Sensex, Nifty trade in negative terrain; private bank shares drop
Private bank shares declined after advancing in the three consecutive trading sessions.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 263.90 points or 0.32% to 81,637.13. The Nifty 50 index fell 123.45 points or 0.49% to 25,175.90.
In the broader market, the Nifty MidCap 150 Index rose 0.03% and the Nifty SmallCap 250 Index shed 0.01%.
The market breadth was negative. On the NSE, 1,432 shares rose and 1,926 shares fell. A total of 128 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index declined 0.94% to 29,923.40. The index jumped 2.78% in the past three trading sessions.
IndusInd Bank (down 1.18%), HDFC Bank (down 1.11%), RBL Bank (down 1.11%), Bandhan Bank (down 1.05%) and Kotak Mahindra Bank (down 0.96%) were the top losers. Among the other losers were Axis Bank (down 0.91%), ICICI Bank (down 0.82%), IDFC First Bank (down 0.48%), Yes Bank (down 0.34%) and Federal Bank (down 0.28%) declined.
Stocks I Spotlight:
Ola Electric Mobility fell 3.25% after the company reported a 39% year-on-year decline in consolidated revenue from operations to Rs 421 crore in Q2 FY27. Revenue also declined 7.5% sequentially from Rs 455 crore in Q1 FY27. The consolidated net loss narrowed to Rs 362 crore from Rs 418 crore a year earlier. However, the loss widened from Rs 336 crore in the previous quarter.
Zee Entertainment Enterprises (ZEEL) dropped 2.46%. The company?s board has approved a share buyback worth up to Rs 600 crore at Rs 91 per equity share through the tender offer route. The company's board has approved the buyback of up to 6,59,34,065 fully paid-up equity shares, representing approximately 6.86% of its paid-up equity share capital.
Global Market:
Dow futures rose 34 points, signalling a positive opening for US stocks.
Asian indices traded mixed on Friday amid overnight losses on Wall Street. Investors continued to assess the leadership change at Nvidia after co-founder and chief executive Jensen Huang resigned. Technology shares remained in focus as market participants evaluated the potential implications for the artificial intelligence industry.
US stocks ended lower on Thursday, as Nvidia's leadership change unsettled investors and rising oil prices added to inflation concerns. The Dow Jones Industrial Average declined 189.40 points or 0.36% to 52,297.09. The S&P 500 fell 26.98 points or 0.35% to 7,592.40, while the Nasdaq Composite dropped 100.10 points or 0.39% to 25,366.09.
The benchmarks recovered from steeper early losses but ended in negative territory. The S&P 500 had fallen nearly 1% during the session before paring its losses. Energy stocks gained 1.5%, making the sector the best performer among the major S&P 500 industry groups.
Nvidia shares fell 4.34% to $166.19 after co-founder and chief executive Jensen Huang resigned with immediate effect. The stock had plunged as much as 14.3% during the session before recovering part of its losses.
The company appointed chief financial officer Colette Kress as interim chief executive while its board searches for a permanent successor. Harvey C. Jones was appointed chairman of the board. The company did not disclose a reason for Huang's resignation in its announcement.
Nvidia's competitors Advanced Micro Devices and Broadcom gained 5.86% and 5.54%, respectively. Arista Networks advanced 5.06%.
AI infrastructure stocks, however, faced selling pressure. Nebius Group plunged 16.84% after lowering its 2026 revenue outlook to the lower end of its previous guidance range of $3 billion-$3.4 billion.
US initial jobless claims increased by 9,000 to 200,000 in the week ended 7 November 2026, compared with economists' expectations of 195,000. The previous week's reading was revised to 191,000.
Continuing claims declined by 20,000 to 1.697 million in the week ended 31 October 2026. The figures indicated that layoffs remained relatively low despite higher borrowing costs and uncertainty surrounding the economic outlook.
Separately, existing home sales declined 5.5% in October to an annualised rate of 3.75 million units, compared with the market expectation of 3.85 million. This was the lowest level since August 2010. Sales also declined 8.8% year-on-year as higher mortgage rates weighed on housing demand.
Investors continued to price in further Federal Reserve tightening following stronger-than-expected inflation data earlier in the week. Market expectations indicated a near-certain 25-basis-point rate increase in December, with some pricing for a larger move.
The US Producer Price Index for October is scheduled for release later on Friday. Economists expect headline producer inflation to rise 0.4% month-on-month and 6.6% year-on-year, compared with increases of 1.3% and 6.3%, respectively, in September. These are forecasts, not released figures.
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