Market Wrap: Thursday, November 21, 2024
The Indian equity markets faced a sharp decline as concerns around Gautam Adani’s civil indictment in the US rattled investor sentiment. Allegations of a $250 million bribery scheme led to a significant sell-off across Adani Group stocks, dragging the indices down.
Key Index Performance
- Nifty 50: -169 points (-0.72%) at 23,350
- Sensex: -423 points (-0.54%) at 77,156
- Bank Nifty: -254 points (-0.50%) at 50,373
Adani Group Impact
- The Adani Group’s market cap plunged by ₹2.2 lakh crores.
- Biggest Losers in Adani Group Stocks:
- Adani Enterprises: -23.44%
- Adani Ports: -13.23%
- Adani Wilmar: -10%
- Adani Total Gas: -10%
- Adani Power: -8.52%
- Ambuja Cement: -11.73%
- ACC: -7.32%
- LIC’s Exposure: LIC lost nearly ₹12,000 crores in seven Adani shares following the news.
- The Adani Group denied the allegations, terming them “baseless.”
Buzzing Stocks
Top Gainers:
- POWERGRID (+3.25%)
- ULTRACEMCO (+1.70%)
- HINDALCO (+1.20%)
- APOLLOHOSP (+0.88%)
- GRASIM (+0.88%)
Top Losers:
- ADANIENT (-23.44%)
- ADANIPORTS (-13.23%)
- SBILIFE (-3.15%)
- SBIN (-2.75%)
- NTPC (-2.51%)
Key Market Indicators
- Advance-Decline Ratio: 13:37, favoring declines.
- India VIX: 15.99 (+2.11%), indicating heightened volatility.
- Nifty PCR (Put-Call Ratio for 28th Nov): 0.87
Sectoral Highlights
- Nifty MidCap 50: -0.13%, closed at 15,165
- Nifty SmallCap: -0.46%, closed at 17,597
- Nifty IT: +0.41%, closed at 41,921 (outperforming sector)
Technical View for Friday
- Immediate Support: 23,157
- Aggressive Downside Target: Psychological level of 23,000
- Resistance: 23,750 (confirmation of strength above this level)
- Key Levels to Watch:
- 21 DMA: 24,077
- 50 DMA: 24,803
- 200 DMA: 23,583
Outlook:
Nifty is on course to register another negative weekly close. Any near-term recovery could be a Dead Cat Bounce, likely followed by further losses. Watch for Saturday’s vote counting and the Adani stock movements, which will heavily influence market sentiment.
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