Indian stock markets witnessed a significant pullback with both the NSE Nifty 50 and the BSE Sensex moving red on the month. The steep decline in indices was propelled by falling technology stocks, particularly Infosys Ltd., which weighed heavily on the market sentiment.
On the trading front, the Nifty 50 took a substantial hit, dropping 1.49% to end the day below the psychologically important level of 24,000, at 23,914.15. Similarly, the Sensex experienced a close loss of 1.48%, losing the 80,000 level and ending the trading session at 79,043.74.
The leading Indian markets are in a downward channel from the highs hit in late September, and despite some upward momentum in recent days, the final quarter of 2024 is currently on track to be the only red quarter on the year.
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Under the hood of the index, Infosys emerged as one of the largest decliners on the day, down 3.53% amid concerns over the Federal Reserve’s monetary policy trajectory. The tech giant’s shares tumbled, reflecting broader sectoral pressure as market participants re-evaluated their positions in the technology segment after the US market’s difficult lead into their Thanksgiving holiday. The sector’s performance was notably lackluster, contributing to the day’s downward trend.
SBI Life Insurance Company was also a major laggard, losing 5.1% and propping up the Nifty.
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While IT and Auto sectors faced headwinds, Mid and Smallcap segments exhibited relative strength. Some investors redirected their focus toward these parts of the market, recognizing potential opportunities despite the index stocks’ falls.
A total of nine out of 12 sectors on the NSE were in the red, with Nifty IT enduring the worst performance. Conversely, Nifty PSU Bank emerged as the best performing sector, suggesting a varied sectoral impact during the day’s trade.
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