Sensex, Nifty Crash: The Indian stock market continued to witness bearish trend and Thursday, November 14th was no difference. Sensex touched its lowest level since June 2024, to a staggering 77,580. While Nifty 50 has plunged by a huge 2.6% in 5 sessions. Notably, both Sensex and Nifty 50 are down for a month now, with investors turning bullish on China and booking profits in already expensive Indian equities. That being said, how will Sensex and Nifty 50 perform on Friday? Is the stock market even open?
Stock Market Holiday 2024:
As per BSE and NSE notification, the stock market will be closed on Friday, November 15, due to the celebration of Prakash Gurpurb Sri Guru Nanak Dev in India.
Guru Nanak Gurpurab, also known as Guru Nanak Prakash Utsav, celebrates the birth of the first Sikh guru, Guru Nanak. One of the most celebrated and important Sikh gurus and the founder of Sikhism, Guru Nanak is highly revered by the Sikh community. This is one of the most sacred festivals in Sikhism, or Sikhi. The festivities in the Sikh religion revolve around the anniversaries of the 10 Sikh Gurus. These Gurus were responsible for shaping the beliefs of the Sikhs. Their birthdays, known as Gurpurab, are occasions for celebration and prayer among the Sikhs, as per Wikipedia.
Hence, on Friday, trading in equities, derivatives, equity derivatives, currency, commodities and bond markets will be closed.
Sensex, Nifty On November 14:
Sensex ended at 77,580.31, down by 110.64 points or 0.14%, while Nifty plunged by 26.35 points or 0.11% to close at 23,532.70. The day saw the slowest drop in the week, however, Indian benchmarks could not recover to cross the bearish border.
Weekly Performance: In five sessions, Sensex has dropped by 1,981.89 points or 2.49%, while Nifty 50 plunged by 637.90 points or 2.64%.
Monthly Performance: On a month-on-month basis, Sensex nosedived by a massive 4,392.74 points or 5.4%, while Nifty underperformed its counterpart by tumbling 1,595.25 points or 6.35% in percentage terms.
Gaurav Garg, Research Analyst at Lemonn Market Desk said that benchmark indices continued their downtrend on Thursday with Nifty briefly going below the key 23500 threshold but managed to recover and close to yesterday's close. Bank Nifty closed in the positive helped by gains in Private banks while PSU banks ended lower. Broader Mid and Small caps managed to buck the trend and closed higher for the day but saw sharp falls every week. Overall investor sentiment remained downbeat on a poor earnings season and continued foreign outflows.
According to Trading Economics, the BSE Sensex closed marginally down at 77,580.3 after a volatile session on Thursday, its lowest since late June and extending losses for the third successive day. The ongoing trend reflects growing concerns over foreign outflows, disappointing earnings reports and global dynamics. Additionally, recent domestic inflation data has raised worries about a potential consumption slowdown and dampened hopes for an interest rate cut in the near term.
Garg highlighted that market worries seem to compound with latest inflation print adding to the concerns of growth slowdown while expectations for RBI interest rate cut gets pushed further into early FY26. A stronger US dollar and higher US treasury yields after Donald Trump's victory is a double whammy for Indian markets already reeling under record foreign outflows. Relentless foreign selling continued for 33 consecutive sessions with outflows amounting to ~27600 crores so far in November over and above the record 1.14 lakh crores in October.
Media, Realty, Auto segments outperformed while FMCG is the worst performing sector weighed down by rising inflation concerns and weakness in Brittania after it posted a weak set of Q2 numbers on Monday, he said.
Looking ahead, next week, Garg added, investors will digest key macro data ranging from flash PMI surveys to bank deposit and loan growth to assess the impact and extent of growth moderation in the domestic economy. Focus will also be on the remaining corporate earnings announcements.
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