Sensex sheds 448 points, Nifty holds 25,100 as global cues weigh
The key equity benchmarks traded lower in afternoon trade as rising crude oil prices and negative global cues weighed on investor sentiment. Brent crude climbed amid fading hopes of a near-term resolution to the Iran conflict, while rising US Treasury yields strengthened the dollar and heightened concerns over further Federal Reserve rate hikes. Sentiment also remained fragile following Nvidia CEO Jensen Huang's sudden resignation, which renewed uncertainty over the artificial intelligence sector. The Nifty hovered above the 25,100 mark, with selling pressure across sectors. Cement stocks were among the notable decliners.
At 13:30 IST, the S&P BSE Sensex was down 448.22 points, or 0.55% at 81,462.79. The Nifty 50 index dropped 185.85 points, or 0.73% at 25,113.50.
In the broader market, the Nifty MidCap 150 Index fell 0.34% and the Nifty SmallCap 250 Index shed 0.38%.
The market breadth was weak. On the NSE, 1,270 shares rose and 2,236 shares fell. A total of 110 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 3.88% to 15.97.
Buzzing Segment:
The Nifty Cement index declined 1.47% to 14,319.40, with all constituents trading lower. Birla Corporation (down 2.10%), Ambuja Cements (2.04%) and ACC (1.79%) led the losses.
Other notable decliners included Shree Cement (1.71%), JK Cement (1.63%), Ramco Cements (1.62%), Nuvoco Vistas (1.52%) and UltraTech Cement (1.47%).
Stocks in Spotlight:
MSTC surged 19.06%. On a consolidated basis, the company's net profit rose 57.73% to Rs 74.92 crore while net sales rose 29.42% to Rs 110.02 crore in Q2 September 2026 over Q2 September 2025.
GAIL (India) rose 0.43% after signing an MoU with Krishak Bharati Cooperative (KRIBHCO) to explore setting up a gas-based urea manufacturing plant at Mulapeta in Andhra Pradesh's Srikakulam district. The proposed facility will have an annual production capacity of 1.27 million tonnes and is expected to benefit from access to natural gas through GAIL's Srikakulam-Angul Natural Gas Pipeline. The two companies will evaluate implementing the project through a joint venture. The MoU was signed on 12 November 2026.
Global Market:
European equity indices opened lower on Friday as rising global bond yields and concerns over Nvidia's leadership transition weighed on sentiment. The weakness came despite strong corporate earnings across the region. Markets also assessed expectations of tighter US monetary policy, with Treasury yields climbing amid bets on a possible Federal Reserve rate hike in December.
Asian market traded mixed following overnight losses on Wall Street. Nvidia remained in focus after co-founder and CEO Jensen Huang stepped down on Thursday. Chief Financial Officer Colette Kress was named interim CEO as the company searches for a successor. Huang's departure raised concerns about the leadership of the AI chipmaker and its wider 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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