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Sensex tumbles 1173 pts; Nifty below 17,200

Capital Market 

The benchmark indices further extended losses in mid-morning trade. Metal, auto and banks stocks were major drags. Rising COVID-19 cases also dented investors' sentiment.

At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,173.10 points or 2% at 57,621.99. The Nifty 50 index tumbled 353.30 points or 2.01% at 17,182.95.

In the broader market, the S&P BSE Mid-Cap index declined 2.21% while the S&P BSE Small-Cap index lost 1.41%.

The market breadth was weak. On the BSE, 965 shares rose and 2160 shares fell. A total of 134 shares were unchanged.

As per provisional data, foreign portfolio investors (FPIs) sold shares worth Rs 2,300.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,367.80 crore in the Indian equity market on 25 November 2021.

Sebi Guideline:

The Securities and Exchange Board of India (Sebi) on Wednesday, 24 November 2021 issued fresh operating norms for the introduction of silver exchange traded funds (ETFs) in the country, a move that will expand the options available for investing in commodities through exchanges. This comes after the market regulator earlier this month amended mutual funds regulations to have mechanism for silver ETFs.

Buzzing Index:

The Nifty Metal index dropped 3.48% to 5,428.15. The index rose 3.73% in the past three trading sessions.

National Aluminium Co. (NALCO) (down 6.81%), Steel Authority of India (SAIL) (down 4.41%), Hindalco Industries (down 4.26%), Jindal Steel & Power (JSPL) (down 3.97%) and JSW Steel (down 3.97%) were the top losers in the Metal segment.

Stocks in Spotlight:

Engineers India (EIL) rallied 3.63% after the company and Chempolis Oy, Finland announced the signing of a strategic alliance for conversion of biomass to green fuels. In the changing global energy landscape, biomass-based fuels are promising alternative for supplementing fossil fuels towards a sustainable energy future. In addition to this, biomass can be utilized to produce value added products such as phenolic resins that has the potential to substitute a lot of products obtained from fossil fuels. The Government of India has also set a target to achieve 20% blending of ethanol in gasoline by the year 2025.

Ramkrishna Forgings declined 2.10%. The company said that it has won a domestic order worth Rs 9 crore ($1.2 million) from a multinational oil & gas tier-1 component supplier in India.

Global Markets:

The US Dow Jones futures skid 450 points, indicating a weak opening in the US market today.

Asian stocks declined across the board on Friday, 26 November 2021 as a new virus variant added to swirling concerns about future growth and higher US interest rates.

The World Health Organization officials said Thursday they are monitoring a new variant with "a large number of mutations." A special meeting is scheduled for Friday to discuss its implications for vaccines and treatments. The variant, called B.1.1.529, has been detected in South Africa in small numbers, according to the WHO.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 11:37 IST