Stock Market Live: Sensex Slips 250 Points, Nifty Falls Below 25,950; IT & Telecom Shine Amid Market Weakness
Indian stock market slips as Sensex falls 250 points and Nifty drops below 25,950, while IT and telecom stocks outperform. Rupee hits fresh all-time low, Colgate shares touch 52-week low, and Meesho IPO sparks allocation controversy. Get full market highlights and expert insights.
Sensex and Nifty trade lower amid broad market weakness, even as IT and telecom stocks emerge as the day’s top performers.
The Indian equity markets felt the heat on Wednesday and the leading indices went down for the second part of the session. The Sensex was down almost 250 points and the Nifty 50 dropped under the 25,950 threshold. Nonetheless, the IT and telecom sectors were te only sectors in the whole market that had a positive performance, while the rest of the sectoral indices were still doing poorly.
Key Market Highlights (Midday Update)
- Sensex down 253 points at 84,885
- Nifty 50 down 100 points at 25,932
- Rupee hits fresh all-time low at 90.27/$
- BSE Midcap and Smallcap indices down 0.5% each
IT & Telecom sectors outperform
SEBI Unlikely to Intervene in IPO Anchor Allocation Disputes
A controversy broke out after Meesho reportedly allotted nearly 25% of its QIB quota to SBI Funds Management, triggering protests from other institutional investors. SEBI, however, is expected to avoid direct intervention, signalling that allocation decisions rest with issuers and investment bankers.
Colgate-Palmolive Shares Hit 52-Week Low
Colgate-Palmolive India slumped over 2%, hitting a 52-week low of ₹2,103.05.
Key data:
- Current price: ₹2,111 (down 2.21%)
- Volume: 15,136 shares (51% higher than 5-day avg)
- Market cap: ₹57,416 crore
Market Commentary: China’s Market Moves Critical for India
According to Nilesh Shah, MD, Kotak AMC, China's market performance in the coming months will be crucial for India. Despite a 40% jump in the last two years, Chinese indices remain stuck near levels seen 17 years ago, making the next breakout attempt significant for global sentiment.
Silver Pulls Back After Record High
Silver surged to a record high of $58.94/oz, but quickly retreated by 1.6% ahead of key US economic data releases delayed due to the recent government shutdown. Gold remained steady.
Corporate Buzz
Cohance Lifesciences
Board approves USD 10 million infusion into subsidiary NJ Bio Inc (USA) to support expansion and capex projects.
Angel One (November Update)
- Gross client acquisition down 11% MoM
- Orders down 12.3% MoM
- Client base rises to 35.08 million
Sonata Software Rises Most in 16 Weeks
- Stock jumps 5.17% to ₹368.15
- Volume surges 314% above 5-day average
- Trading 46% below 52-week high, 28% above 52-week low
IPO Market Update
Vidya Wires IPO Subscription (Day 1, 11:48 AM)
- QIB: 0.00x
- NII: 0.88x
- Retail: 1.68x
- Overall: 1.03x
Analyst View – Meesho IPO
Rajan Shinde of Mehta Equities believes Meesho’s fast-scaling model, GenAI-driven personalisation, and strong logistics engine give it a competitive edge.
- FY24 revenue up 32.8%, FY25 up 23.3%
- Valuation: ~5.3x FY25 sales; considered fairly priced
- Recommendation: SUBSCRIBE (for long-term investors)
Currency Check
The Indian rupee fell to yet another record low of 90.27 against the US dollar, weighed down by foreign outflows and global economic uncertainty.
Nifty Pharma: Gainers & Losers
Top Gainers
- Biocon +2.36%
- Ipca Labs +0.89%
- Ajanta Pharma +0.68%
Top Losers
- Mankind Pharma -0.96%
- Laurus Labs -0.85%
- Granules India -0.79%
