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Tuesday 3rd, December, 2024

Market Wrap: Thursday, November 21, 2024

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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