Indian Stock Market Opens Lower; Selling Pressure Hits Metal Stocks

Mumbai (The Uttam Hindu): The Indian stock market opened with a decline on Tuesday. At 9:25 a.m., the Sensex was down 164 points (0.19%) at 84,784, while the Nifty slipped 47 points (0.18%) to 25,965. Along with large-cap stocks, midcap and smallcap indices also saw weakness. The Nifty Midcap 100 fell 92 points (0.15%) to 61,087, and the Nifty Smallcap 100 dropped 91 points (0.50%) to 18,255.

The decline was led by heavy selling in metal stocks, with the Nifty Metal Index down 0.89%. Sectors such as auto, IT, financial services, pharma, FMCG, realty, energy, private banks, services, and PSE stocks were all in the red. Only the PSU Bank Index remained positive.

In the Sensex pack, gainers included Bharti Airtel, Axis Bank, Eternal (Zomato), Adani Ports, BEL, Asian Paints, SBI, and Power Grid. Major losers were Bajaj Finserv, Bajaj Finance, Tech Mahindra, Tata Steel, M&M, Kotak Mahindra Bank, Infosys, Titan, HCL Tech, TCS, L&T, HUL, ITC, ICICI Bank, Trent, Maruti Suzuki, and NTPC.

According to Choice Broking, the Nifty has support between 25,850–25,900, while resistance lies between 26,100–26,150. They added that if Nifty moves above 26,100, it may hit a new all-time high.

Asian markets were trading lower, with Tokyo, Shanghai, Hong Kong, Jakarta, and Bangkok all in the red. The U.S. markets also closed negative on Monday.

After five straight sessions of selling, Foreign Institutional Investors (FIIs) turned net buyers on November 17, purchasing shares worth ₹442 crore. Domestic Institutional Investors (DIIs) also made net purchases of ₹1,465 crore, providing positive support to the market.