Stock Market Highlights: Nifty Retains 20-DMA Despite 37 Stocks at Index Level Going Down — IT Shines, PSU Banks Weigh on Sentiment
Stock Market Today: Nifty protects its 20-DMA at 25,920 while 37 stocks in the index fall. IT shares prosper as the rupee reaches a historic low; PSU banks are a drag on the market. The Sensex concludes 31 points lower amid widespread market weakness. Get all the highlights and sector updates.
image for illustrative purpose
The Indian stock market closed the session of Wednesday in the red but not without an attempt from the day’s steepest declines. The Nifty50 kept up its significant moving average of 20 days (25,920) and finished at 25,986, i.e. a 46 points drop. The Sensex lost 31 points, to close at 85,107.
Although the large-cap indices bounced back strongly from their intraday lows, the broad market still suffered. The Midcap index fell by 595 points to 60,316, indicating wide-spread weakness, while Nifty Bank managed to gain 74 points and finished at 59,348.
Market Recap: A Mixed Day with Heavy Pressure in PSU Banks
The IT sector and private banks were the main players to lift the market from its low despite the weak close. With the rupee touching a new record low, IT stocks were in the limelight — Wipro’s shares rose by 2%, and this rise in the sector can be attributed to export-heavy companies benefiting.
Yet the entire scenario was not very encouraging.
Key Market Highlights
37 stocks from Nifty50 closed in the red with top laggards including, Max Healthcare, BEL, and Adani Enterprises.
Stocks of PSU banks came down heavily, falling by 3%, after the government stated that there is no proposal to raise FDI limits in the sector.
Indian Bank, HUDCO, Bank of India, and Bharat Dynamics were the largest midcap losers, falling 3-6%.
Hindustan Zinc increased 2% as a result of the rising global silver prices.
Though JSW Steel closed lower, it experienced a sharp rise after announcements related to its strategic BPSL deal with JFE.
IndiGo continued its losing streak by falling nearly 5% in three days.
Angel One lost 5% after releasing a poor business update for November.
BSE also went down by 3% owing to the reports that SEBI is thinking of stricter suitability norms for F&O trading.
The overall market sentiment was still negative which was evident from the advance-decline ratio of 1:2 i.e. two times as many NSE stocks closed lower compared to the higher ones.
Rupee Impact, Sector Moves & Expert Insights
The rupee’s sharp drop against the US dollar resulted in the movement of sectors. IT and pharma were the winners, while oil & gas companies were under pressure regarding margins again.
Market experts highlighted FPI outflows, the uncertainty related to global trade, and currency fluctuations as the reasons for the cautious market sentiment.
On the other hand, market news related to specific companies were sufficient to keep the traders busy – from Restaurant Brands Asia’s poor performance in Indonesia, to the strong retail subscription for Meesho’s IPO, to the major JV of JSW Steel with JFE Steel.
Market Mood: Weak, But Not Panic
Despite the broad-based selling, analysts remain hopeful that Nifty’s resilience above its 20-DMA might help limit deeper corrections unless global triggers worsen. With corporate updates, IPO action, currency volatility and policy decisions lined up, investors can expect event-driven swings in the coming sessions.
