The Indian stock market indices closed lower for the second consecutive session on November 20. The BSE Sensex ended the day down 139.58 points or 0.21 percent at 65,655.15, while the Nifty fell 37.80 points or 0.19 percent to close at 19,694. Despite a subdued opening and mixed global cues, the market remained rangebound throughout the day.
The decline in the indices was mainly driven by selling pressure in the auto, capital, and FMCG sectors. However, gains in the Information Technology and Healthcare sectors helped offset some of the intraday losses. Among the top losers on the Nifty were Adani Enterprises, M&M, Bajaj Finance, SBI Life Insurance, and UltraTech Cement. On the other hand, Divis Labs, Bharti Airtel, HCL Technologies, Wipro, and ONGC were among the top gainers.
In terms of sectoral performance, the Information Technology index recorded a 0.6 percent gain, while the healthcare index saw a 0.3 percent increase. Conversely, the metal, auto, capital goods, FMCG, and realty sectors experienced selling pressure. The BSE midcap index remained flat, whereas the smallcap index rose by 0.4 percent.
In terms of individual stocks, notable volume spikes were observed in SAIL, Balkrishna Industries, and Divis Lab. Additionally, over 400 stocks touched their 52-week high on the BSE, including Tata Investment Corporation, KPIT Technologies, Metro Brands, PB Fintech, GlaxoSmithKline Pharmaceuticals, Power Finance, New India Assurance, Bikaji Foods, General Insurance, and REC.
Looking ahead to November 21, market experts provide their outlook. Aditya Gaggar, Director of Progressive Shares, suggests that the index may be forming a right shoulder of an Inverted Head and Shoulder formation. Ajit Mishra, SVP – Technical Research, Religare Broking, highlights that Nifty is undergoing a time-wise correction and recommends a “buy on dips” approach.
FAQ
Q: How did the Indian stock market indices perform on November 20?
A: The BSE Sensex closed down 139.58 points or 0.21 percent, while the Nifty fell 37.80 points or 0.19 percent.
Q: Which sectors contributed to the decline?
A: The auto, capital, and FMCG sectors witnessed selling pressure.
Q: Which sectors experienced gains?
A: The Information Technology and Healthcare sectors recorded gains.
Q: What were the top gainers and losers on the Nifty?
A: Top losers included Adani Enterprises, M&M, Bajaj Finance, SBI Life Insurance, and UltraTech Cement, while gainers were Divis Labs, Bharti Airtel, HCL Technologies, Wipro, and ONGC.
Q: Which individual stocks saw notable volume spikes?
A: SAIL, Balkrishna Industries, and Divis Lab witnessed significant volume spikes.
Q: How many stocks touched their 52-week high on the BSE?
A: Over 400 stocks touched their 52-week high on the BSE.
Q: What is the outlook for November 21?
A: Aditya Gaggar suggests that the index may be forming a right shoulder of an Inverted Head and Shoulder formation, while Ajit Mishra recommends a “buy on dips” approach.