On Friday, November 8, the Indian stock market extended its decline for the second consecutive day, with major large-cap stocks such as Reliance Industries, ICICI Bank, State Bank of India and Trent selling sharply, severely It dragged down the frontline index, causing them to end the session with a loss.
The Federal Reserve’s 25 basis point interest rate cut on Thursday failed to ease the overheated Indian market, as investor sentiment remained sluggish due to concerns about weak profits in the second quarter.
As a result, the Nifty 50 index closed 0.21% lower at 24,148 points, down 0.64% for the week. The S&P BSE Sensex closed down 55.70 points, or 0.07%, at 79,486 points, a weekly decline of 0.30%.
In contrast, the broader market came under heavy selling pressure today, with the Nifty Midcap 100 index plunging 1.42% to 56,300 points. Meanwhile, the Nifty Smallcap 100 index fell to 18,433 points, down 1.76% from its previous close.
Among industry indices, Nifty Realty extended its bearish trend for the second consecutive day and closed nearly 3% lower at 967.7 points. The Nifty Media index also fell 2.09 per cent, while Nifty PSU Bank, Nifty Oil & Gas, Nifty Energy and Nifty Metal all ended with losses of over 1 per cent.
On the positive side, IT stocks held their ground as the Fed’s 25 basis points cut in interest rates reignited interest in the sector. The Nifty IT index closed 0.71% higher. Elsewhere, the Nifty FMCG index rebounded from sharp selling in the previous session and ended 0.31% higher. Nifty Pharma and Nifty Auto indices ended the day unchanged.
