on sentiment
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Stock Market Today: Nifty 50, Sensex end lower; elevated dollar, US treasury yields weigh on sentiment

Nifty 50 today closed at 19,443.55, down 82 points, or 0.42 per cent. The Sensex closed the day with a loss of 326 points, or 0.50 per cent, at 64,933.87.

Domestic equity benchmarks the Nifty 50 and the Sensex opened lower and traded in the negative territory throughout the session. AFP PHOTO/Ralphson DAVID (AFP)Premium
Domestic equity benchmarks the Nifty 50 and the Sensex opened lower and traded in the negative territory throughout the session. AFP PHOTO/Ralphson DAVID (AFP)

Domestic equity benchmarks Nifty 50 and the Sensex closed lower on Monday, November 13, amid mixed global cues as elevated US treasury yields and the dollar dented the risk appetite of investors.

"A tick up in US treasury yields on Monday helped send the dollar to a fresh one-year high against the yen. Benchmark 10-year treasury yields pushed to a one-week high of 4.668 per cent. The dollar climbed to 151.78 yen for the first time since mid-October of last year," reported Reuters.

Domestic equity benchmarks the Nifty 50 and the Sensex opened lower and traded in the negative territory throughout the session.

Nifty 50 opened at 19,486.75 against the previous close of 19,525.55 and touched the intraday high and low of 19,494.40 and 19,414.75 respectively. Nifty 50 today closed at 19,443.55, down 82 points, or 0.42 per cent.

Sensex opened at 65,158.31 against the previous close of 65,259.45 and touched its intraday high and low of 65,176.96 and 64,853.36 respectively. The Sensex closed the day with a loss of 326 points, or 0.50 per cent, at 64,933.87.

Mid and smallcaps outperformed the benchmarks. The BSE Midcap index rose 0.10 per cent while the Smallcap index ended with a nominal loss of 0.01 per cent.

Also Read: Mid, smallcap valuations stretched: Ashoka Buildcon, Colgate Palmolive, smaller IT stocks top bets

Also Read: Excitement and worry as stock options trading booms in India

Top Nifty 50 gainers today

Shares of Coal India (up 5.26 per cent), Eicher Motors (up 1.69 per cent) and Hindalco (up 1.11 per cent) ended as the top gainers in the Nifty 50 index.

Also Read: Coal India share price hits 52-week high as brokerages raise target price on strong Q2 results

Top Nifty 50 losers today

Shares of SBI Life Insurance Company (down 2.26 per cent), Bajaj Finance (down 1.25 per cent) and Grasim Industries (down 1.24 per cent) closed as the top losers in the Nifty 50 index.

36 stocks ended in the red in the Nifty 50 index while 13 ended higher. One stock - State Bank of India - ended flat.

Sectoral indices today

Most sectoral indices ended in the red. Nifty Consumer Durables (down 0.81 per cent) and IT (down 0.73 per cent) closed with significant losses.

On the other hand, Nifty PSU Bank witnessed strong gains of 2.64 per cent. Apart from this, only Nifty Metal (up 0.37 per cent) ended higher.

Expert's views on markets

"Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3 per cent in August to 5.8 per cent in September, and weakening Manufacturing PMI reflect global trends driven by rising interest rates and inflation," said Vinod Nair, Head of Research at Geojit Financial Services.

"The Indian Rupee's weakness keeps FIIs cautious. However, the market's downside is limited by strong earnings, economic stability, and domestic institutional flows. A potential reversal is likely, as domestic October CPI inflation is expected to moderate. Notably, public sector banks are outperforming due to strong credit growth, improved asset quality, and robust balance sheets, and this trend is expected to persist," Nair said.

Technical views on Nifty 50

"Nifty struggled to maintain levels above 19,500, facing selling pressure that caused the index to retreat towards 19,400. Towards the upper limit, it encountered resistance near an important Fibonacci retracement level of the previous decline from 19,850 to 18,837, indicating a potential for bearish movement in the short term. Support at the lower end is positioned at 19,300, while resistance is observed at 19,550," said Rupak De, Senior Technical analyst at LKP Securities.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 13 Nov 2023, 03:30 PM IST
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